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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?
Capital One offers checking and savings accounts for personal and business banking. It’s 360 products are all completely online.
Personal Savings accounts
360 Savings. This free online savings account rewards growing balances with a 4.3% 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 0.60% 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 0.3% interest rate and no required minimum balance.
Personal checking accounts
360 Checking. The main selling points of this online-only checking account are its 0.1% APY, minimal fees and early access to direct deposits. Plus, you’ll pay nothing to withdraw your money from 39,000 Capital One and Allpoint ATMs across the country.
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 4.10% and go up to 5.00% 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 2% APY.
Business banking
Savings accounts
Business Advantage Savings. With a $250 opening deposit, you’ll enjoy a promotional interest rate of 1.70% APY for 12 months. Its $3 monthly service fee is waived if you maintain a $300 minimum balance.
Checking accounts
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.
CDs
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 Capital One 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.
Checking accounts
Pros
No monthly fee for personal accounts. There are no fees or minimum balance requirements for personal Capital One checking accounts.
Early direct deposits. Capital One is among the few brick-and-mortar banks to offer access to direct deposit paychecks up to two days early.
Flexible overdraft options. You have multiple ways 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.
Cons
Steep overdraft fees. If you’re enrolled in Next Day Grace, you have 24 hours to replace the money before the bank charges you $35 per transaction. (Note: In December 2021, Capital One announced it would no longer charge overdraft fees and it would begin providing free overdraft protection beginning in 2022.)
Monthly fees for business accounts. Fees range from $15 to $35 a month. But you can waive them if you meet a minimum balance.
Savings accounts
Pros
High APYs. Earn 4.3% APY with the 360 Performance Savings account and 0.3% with Kids Savings. Check how much interest you could earn before making a decision.
Sophisticated savings tools. Capital One 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.
Cons
ATM fees. If you’re dipping into your Business Savings account, you’ll pay up to $5 to use non-Capital One ATMs.
Cap on transactions. Like other savings accounts at other banks you have a six monthly transaction limit. But Capital One may be temporarily waiving this policy due to the coronavirus, so contact the bank to be sure.
CDs
Pros
High APYs Choose a CD with at least a 6-month term and you’ll earn 4.10% to 5.00% APY.
IRA CD options. Retirement savers can open a traditional or Roth IRA CD and earn anywhere from 0.60% to 2% APY.
Cons
No partial withdraw. If you need to access your money before it matures, you must withdraw the full balance and pay a penalty equal to three to six months of interest depending on the CD’s term.
Overall banking
Pros
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.
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.
Cons
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.
Capital 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 involve 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.
Compare Capital One with leading bank accounts
Compare checking, savings and CDs accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.
Capital 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, Capital One has limited brick-and-mortar branches compared to other nationwide banks.
The routing number for your account depends on the bank institution. To find out, look at your most recent statement. You’ll see the routing number to the right of your account number. If you can’t spot it, call 888-810-4013.
The bank’s SWIFT code is NFBKUS33.
Yes. To enroll in direct deposit with your employer, download and fill out the Direct Deposit Form found on the Capital One website. You’ll need to provide your account number and routing number, and specify the amount you’d like deposited into your account with each paycheck.
With Capital One, you can hold up to 25 360 Savings accounts.
In July 2012, Capital One Financial was accused of manipulating its customers into paying more for payment protection after they applied and were approved for a new credit card. It was the first case brought by the Consumer Financial Protection Bureau.
The bank was found guilty of deceptive marketing and paid out $210 million to settle the claim and refund 2 million customers. For good or bad, the scandal hasn’t slowed Capital One’s reputation as an easy-to-use bank.
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
This Capital One savings account is no-fuss and has a top rate, but you’ll have to like online banking.
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