I moved my savings to a Capital One money market account to earn 200 times more, and it's the perfect place for my money to grow

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The author, who keeps his savings for an investment property in a Capital One money market account, is not pictured.

• I took advantage of a $500 new account bonus to move my savings for an investment property into a new money market account at Capital One.
• With a balance of at least $10,000, this account offers a competitive interest rate with no recurring fees.
• Keeping your savings in a different bank from your checking can help you avoid the temptation to use the funds for something else while the account value grows from monthly interest payments.

I signed up for my first savings account with what is now Capital One Bank way back in 2007. In the more than a decade since, I've always come back to this bank to protect my money while earning a competitive interest rate.

My wife and I have been saving up to buy our first ever investment property, and we picked Capital One to house our investment fund, and I don't plan on moving our cash anytime soon.

It started with a new account bonus

Banks make money by lending out money. That means they need a lot of money from depositors so they have the cash to lend out. When a bank wants to draw in a whole lot of cash quickly, it may choose to offer a bonus to new account holders who arrive with a big opening deposit.

We amassed a $50,000 starting fund after selling stock and contributing from other savings. I dragged my feet getting the new account set up, but when I saw a deal for a $500 bonus after moving over at least $50,000, I knew where my cash would go next. I didn't move for the bonus alone, but knowing I could earn $50,000 right away sure helped make the decision an easy one.

Top tier interest rates

Capital One is of a few banks that consistently ranks near the top of nationwide bank interest rates. While it isn't at the very top, it's close enough that I'm not too worried about earning a fraction of a percent more elsewhere.

The average national brick-and-mortar bank offers far lower rates on similar accounts. Compared to the very worst payers that offer a ridiculously low 0.01%, I earn 200 times more. Compared to the national average, around 0.10%, I earn 20 times more. That's a great rate!

Separated from other funds

Logging into my regular checking account at Charles Schwab and seeing $50,000 in cash sitting there would make it very tempting to spend rather than save my property investment fund. Separation is a good thing in some cases, as it removes that very common temptation.

While Capital One also offers an awesome checking account, Schwab is a bit more convenient for my everyday checking, so I leave my everyday cash at Schwab, and keep my savings out of sight, out of mind at Capital One.

No fees to worry about

Some traditional banks charge fees every month if you don't meet a minimum balance or minimum activity requirement. But just because something is common doesn't mean you have to deal with it. I won't put up with a bank charging me a fee for keeping below a certain dollar amount per month in a personal bank account.

This account has no minimum balance to avoid a fee. The only fees you may run into are for uncommon activities like sending an outgoing wire transfer or expedited shipping on a replacement debit card.

To get the best rate in the Capital One money market account, thought, you'll need a balance of $10,000 or more.

Your money should make money

Don't let your money sit idle in an account that pays little to no interest. But if you have savings you may want to tap into in five years or less, the stock market is too risky. A money market savings account or high-yield savings account is the best home for this type of savings goal.

I've earned $70 to $80 per month every full month I've had the account open. Earning interest is like getting paid while you sleep. I keep that money in the account to grow my account so we can buy that investment property as soon as possible.

If you have money in a checking or savings account that isn't earning much interest, it may be time to change things up. For me, that meant moving my money to a new money market account at Capital One.

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