Reach your financial goals with the help of high interest rates and savings programs.
With so many banks to choose from, it can be daunting to decide where to stash your hard-earned cash. With two entities under its umbrella — Capital One and Capital One 360 — the bank appeals to business and personal customers alike. It has a suite of high-interest CDs, savings and checking accounts for short-term savings goals or preparing for the future — all with online tools to make it easy to manage your money anytime, anywhere.
What banking products does Capital One offer?
- 360 Savings. This free online savings account rewards growing balances with a 1% APY. It’s free to open and maintain the account, with no minimum balance — and everything is done completely online.
- 360 IRA Savings. Build a nest egg for retirement with a traditional or Roth IRA savings account. You’ll earn interest at 1% APY with no monthly fees or minimum balance.
- Kids Savings Account. Introduce kids to banking with this no-fee savings account. It comes with online and mobile banking access as well as parental controls. It has a high interest rate of 1% , and doesn’t require a minimum balance.
Money market accounts
- 360 Money Market. Earn a 0.85% APY on balances under $10,000 and 1.85% APY for higher balances. This high-interest account doesn’t have a minimum opening deposit or monthly maintenance fees.
- 360 Checking. The main selling points of this online-only checking account are it’s high interest rates and no fees. Interest rates start at 0.2% to 1% depending on your balance are much higher than the national average. It’s free to open and maintain the account, and you’ll pay nothing to withdraw your money from 39,000 Capital One and Allpoint ATMs across the country.
- Money. Aimed at teens, this online checking account comes with no fees or minimum balance. It incentivizes teens to save with real-time text alerts and an interest rate of 0.25% APY on all balances.
- 360 CD. Stash your savings and lock in a set-it-and-forget-it interest rate with CDs ranging from six to 60 months. The competitive rates start at 0.6% and go up to 3% APY. Since they’re under the 360 umbrella, the CDs are online only.
- 360 IRA CD. Designed to help customers prepare for retirement, these traditional and Roth IRA CDs range from six to 60 months. Interest rates are locked in and span from 0.6% to 3% APY.
- Business Advantage Savings. With a $250 opening deposit, you’ll enjoy a promotional interest rate of 1.75% APY for 12 months. Its $3 monthly service fee is waived if you maintain a $300 minimum balance.
- Spark Business Basic Checking. Manage your cash flow with the help of unlimited transactions and free overdraft protection. Waive the $15 monthly service fee if you maintain a $2,000 average account balance over 30 or 90 days, depending on which is higher.
- Spark Business Unlimited Checking. This account is all about flexibility. Along with unlimited transactions, it offers fee-free cash deposits and five free domestic wires each month. The $35 monthly service fee can be waived if you maintain an average account balance of $25,000 every 30 or 90 days.
- Small Business CDs. For long-term, low-risk savings, consider opening a CD. Terms range from one to five years with fixed and variable rates available. The minimum opening deposit is $1,000.
How does it compare to other banks and services?
With nearly $303 billion of deposits in its vaults, Capital One is the sixth largest bank in the US. It’s financially strong and only trails behind banking heavyweights like Bank of America and JP Morgan Chase, Wells Fargo and Citigroup. This is a testament to the bank’s online prowess. While it has 605 physical offices across the country, the top three banks have more than 4,400.
Thanks to its stability, suite of products and tech-savvy tools, Capital One appeals to savers of all ages and business banking customers.
Why should I open an account at Capital One?
- No minimum balance required. It’s free and easy to open a personal savings or checking account online, and you don’t need to maintain a minimum balance to earn interest.
- Extensive ATM network. You can use 39,000 Capital One and Allpoint ATMs across the country for free. You’ll find those in select Target, Walgreens, CVS and convenience stores.
- Top-rated mobile app. Use the app to check your balance, transfer money, pay bills, manage multiple accounts and deposit checks. Plus, send money to just about anyone using the app’s Zelle feature.
- Sophisticated savings tools. The bank helps you get into the habit of saving with the Automatic Savings Plan and allows you to track your progress with My Savings Goals. You can even open up to 25 savings accounts.
- Complimentary access to CreditWise. Whether you have an account with Capital One or not, you can monitor your credit score for free and learn how to improve it.
- Flexible overdraft options. You can decide how to protect yourself from overspending. Chose to automatically decline transactions that’ll cause you to overdraw your account, transfer funds from your savings, or enroll in its programs designed to protect you from overdrafts — Next Day Grace or Overdraft Loan of Credit.
What should I look out for?
- Steep overdraft fees for checking accounts. If you’re enrolled in Next Day Grace, you have 24 hours to replace the money before the bank charges you $35 per transaction.
- Limited branch access. Capital One is proudly modern, and that means you won’t find a bank branch on every corner. Also, beware that any accounts under the 360 brand are online only.
- Expensive outbound wires. The bank charges up to $40 to process outbound wires. You’ll also need to fill out a Wire Request Form.
- ATM fees. If you’re dipping into your Business Savings account, you’ll pay up to $5 to use non-Capital One ATMs.
- Monthly service fees. While most of Capital One’s accounts have no fees, its business checking accounts have monthly fees from $15 to $35 The upside? You can waive this if you meet a minimum balance.
Capital One Bank reviews and complaintsCapital One is accredited with the Better Business Bureau (BBB) and boasts an A+ rating for its customer service and interaction. While the BBB registered nearly 5,000 complaints over the past three years, the bank addressed and solved all of them.
Customer forums echo this. While there are a series of complaints on Trustpilot and the Consumer Financial Protection Bureau (CFPB) website, Capital One appears to close them in a timely manner. Most complaints hone in on issues with overdrafts, deposits and withdrawals. On the flipside, customers appreciate how simple it is to save and manage their money thanks to tech-savvy banking tools.
The Federal Financial Institutions Examination Council (FFEIC) gives Capital One a satisfactory CRA rating.
A Fortune 500 company, the bank is insured by the FDIC and reinforces security with debit card locks, online fraud reporting and alerts for suspicious transactions. To log in to your online or mobile banking account, you can use your fingerprint or set up a custom pattern with SureSwipe.
Capital One customer service
For account support, contact customer service in the following ways:
- Live chat. Sign into your account for real-time help during business hours.
- Phone. To speak to an associate, dial 800-289-1992 between 8 a.m. and 8 p.m., seven days a week.
- Interactive Phone Service. Call 888-464-7868 and follow the prompts. This service is available 24/7.
Bottom lineCapital One shines brightest when it comes to goal setting and savings. The bank has designed accounts for savers of all ages, and it rewards growing balances with high interest rates. It makes it easy to manage your money online or on the top-rated app, and tap into the nationwide ATM network.
However, watch out for Capital One steep overdraft fees and limited brick-and-mortar branches.
Before committing, read our guide to bank accounts.