Are you considering opening a savings account and trying to choose between Capital One and American Express?
With so many options out there, it can be overwhelming to decide which one is right for you. Both Capital One and American Express offer competitive interest rates and a range of account features, but there are some key differences to consider.
In this article, we'll compare Capital One and American Express savings accounts to help you make an informed decision and find the best account for your needs.
Compare Savings Rates
Amex High Yield Savings | Capital One 360 Performance Savings | |
|---|---|---|
Savings Rate | 5.00% | 3.80% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
CD Range | Up to 3.75% | 3.50% – 4.00% |
The table compares two savings accounts, Amex High Yield Savings and Capital One 360 Performance Savings, based on their savings rate, minimum deposit, fees, promotion, and CD range.
Both accounts have no minimum deposit and no fees, and there are no promotions currently offered for either. The savings rate for Amex High Yield Savings is 5.00%.
However, when it comes to CD ranges, Capital One offers a range of 3.50% – 4.00%, compared to Amex's range of Up to 3.75%.
Compare Savings Account Benefits
Amex High Yield Savings | Capital One 360 Performance Savings |
|---|---|
Compounding Daily | No Minimum Balance or Monthly Fees |
24/7 Customer Support | Free Credit Monitoring Services |
No Fees, Minimum Deposit or Monthly Balance | Multiple Accounts |
Digital Monthly statements | Mobile Check Deposit |
Easy Account Transfers |
American Express High Yield Savings offers several benefits, including daily compounding interest, customizable monthly statements, no fees, minimum deposit or monthly balance requirements, and 24/7 customer support.
The account also comes with free educational tools and resources, such as a free credit score and report for members.
This makes it a flexible and user-friendly option for those looking to earn high interest on their savings without having to worry about hidden fees or balance requirements.
Initial deposit
Monthly contribution
Period (years)
APY
-
Interest earned
-
Contributions
-
Initial deposit
Total savings
* Make sure to adjust APY and deposit
The Capital One Performance Savings account offers several benefits, including no minimum balance or monthly fees, free credit monitoring services, multiple accounts for different goals, mobile check deposit, and easy account transfers.
The account is highly accessible and convenient, as you can open and maintain it without worrying about specific balance or fee requirements.
The credit monitoring services and multiple account feature help you manage your finances and savings progress more effectively. With mobile check deposit and easy account transfers, you can deposit and move money quickly and securely.
Can You Get Better Rates With Other Savings Account?
If you're looking to compare more options besides Capital One and Amex, it's important to find an account that offers competitive rates. While many people stick with traditional banks for their savings needs, there are a variety of alternative savings account options that may offer better rates.
The following table explores some of the alternative savings account options available, including online banks and credit unions.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
Up to 4.35% | $100 | Online Bank | |
4.20% | $0 | Online Bank | |
3.80% | $0 | Traditional Bank | |
4.14% | $0 | Online Banking | |
3.90% | $0 | Online Banking | |
3.75%
| $0 | Online Bank | |
4.00% | $0 | Online Bank | |
4.75% | $100 | Online Banking | |
4.10% | $0 | Online Bank | |
3.06% – 3.10% | $0 | Credit Union | |
3.80% | $0 | Online Bank | |
up to 4.00% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
Compare Amex Savings Account
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Compare Capital One Savings
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The Smart Investor Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
