Capital One 360: 11-Month CD at 5.00% APY

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Capital One 360 has a new special 11-month CD at 5.00% APY. Note that unlike many other 11-month CDs, this one does have an early withdrawal penalty of 3 months of interest, and it looks like they will eat into principal if you withdraw in the first 3 months. There are also no partial withdrawals:

Can I withdraw my money before the CD term is over?

You can always decide to withdraw your money early. However, like with any CD account, there is a penalty for withdrawal prior to the end of your CD term. For 12 month CD accounts (or less), the penalty for withdrawing early is 3 months of interest. For CD accounts longer than 12 months, the penalty for withdrawing early is 6 months of interest. You also cannot make a partial withdrawal during your CD term.

Can I lose money in a CD account?

CD accounts like a 360 CD grow at a fixed rate over a set period of time called a term. This “set it and forget it” approach, and the fact that your money is FDIC-insured up to allowable limits, make CD accounts among the lowest-risk investments and they will not lose value. The only risk of losing money is if you make an early withdrawal from your 360 CD, where you would face a penalty of 3 to 6 months of interest depending on the term of your account.

I don’t know what the future holds for interest rates, up or down, but right now it is a top rate for a CD where you are locked in for about a year. For comparison:

Thanks to the readers that sent this one in. Rates quoted as of 2/2/23.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

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Comments

  1. It’s amazing how many people still have money sitting in big banks at .01%. They think these high interest accounts must have a catch to them.
    What happened to the post about how to claim state tax back from brokerage money market funds? Saw it last night and went to download the pdf and can’t find it!

  2. Paula Bhagyam says

    I have been trying to open a 11 month CD with CapitalOne since March 13, 2023. They are stringing me along and to date, I still don’t have a CD. On March 21st, I was told, “the system deleted my account.” I was told it would take the investigation department up to 20 business days to resolve the issue. Today, i was told it would take MORE time. I cannot tell you how many hours I’ve been on the phone with these people. Is this even a bank???

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