Capital One is a top 10 bank by assets, has around 300 branches and a large network of over 70,000 ATMs. Its personal banking options lack monthly maintenance fees, opening deposit requirements and overdraft fees. Its CDs also have no opening deposit requirements, whereas most banks of its size often require at least $1,000. It caters to kids as well, offering both a checking and savings account for kids with no monthly fees for either account. Overall, its accounts are affordable and accessible.
Best for: Those who want affordable online accounts with some branch access.
Pros
No monthly fees
Competitive APYs
Large ATM network
No opening deposits
Cons
Fewer branches than top competitors
No 24/7 live customer support
Capital One in the news
In early 2024, Capital One announced it was acquiring Discover in a $35 billion all-stock transaction deal, as reported by Fortune. Capital One and Discover are two of the largest credit card issuers in the US, and this merger means Capital One will effectively own one of the biggest payment-processing networks in the country. This was intentional, and the goal is to become more competitive with fintechs like PayPal and Affirm.
This merger may change how Discover miles and rewards programs are handled and the worldwide acceptance of Discover cards, but ripple effects aren’t set in stone and aren’t likely to impact customers until 2025.
Is Capital One right for you?
If you’re comfortable with online banking and dislike monthly fees, Capital One is a solid choice. It may also be great for those who access ATMs daily, as Capital One has one of the largest free ATM networks in the US.
How Capital One stacks up
Capital One is well-known for its credit card offerings, loans and banking services and is mostly an online bank. It has a suite of high-interest CDs, savings, checking and business bank accounts, and many of its accounts lack monthly fees and feature competitive APYs.
It has around 300 branches in the US and more than 70,000 free ATMs in its network, which include Capital One, MoneyPass and Allpoint ATMs. There are also Capital One Cafés, which are mini branches where you can get coffee while you do some banking.
Where it shines
Capital One is a large bank with a variety of perks.
Few fees and deposit requirements. Its accounts lack monthly maintenance fees, opening deposit requirements and overdraft fees.
Large ATM network. You’ll have access to a large network of 70,000 free ATMs.
Competitive APYs. The 360 Performance Savings features a 4.25% APY, and the CDs can sport rates as high as 5.1%.
Kids banking. Capital One offers MONEY Teen Checking, with no monthly fees or balance requirements for kids aged eight and up. There’s also the Kids Savings account with no age requirements or fees.
Highly rated mobile app. For a bank that operates largely online, we’re pleased to see most customers are happy with their online banking experience.
Interest-bearing checking. While minimal, both the 360 Checking and Teen Checking accounts earn 0.1% APY on all balances.
Where it falls short
Most of Capital One’s shortcomings have to do with the fact that it’s a mostly online bank.
Few branches. Capital One is a hybrid bank, so compared to other brick-and-mortar banks of its size, such as Chase or PNC, it has significantly fewer branch locations.
No 24/7 human support. While it offers 24/7 automated customer service with its digital assistance Eno, live customer support isn’t available at all times.
Limited ATM deposits. You can deposit cash at Capital One ATMs but not at its partnered MoneyPass or Allpoint ATMs.
360 Checking. No monthly fees, no opening deposit and no overdraft fees. This account is interest-bearing, offering 0.1% APY on all balances. You can also open up to three 360 Checking accounts, but you only get one debit card. Each checking account is linked to the single debit card, and you can manage which account is linked to your card via the mobile app.
Teen Checking. While “teen” is in the name, it’s also available to kids as young as eight years old. Parents will need to open the account on their kid’s behalf, and it has no monthly fees, opening deposit requirements and no overdraft fees. And just like the 360 Checking, it also earns 0.1% APY on all balances.
360 Performance Savings. With a 4.25% APY, no monthly fees and no minimum balance or opening deposit requirements, you can open up to 25 separate 360 Performance Savings accounts to organize your savings goals.
Kids Savings Account. With no age requirements listed, this kids’ account offers 2.5% APY with no monthly fees, balance minimum requirements or opening deposit requirements. You can also create multiple Kids Savings accounts and link them to a parent’s account. Adults must open the account on the child’s behalf, and kids younger than 12 require a parent or legal guardian to be a joint owner.
While Capital One allows you to open multiple checking and savings accounts, FDIC insurance is up to $250,000 per depositor, and opening multiple Capital One accounts in your name won’t increase your FDIC insurance coverage.
There isn’t much to complain about with Capital One’s CD offerings. With no opening deposit requirements for any of its CDs, it’s much more accessible than other top banks, which often require $1,000 or more to open. Top CDs include the Special 10-month CD with a 5.1% APY.
Capital One doesn’t offer any no-penalty CDs, which would allow you to withdraw funds early before the maturity date with early withdrawal penalties.
Aside from its personal banking products, Capital One has many other services.
Credit cards. Various Capital One credit cards to choose from, both for personal and business use.
Business banking. Three business checking accounts to choose from: Basic Checking, Enhanced Checking and a custom account. The custom account can be specifically designed for your business, but you must talk to a Capital One representative to see if you’re eligible and to learn more.
Auto loans. Used and new auto loans and refinancing options.
Other lending options. Commercial business services, lines of credit, real estate term loans, SBA loans and more.
Compare with leading bank accounts
See how other checking, savings and CDs stack up. Compare fees, APYs and features, and for a closer look, tap the Compare box to compare accounts side by side.
Capital One is a long-standing bank with decades of experience. It holds an A+ rating with the Better Business Bureau (BBB) and has been accredited by the BBB since the 90s. There have been over 10,000 customer complaints in the last few years. Holding an A+ rating with all of those complaints is challenging, to say the least, but Capital One makes a marked effort to resolve issues.
The majority of customer complaints have to do with various credit cards, attempts to resolve fraudulent charges on credit cards, disputing late fees or problems accessing account information or receiving statements. Overall, complaints are typical for banks of its size. Negative reviews on Trustpilot are in a similar vein to its BBB profile.
On Reddit, feedback is more on the positive side. Many current and past customers state they’ve banked with Capital One for years with no issues. They mention that they like the free checking account, the kids’ banking options and the immediate payout for cashback rewards on its credit cards. However, a few note that Capital One is a little stingy in terms of credit card limits, often offering very low credit limits when you first get approved.
Capital One’s mobile banking app is highly rated, sporting an impressive 4.8 stars on the App Store and 4.5 stars on Google Play out of millions of customer ratings. Reviews say the app works well and is easy to use, and report it’s easy to keep track of their accounts and credit cards.
Frequently asked questions
Does Capital One have a money market account?
No, it doesn’t. The Capital One 360 Money Market account is discontinued. The main savings product offered by Capital One is now the 360 Performance Savings account.
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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