Their ruthless tactics are starting to pay off for savings-minded customers. Capital One is the type of company that offers credit cards to people with poor credit history. People who are happy to qualify for a credit card are willing to pay high interest rates (upwards of 20% APY) and yearly fees (upwards of $50) for the priviledge.
Now people who are interested in saving money can benefit from this. Capital One is offering a savings account with an annual percentage yield of 2.25%. That’s the highest I’ve noticed lately. They don’t seem to be offering any special promotions or bonuses, but I signed up for an account and transferred some money over.
It looks like ING Direct is getting some tough competition. They’re currently offering only a 1.8% APY on their savings account.
Updated February 6, 2012 and originally published July 31, 2003. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
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Luke Landes founded Consumerism Commentary in 2003 and has been building online communities since 1990. Luke, also known as Flexo, has contributed to PC World Magazine, US News, Forbes, and other publications. 
