This Is the Best Online Savings Account for 2022

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Looking for a new savings account? One option that should be near the top of your list is Capital One’s 360 Performance Savings. Capital One earned the honor of being named the best all-around bank for online savings in Money magazine’s annual rankings.

Money says the bank’s Performance Savings account stands out for several reasons. For starters, it pays 0.40% annual percentage yield (APY), which is fairly robust in these days of low yields.

It also offers other key perks, including:

  • No annual fees
  • No minimum required deposit
  • No minimum required balance

If you live in certain parts of the Northeast or along the Gulf Coast — including Texas, Louisiana, New York and the District of Columbia — you have access to local Capital One branches.

If you live somewhere else, you can still withdraw money from a Capital One account by using the Allpoint ATM network. Money says Allpoint has tens of thousands of machines across the country.

As part of its response to the COVID-19 pandemic, Capital One has suspended enforcing its savings account withdrawal or transfer limits.

According to Money, depending on the nature of the account, “a customer’s savings account may be converted to a checking account if the transfer or withdrawal limits have been exceeded, but they will continue to have access to their funds.”

A savings account is the perfect place to park money intended for emergency purposes. For more, check out “9 Tips for Starting an Emergency Fund Today.”

If you want to earn more on your money, stop by the Solutions Center and look for a savings account.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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