Once a 360 CD account is opened and funded, interest will start to accrue.
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If you fund your CD internally from another Capital One account, interest will begin to accrue on the same calendar day.
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If you fund your CD from an externally linked account, your interest will begin to accrue on the business day after the deposit was made.
Accrued vs. Compound interest
Accrued interest is the interest that builds over time before it’s credited to your account.
Accrued interest is based on several factors, including:
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Initial deposit amount
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Interest rate
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Term length
Your monthly interest paid will vary based on the number of days in a month.
Interest on 360 CD accounts is accrued daily, and it’s credited to your account monthly. Your account will only receive an interest posting in the amount earned during the month if the amount rounds to at least $0.01.
The monthly interest that you earn on your 360 CD account can be estimated by using the following formula:
[(Balance x Interest Rate) / Number of Days in Year] x Number of Days in Month at that balance
A few things to keep in mind:
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This formula uses your account’s interest rate (APR), not the annual percentage yield (APY). Interest rate (APR) is the actual rate of return that you earn before the interest compounds.
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For the best estimation, carry the interest rate out to four decimal places.
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Monthly interest payments are rounded to the nearest whole cent.
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Use of an amortizing CD calculator is needed to know the exact monthly interest you earn on your 360 CD account.
To view your interest rate in the Capital One Mobile app:
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Sign in
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Select your account
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Select View Details below your product type
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From the list of options, select View Current Terms & Conditions
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Find the Rate Information section
To view your interest rate on the Capital One website:
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Sign in
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Select your account
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Select Account Details
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Find your APY under Additional Information
Compound interest is the interest earned—not only on the original sum of money, but on the interest you earn as well. Interest could be compounded daily, monthly, quarterly or annually.
For annual disbursements, the interest will compound monthly until the interest is disbursed at the end of the cycle.
Interest disbursement options
Interest disbursements happen when interest from your 360 CD account is paid out to another one of your Capital One accounts or to an external linked account.
Setting up your interest disbursements
You may choose to receive interest disbursements monthly, annually or when your CD account matures. Here’s how each option works:
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Monthly disbursement: Interest will be paid on the same calendar day every month (the day before the initial funding date of the account).
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Annual disbursement: Interest will be sent on the anniversary date of the 360 CD’s creation. This disbursement option is only available for 360 CD accounts with a term length of 12 months or more.
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Disbursement at maturity: Interest will roll over with the principal into a new 360 CD account upon the account’s maturity date.
You can choose to receive interest disbursements by depositing them to another Capital One 360 account, or by transferring them to an external linked account.
Processing time for disbursements depends on to which account you chose to have them sent. Interest disbursements sent to Capital One accounts process on the same day. Interest disbursements sent to external accounts will process on the following business day.
Things to keep in mind
You have 20 calendar days from the account opening and/or from the day of maturity to choose your interest disbursement option.
If no action is taken, interest will automatically be credited to your 360 CD account on a monthly basis.
If you have already established interest disbursements for your account, you can change the account that the disbursements are sent to at any time.
You can set up an interest disbursement plan through the Maturity Options tab on your account details page.
What accounts can I use to receive interest disbursements from my 360 CD accounts?
You can choose to receive interest payments by depositing them to another Capital One 360 account, or by transferring them to an external linked account.
Once the interest disbursements are established, you can change the account that receives the disbursement at any time.
In order to earn interest and the advertised annual percentage yield (APY), the amount earned during the month must round to at least $0.01 and the earned interest must remain in the account until maturity.
When can I set up interest disbursements on my 360 CD account?
You have 20 calendar days from the account opening and/or from the day of maturity to choose your interest disbursement option.
If no action is taken, interest will be credited to your 360 CD account on a monthly basis.
If you have already established interest disbursements for your account, you can change the account that the disbursements are sent to at any time.
You can set up an interest disbursement plan through the Maturity Options tab on your account details page.
What are my interest disbursement options?
You may choose to receive interest disbursements monthly, annually, or when your CD account matures.
- Interest disbursed when your 360 CD account matures will roll over with the principal into a new 360 CD account.
- Interest disbursed monthly will be paid on the same calendar day every month (the day before you fund).
- Interest disbursed annually will be sent on the anniversary date of the 360 CD’s creation. This disbursement option is only available for 360 CD accounts with a term length of 12 months or more.
Interest disbursements are sent to Capital One accounts on the same day. Interest disbursements that are sent to external accounts will process on the following business day.
You can set up an interest disbursement plan through the Maturity Options tab on your account details page.
How is interest accrued for my 360 CD account?
360 CD account interest is accrued daily, and it’s credited to your account monthly. Your account will only receive an interest posting in the amount earned during the month if the amount rounds to at least $0.01.
For annual disbursements, the interest will compound monthly until the interest is disbursed at the end of the cycle.