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Capital One Launches High-Interest Online Savings Account

March 13, 2008 at 8:47 AM EDT
New Online Savings Account Offers Savers Flexibility with a 3.85% APY - One of the Best Savings Rates in the Nation
MCLEAN, Va., Mar 13, 2008 (BUSINESS WIRE) -- Capital One Financial Corporation (NYSE:COF) announced today that it has added an Online Savings Account to its growing suite of high-yield deposit products offered by its Direct Banking business. Capital One's new Online Savings Account offers one of the best savings rates available among America's top national banks - currently 3.85% annual percentage yield (APY) on balances of $10,000 and over, and 3.00% APY on balances under $10,000. Consumers benefit from a high interest rate coupled with convenient access to their money via free online transfers.

"Saving is an important tool for building wealth and should be part of everyone's financial plan," said Pam Girardo, spokesperson for Capital One Direct Banking. "Capital One's Online Savings Account is a reliable and No Hassle option that enables consumers to grow their money through a high-yield, no fee account that allows them the flexibility to access their money when they need it without losing accrued interest."

The Online Savings Account complements Capital One Direct Banking's existing selection of high-yield savings products, and provides another no-fee, flexible option for customers to meet their savings needs and goals. While accounts are exclusively opened online, customers can access their account information and receive customer service assistance both online and by telephone.

"Regularly saving - even small amounts - each month can really add up," Girardo added. "It can take some discipline to save but it is definitely worth the effort. Our Online Saving Accounts are designed to help consumers maximize that effort by offering consistently high interest yields at all saving levels."

The Capital One Online Savings Account offers:

-- One of the best rates for savings among top national banks (currently 3.85% APY on balances over $10,000, and 3.00% APY on balances under $10,000).

-- No fees to open or maintain the account.

-- $1 to open and earn interest.

-- Free online transfers to and from existing external bank accounts.

-- Up to six withdrawals by online transfer per calendar month.

-- FDIC insured to at least $100,000 per depositor.

-- Easy online application.

Capital One Direct Banking also continues to offer these highly competitive deposit products:

-- Capital One High Yield Money Market Account: Consumers get a great rate (3.10% APY) and enjoy easy access to their money with free checks, ATM card and online transfers, no fees and no minimum balance requirements.

-- Capital One Rewards Money Market Account: Consumers get a great rate (2.85% APY) and earn rewards based on their account balance, with no fees, and no minimum balance requirements. Customers earn 2,500 bonus miles if they deposit $500 or more in the first month.

-- Capital One Certificates of Deposit: Consumers get a great fixed rate (4.00% APY for 60 month term), with no fees to open or maintain the CD, and convenient online access.

"Capital One Direct Banking has a variety of savings and interest options for consumers and businesses," said Girardo. "The Online Savings Account is a wonderful choice for those who are interested in earning one of the best interest rates in the nation on their savings, while still maintaining the flexibility to access their funds at any time."

Customers interested in applying for an Online Savings Account, or any of Capital One Direct Banking's money market products, can visit www.capitalone.com/directbanking.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $83.0 billion in deposits and $151.4 billion in managed loans outstanding as of December 31, 2007. Headquartered in McLean, VA, Capital One has 742 locations in New York, New Jersey, Connecticut, Texas and Louisiana. It is a diversified financial services company whose principal subsidiaries, Capital One, N.A., Capital One Bank (USA), N. A., and Capital One Auto Finance, Inc., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Capital One Direct Banking offers great rates on a variety of money market accounts, savings accounts, certificates of deposit and business money market accounts nationwide. Customers enjoy convenient and secure access to their accounts and our service representatives via online, phone or mail channels.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation
Pam Girardo
703.720.2351
pam.girardo@capitalone.com