Good for hybrid banking
Capital One Bank Review
Editor’s note: (3.93/5)
Good for hybrid banking
Capital One Bank Review
Editor’s note: (3.93/5)
Capital One is a good bank if you are looking for a one stop shop for deposits and loans. Capital One’s online banking division offers a suite of account options with competitive pricing and features. It even offers an interest checking account, but you’ll find fewer CD options to choose from than some other banks.
- Competitive interest rates
- Good feedback from customer service
- Online and in-person banking options
- Branches are not located all over the country
- Other banks may have higher APYs
- Lacks some of the different account types offered by other banks
- Bank online via web or mobile app, or visit a Capital One location in person
- High yield savings, money market account, traditional CD and checking accounts
- Two different bank accounts for children: Kids Savings Account and MONEY Teen Checking
- CD terms range from six months to five years
- Auto loans, business banking, and strong credit card portfolio available
- No ATM access for savings or CDs, but you can use an ATM to check
- Capital One deposit accounts are FDIC insured
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Full Capital One Bank Review
Capital One has plenty of accounts for full-service banking, but lacks the variety of some other banks we’ve reviewed. Its competitive high-yield savings and wide range of CD durations are two excellent choices. And the bank’s checking account option is unique among many other online banks, especially since it also earns interest on your balance.
Capital One’s 360 Performance Savings requires no minimum deposit or balance, and charges no monthly or maintenance fees to maintain your account. It consistently offers a very high APY among savings accounts, although it’s not quite at the highest point on our list of best savings rates.
Capital One allows you to open multiple Performance Savings Accounts for different savings goals, which you can access under one account. For transfers and withdrawals, you can make electronic transfers between Capital One accounts or external bank accounts, and automate regular transfers. However, there’s no ATM option, no debit card or checks, and Capital One limits six transactions per month to or from your account.
Another unique savings option from Capital One is its Children’s Savings Account, which parents or guardians can open jointly with children under 18. It has a lower APY, no fees or minimums, and allows parents to transfer money from their own accounts.
Certificates of deposit
Capital One only has traditional CD options, but they all come with solid interest rates.
You can choose between terms ranging from six months to 60 months. Remember that CDs have a fixed interest rate for the entire term you lock in at opening, which you will earn at maturity. There is no minimum deposit required to open a CD with Capital One, which can be useful if you are not starting with a large sum.
If you withdraw your certificate of deposit early, you will pay a penalty. For CDs with a term of 12 months or less, the penalty is three months interest, and for CDs with a term longer than 12 months, you will pay six months interest.
Capital One’s online checking account option is an interest-bearing account. You won’t earn as much as you can with savings products, but you can earn a bit more than with a traditional checking account.
There are no monthly fees, but you may incur charges for certain activities, including cashier’s checks, wire transfers, chargebacks, and more.
You’ll receive a Mastercard debit card for transactions and withdrawals, and you can also order paper checks through your online account and get your first checkbook free. ATM withdrawals are limited to $1,000 per day. There is no minimum to open your account, but you must make a deposit within 60 days to keep the account open.
Capital One is a large financial institution with many products and services beyond its online banking division, including auto loan financing and small business banking.
However, you may be more familiar with Capital One credit cards. The bank offers several credit card options, ranging from high-end travel cards like the Capital One Venture X Rewards credit card to cash back options with no annual fee such as the Capital One Quicksilver Cash Rewards credit card.
Capital One ranks highly in our rating categories for customer service and transaction options.
You can access your account and make transfers online, in person at a branch, or through Capital One’s mobile app, which has solid customer reviews. It is rated 4.9 out of 5 on the App Store and 4.6 on the Google Play Store.
Additionally, Capital One receives an above average rating in the JD Power Direct Banking Satisfaction Study for 2022. The study rates online banks based on criteria such as customer service, level of trust, management accounts, etc.
Capital One also gets high marks from us for its accessibility efforts. The bank highlights its “digital accessibility team” on its website and discussions with advocacy groups and experts. And he accepts accommodation requests by phone or live online chat. Finally, Capital One has an onsite section dedicated to accessibility support information you can use onsite, such as how to use a screen reader or find accessibility tools on mobile devices.
Is Capital One Bank for you?
Capital One is one of the best hybrid banking options for people looking for the high-yield online banking offering without giving up an in-person banking experience.
You can choose from high-yield savings accounts, CDs, and interest-bearing checking accounts, all at rates competitive with what other online banks offer today. Each of these accounts also enjoys no minimum deposit, no minimum balance requirement and no monthly fees. Additionally, Capital One offers a robust online account and mobile app experience to manage your account without having to visit a branch.
However, although its rates are competitive, Capital One does not offer the highest interest rates today. If you’re more interested in scoring the highest APY available, you might want to consider more options.
You should also consider the different types of accounts not available from Capital One. For example, a wider variety of CDs, such as no-penalty CDs or replacement CDs, can add flexibility that makes CDs more liquid.
Finally, you might want to consider Capital One if you already have a credit card account with Capital One, if you like the idea of streamlining your banking without giving up interest benefits. You can access each of your accounts online or through a mobile app, and manage them all in one place.
How much money do I need to open a Capital One bank account?
There is no minimum deposit or minimum balance required for any Capital One online banking account. However, you must deposit a certain amount within 60 days of opening to prevent your account from closing.
Is Capital One a safe bank?
Capital One deposit accounts are FDIC insured, so your balances (up to $250,000 per account type) are insured against bank failure.
Does Capital One have a real bank?
Capital One offers in-person banking options at its Capital One branches and cafes. You can use the bank location tool to find the location closest to you.