Capital One 360 Savings Account
If you didn’t know one of the easiest ways to make positive passive cash flow is earning interest on your money, and a easy way to do this is through a savings account. Will it make you rich… probably not, but it’s a great start to building passive income. Another great reason to have a savings account is well, to SAVE MONEY! If you start saving now you’ll have money to invest later.
Luckily I opened up a savings account and started stocking away money long ago. Unfortunately, that money was in a Bank of America account earning me .0000000000000000000000000000000000001 %! Okay so maybe the percentage wasn’t that bad but when looking at my statements I couldn’t help but cringe at the interest I had earned. That’s when I decided to look around for a more competitive savings account and came across the Capital One 360 Savings Account.
Some of the Benefits of a Capital One Savings Account
- No fees and no minimums: No fees and no minimum balance required to open or keep an account.
- A high interest savings account: Earn a great everyday interest rate on your money – currently 0.75% APY.
- Real people to help when you need it: Chat with a real person at 1-800-289-1992 and enjoy 24/7 online and mobile access to your account.
- Easy ways to stash cash: Open multiple savings accounts (and nickname them as you wish), keep track with My Savings Goals and put your money on auto-pilot with an Automatic Savings Plan.
- They have your back: Your deposits are FDIC Federal Deposit Insurance Corporation–insured up to $250,000 per depositor.
- Deposit checks in a snap: Deposit checks from anywhere using your mobile smartphone or computer with Mobile Deposit.
All these benefits are great, but there are a couple that really help me out. First, the interest rate is way better than any interest rate you’re going to get from the standard big bank down the street. Second, being able to setup multiple savings accounts is awesome! Have you ever tried saving for a car and Christmas time rolls around and you need cash for presents? You start to think, do my kids really needs presents?!? Don’t worry you not alone, everyone hates when they see their balance go down for something they have been saving forever for. With capital one you can setup multiple savings accounts and name them what you want so you don’t run into that problem where you have to think to yourself “to buy present or not to buy presents?”. You could have accounts for:
- Home down payment
- Christmas presents
- Car repairs
Whatever you want, it’s your life, you know what you need the money for. Once you setup the accounts you can also setup automatic savings plans for all, a select few, or none of the accounts. I’m a huge proponent of automatic savings plans because it grows your wealth, and it keeps you from spending money you really want to save! If you want a sure fire way to save some money for investing, a new house, etc. setup and automatic savings plan in your capital one savings account.
Third, being able to deposit checks with the snap of your camera is pretty awesome, there is never enough time to drive to the bank to deposit a check. Is this a huge benefit? Not really but it saves me so much time by just taking a couple pictures of the check and it’s deposited, rather than yelling a 5 slow drivers on my way to and from the bank!
So if you’re ready to make some easy passive cash flow and save some money for investing, I highly recommend you setup your Capital One 360 account ASAP! As a bonus to all my readers, if you sign up through one of my links, deposit at least $250 into your savings account and are a new Capital One 360 customer, Capital One will PAY you $25! That’s equal to like 15 zillion years of interest if you have an old brick and mortar bank savings account. So what are you waiting for setup up your new savings account today!