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Capital One MMA 2% APY Review

Capital One MMA 2% APY Review

Capital One is offering a 2.00% APY MMA nationwide.

I’ll be honest, this was one of my first ever high-yield MMAs that I’ve dabbled with. I’ve had nothing but positive experiences with them. I’m not sponsored for this post. This is 100% my own opinion.

Minimum balance

The Capital One MMA requires at least a $10,000 minimum balance to qualify for the high interest rate. Balances dropping below the $10K mark will drop to 0.85% APY.

Of course, that rate is still much higher than traditional banks, but we’re in this to get a good rate, not to get a mere 0.85% APY!

Capital One MMA bonus

They currently have an ongoing promotion until 7/31/2019, where you can grab up to $600 for opening an account depending on how much you deposit.

Here are the tiers:

  • $600: Deposit $100,000 or more
  • $400: Deposit between $50,000 to $99,999
  • $200: Deposit between $10,000 to $49,999
  • You’ll need to fund your account within 10 days of account opening using an outside bank
  • You must be a first time customer
  • You need to maintain the balance for 90 days afterwards

Capital One MMA details

  • Account type: MMA
  • Availability: Nationwide
  • Credit inquiry: Soft pull
  • Direct deposit options: ACH, Alliant, Discover
  • Deposit requirement: $250

How to sign up for the 2.00% APY rate

  1. Go here.
  2. Sign up for an MMA.
  3. Complete the process and deposit accordingly- at least $10,000.

Mobile app and application process

The account is super simple to set up and apply for.

The application process takes about 10 minutes and was straightforward and easy to set up. After you get set up, your account can be accessed online or using their digital mobile app. You get a bunch of tools like automatic savings plans and goals.

Personally, I never used any of these features, but they’re there. You also get detailed statements per month which makes taxes super easy if you’re planning to do business with this MMA.

Their app is super simple and works very well. I have it on my iPhone and you do everything from sending transfers to other banks or moving form your MMA to your checking account, assuming that you have a debit account with them.

Transfers

Transfers between your accounts at Capital One take mere seconds and the money shows up right away. You get 6 free withdrawals per month. You can also deposit checks, find ATMs, and pretty do everything you’d need to do all from your phone.

You can also ACH out to external accounts using Zelle.

Account fees

There are no fees associated with this account.

This is literally an account to just park your cash and forget about it. The 2.00% APY isn’t the best, which is actually why I no longer use them for my MMA, but for someone who doesn’t want to mess with any nonsense- it really couldn’t get any better nor easier.

You can also link external accounts, which makes the system very handy for sending money between accounts.

Overall thoughts

Overall, the Capital One Money Market 2.00% APY proves to be probably the easiest, set and forget online savings account I’ve had the pleasure to deal with. If you just want someone to park your cash and earn a decent rate, definitely check out this account.

What do you think?

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