Why earn pennies on your money when you could be earning hundreds of dollars?
I decided to open an account to help me reach my goal of saving for a down payment and, honestly, I haven't looked back. Here are a few of the reasons why Capital One won my business.This is the biggie. After all, interest rates were the reason why I switched my account in the first place. I'm currently earning about 150 times what I was earning at my old bank.
Even with interest rate fluctuations, I consistently earn about $50 per month on my balance. That is just from letting my money sit in the account. However, since I add to it a little each month, I always earn a bit more than the month before. In 2019, I earned over $500 in interest from that account alone, which is going a long way toward helping me save for my down payment. One of the commonly stated drawbacks of high-yield savings accounts is that they come with unusually high account minimums. Some of these accounts require that you keep between $2,500 and $10,000 in the account. Otherwise, you get hit with expensive fees.
Since the Capital One 360 account is where I save up for big expenditures, I wanted to be sure that I could build up the account, drain it, and build it up again without having to worry about getting hit with charges in the meantime. I also didn't want to have to worry about paying an annual fee or anything like that. Capital One offers accounts that have no minimums and no fees, so it fits the bill nicely.
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