-
Financial Rates:
3.5
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Free checking account for teens
- No fees for any accounts
- Interest earning account for kids
- High-interest rate on money market
Cons:
- Large amount required for highest rates
- Must link savings to checking account
- Teen accounts do not offer checks
- No ATM fee refunds
-
Financial Rates:
3.5
-
Customer Service:
2.5
-
Website Experience:
3.0
-
Bank Fees:
5.0
Pros:
- No minimum balance or monthly fees
- High-interest rates offered
- Accounts are entirely online
- CD terms with competitive interest rates
Cons:
- Limited personal deposit accounts
- Must link to an external checking account
- No business accounts available
- Deposits are held for five days
The checking account for teens does not have any fees. The parent can receive text alerts when their account balance is running low. This checking account earns interest. No minimum amount required to open the account or to keep in the account.
There are no fees for any Capital One 360 accounts. There is no minimum required amount to open any of their accounts, or required to stay in the accounts. Capital One 360 accounts are free.
The Capital One 360 savings account for kids pays interest on any amount in the account. There are no fees and no amount required to keep in the account. You will earn the same interest on whatever the balance is. Kids can upload checks through their mobile app. Adults must sign in and use a pin to make transfers out of the savings account.
Capital One 360 offers high-interest rates for their money market accounts. The money market account does not have any fees, and there is no required amount to keep in the account.
To earn the high-interest rates for the money market account, you must have $10,000 deposited. You will earn lower interest rates for any amount under $10,000 in the money market account. To earn the highest interest the $10,000 is necessary.
Capital One 360 savings accounts must link to a checking account when opened. You can link the account to a Capital One 360 checking account or a checking account with another bank. However, the savings account must link to a checking account.
The Capital One 360 checking account comes with a debit card and the possibility of checks. The teen MONEY checking account only comes with a debit card. The teen account does not offer checks.
Capital One 360 does not offer refunds for fees charged at ATMs other than their own. If you use a non-Capital One ATM, you will be charged a fee. Capital One has over 39,000 ATMs across the U.S. Find a Capital One ATM on their website.
Dollar Savings Direct does not require you to keep a specific amount in their accounts. There are no monthly fees for their savings account. As with all CDs, you will be charged a fee if you withdraw your money before the maturity date.
The interest rates for Dollar Savings Direct accounts are competitive. The interest rates are much higher than your typical brick and mortar banks. They are competitive with other online-only accounts. Any balance in the savings account and CDs earn the highest interest rates. There is not a specific amount required to earn those rates.
Everything for your Dollar Savings Account is online. You open your account online. To transfer money, you must link account to an external checking account. Transfer the money electronically between the two accounts. You can access everything for your account online.
Dollar Savings Direct has five different CD terms. Each of the different terms has competitive interest rates. All the CDs at Dollar Savings Direct required $1,000 to open. The terms range from six months to a five-year term. The longer the term, the higher the interest rates. Fees only apply if you withdraw the money before the maturity date.
Dollar Savings Direct only offers a savings account and CDs. No checking accounts or money market account are available. There are five different CD term lengths offered. Those terms are 6-months, one-year, 16-month, two-year, and five-year.
Dollar Savings Direct requires you link account to an external checking account. You can transfer money between the saving account and the linked external account. You can link another external checking account to the savings account after 60 days. The names on all accounts must match.
There are no business accounts offered through Dollar Savings Direct. The only accounts offered are personal deposit accounts. One saving account and five different CD term lengths are available.
Any deposit made into a Dollar Savings Direct savings account must be in the account for five days. You cannot withdraw the money until after the five days. Once the money is in the account five days, you can transfer the money.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.