Capital One Bank
Overall, Capital One has a well-established online presence and over 750 physical locations. You can expect to find competitive interest rates and a nice variety of products and services.
- No annual fees on checking and savings
- No minimum balance requirements
- Top-rated mobile app
- Few physical locations
- No money market accounts
Capital One Bank is the fifth-largest consumer bank and the eighth-largest financial institution in the U.S.
The firm has become well known in recent years for credit cards and the popular slogan, “What’s in your wallet?”
If you are considering whether Capital One is the right bank for you, you’ve come to the right place.
This post covers Capital One’s most popular products and features, how the bank’s customer service stacks up, and more.
About Capital One Bank
Capital One Bank is the consumer banking division of its holding company, Capital One Financial Corporation, which is headquartered in McLean, Virginia.
With over 750 branches and 40,000 fee-free ATMs, it’s safe to say that Capital One is well established.
Most of the bank’s physical locations are in New York, Texas, and Virginia.
The bank also has locations in Canada and the U.K.The bank also has locations in Canada and the U.K.
Capital One Bank was first founded in 1994 as a credit card issuer and didn’t become a retail bank until 2005. In 2012, the firm acquired ING Direct.
Fast forward to today and Capital One Bank has over $370 billion in assets, around 49,000 employees, and is ranked 17th on Fortune’s 100 Best Companies to Work For list.
As a technology-focused brick-and-mortar bank, Capital One offers both physical and online banking experiences.
Now that you know more about Capital One’s history, let’s see what this bank has to offer you.
We also named Capital One Bank as one of the best banks in NYC.
Capital One Checking Accounts
Capital One 360 Checking is the bank’s primary checking account. 360 Checking stands out because of its mobile banking options.
Most of your banking can be done from the mobile banking app, but if you need help in person, you can always visit a physical branch, if there’s one nearby.
As an account holder, you can use features like online bill pay, mobile check deposit, and money transfers right in the mobile app.
360 Checking also offers a 0.10% APY (Annual Percentage Yield) on balances, which is not too shabby for a big bank checking account.
As for fees — there are no monthly fees and no minimum opening deposit requirement.
There is a $35 overdraft fee, however, you get a full business day to repay the overdraft amount before you get charged, which is a really cool feature that most banks don’t offer.
MONEY Teen Checking
MONEY Teen Checking is a joint checking account option designed for parents and their kids, ages 8 and up.
With MONEY Teen Checking, children and teens have the opportunity to gain financial independence, while learning how to manage money responsibly.
Account-holders get an online account and a debit card for making purchases.
Meanwhile, parents can track spending, add direct deposits, and lock or unlock the account as needed.
Transferring money to a MONEY Teen Checking Account is quick and easy, and there are no monthly charges or minimum account balance requirements.
It’s worth noting that MONEY Teen Checking was recently named one of GOBankingRates’ Best Checking Accounts of 2020 and it made our list of the best teen checking accounts for 2021. Not bad!
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Capital One Savings Accounts
360 Performance Savings
This is a very competitive rate compared with the abysmal savings account APYs that you’ll typically find at the big national banks.
Performance Savings is also fee-free, meaning that there are zero monthly service fees or monthly maintenance fees.
What’s more, 360 Performance Savings has no minimum deposit requirement, either.
So you can open your savings account with whatever amount you have and start taking advantage of the attractive interest rates.
If you're looking to earn interest on your deposits with Capital One Bank, 360 Performance Savings is the way to go. Money Market Accounts are not available.
Kids Savings Account
With a Kids Savings Account, parents can show their kids how to manage money and set up a savings plan.
Kids Savings Accounts offer 0.30% APY on all balances, and there is no monthly fee or minimum opening deposit requirement.
An adult will need to open up the account and oversee it, which technically makes it a joint account since both parties have access.
As account holders, children have access to the account balance, interest rate earnings, and transaction history.
The parent’s password is required to transfer money or make payments. Add it all up, and you have a great bank account option for kids, that’s easy for parents to manage and keep an eye on.
360 IRA Savings
360 IRA Savings is an individual retirement account (IRA) option that earns a 0.40% APY on all balances, with the added bonus of tax savings.
Capital One offers two types of IRA savings accounts: Traditional IRA, and Roth IRA.
With a traditional IRA savings account, your contributions may be tax-deductible, and your earnings are tax-deferred until after you withdraw the money at retirement.
Roth IRAs, on the other hand, are funded with money that you have already paid taxes on. Then, when you take money out at retirement, you don’t have to pay income tax on either your tax or earnings.
There are no monthly fees with Capital One’s 360 IRAs.
Capital One CDs
360 Certificate of Deposit Account (CD)
Capital One’s 360 CD earns up to a 0.40% APY on deposits, and there’s no minimum balance requirement to open an account. CD terms range from 6 to 60 months.
Here’s a breakdown of what you can expect to earn for each CD term with a deposit of $10,000.
|360 CD Term||APY||Estimated Earnings|
As a reminder, CDs are similar to savings accounts, but the main difference is you have to commit your money to the account for a certain term.
In exchange, you will usually see better interest rates. The downside is that you will most likely be hit with an early withdrawal fee if you withdraw money before the end of your term.
360 Individual Retirement Account (IRA) CDs
The Capital One 360 IRA CD is similar to the savings accounts equivalent, with both a Traditional IRA and Roth IRA CD option.
However, since it’s a CD account, you have to lock in your funds for a fixed term.
360 IRA CDs pay up to 0.40% APY, and the terms range from 6 to 60 months, as follows:
|360 IRA CD Term||APY||Estimated Earnings|
Capital One Auto Loans
Capital One’s Auto Loan department can help you purchase a new car or refinance an existing loan.
It only takes a few minutes to see if you qualify online using Capital One’s Auto Navigator.
Using this tool, you can check the status of your pre-qualification, and easily stay up to date with your loan account online (once approved).
New and used car financing is available for purchases over $4,000.
If you are thinking about applying for a car loan, you can save yourself lots of time (and possibly money) by applying for an auto loan online — before you head over to the dealer to check out that dream ride.
Capital One Credit Cards
Capital One is the 5th largest credit card issuer in the U.S and earns most of its profit from credit cards.
Given that the bank also started out entirely as a credit card financial institution, it’s fair to say that this is an area of expertise.
Capital One offers dozens of credit card options for customers with all types of credit scores and rewards appetites.
Let’s take a look at the bank’s most popular credit card categories.
Capital One Travel Rewards Credit Cards
Capital One’s Venture Cards are travel rewards cards that pay up to 2x miles per dollar spent. There are two types of Venture cards, as follows:
- Venture One: Venture One comes with no annual fee and pays 1.25 miles per dollar spent on all purchases. There’s also a 20,000-mile sign-up bonus if you spend $1,000 on purchases within the first three months of opening your account.
- Venture Rewards: Venture Rewards is a premium travel credit card that earns 2 miles for each dollar spent on all purchases. There’s a $95 annual fee, and a 100,000-mile sign-up bonus being offered at the time of this writing. You’ll need to spend $3,000 within the first three months of opening your account to qualify for the sign-up bonus.
Capital One Cash Back Credit Cards
Capital One has two cash back credit card brands: Savor Rewards and Quicksilver.
Savor Rewards cards offer higher cash back on certain purchase categories, such as restaurants and grocery stores.
Quicksilver cards pay a flat 1.5% cash back on all purchases. Both Savor Rewards and Quicksilver have three variations that cater to different clientele.
Here’s a look at each one:
- Savor Rewards: Savor Rewards pays 4% cash back on dining and entertainment, 1% on all other purchases, and has a $95 annual fee. There is currently a $300 cash bonus if you spend $3,000 within the first three months of account opening.
- SavorOne Rewards: SavorOne Rewards has no annual fee and pays 3% cash back on dining and entertainment, 2% on groceries, and 1% on all other purchases. There is currently a $150 cash bonus if you spend $500 within the first three months of account opening.
- SavorOne Rewards for Good Credit: SavorOne Rewards for Good Credit has no annual fee and pays 3% cash back on dining and entertainment, 2% on groceries, and 1% on all other purchases. This card is designed for people with “Good” credit, whereas you’ll need “Excellent” credit to qualify for the other Savor cards.
- Quicksilver Rewards: Quicksilver Rewards has no annual fee and pays 1.5% cash back on all purchases. This card requires an “Excellent” credit rating to qualify, and there’s a $150 cash signup bonus if you spend $500 within the first three months of account opening.
- QuicksilverOne Rewards: QuicksilverOne Rewards has no annual fee and pays 1.5% cash back on all purchases. This card requires a “Good” rating to qualify, and there’s no signup bonus.
- QuicksilverOne Rewards for Good Credit: QuicksilverOne Rewards for Good Credit has no annual fee and pays 1.5% cash back on all purchases. This card requires a “Good” rating to qualify, and there’s no signup bonus.
Capital One Credit Building Credit Cards
Capital One offers the following cards for people with fair credit:
- QuicksilverOne Rewards: QuicksilverOne Rewards pays 1.5% cash back on all purchases and comes with a $39 annual fee.
- Platinum Mastercard: Platinum Mastercard is a straightforward credit card with no annual fee or special perks.
- Journey Student Rewards: Journey Student Rewards pays up to 1.25% cash back on all purchases.
Capital One Credit Rebuilding Credit Cards
If your credit score is in bad shape, Capital One still has a credit card option for you.
- Secured Mastercard: Secured Mastercard has no annual fee and requires a refundable deposit of up to $200 (which gets you a credit line equal to that amount). If you make your payments on time, you could be looking at a higher credit line within 6 months of account opening.
Capital One’s small business credit cards are called Spark cards. There are five different types of Spark business cards, as follows:
- Spark 2% Cash: Spark 2% Cash pays 2% cash back on all purchases. There is a $500 cash signup bonus if you spend $4,500 within the first three months of opening your account. The $95 annual fee is waived for the first year.
- Spark 2x Miles: Spark 2x Miles is a travel rewards business card that earns 2x miles on all purchases. There is currently a 50,000 point sign up bonus if you spend $4,500 within the first three months of opening your account. You can also get a $100 credit for TSA Precheck or Global Entry. The $95 annual fee is waived for the first year.
- Spark 1.5% Cash Select: Spark 1.5% Cash Select pays 1.5% cash back on all purchases. There’s no annual fee, and you can earn a $200 cash sign up bonus if you spend $3,000 within the first three months of opening your account.
- Spark 1.5x Miles Select: Spark 1.5x Miles Select is a travel rewards business credit card that earns 1.5x miles on all purchases and has no annual fee.
- Spark 1% Classic: Spark 1% Classic is designed for customers with a fair credit score and pays an unlimited 1% cash back on all purchases. There is no annual fee.
Capital One Bank Features
- Capital One Mobile App: The Capital One Mobile app offers convenient features such as Card Lock, Instant Purchase Notifications, Paying your Bill, and mobile check deposits. The app is rated 4.8 stars (out of 5) on the App Store with over 2.8 million ratings. On the Google Play store, the app is rated at 4.6 stars (out of 5) with over 1 million ratings. Add it all up, and this is one of the highest-rated financial apps you can find.
- Zelle: With a Capital One bank account, you can quickly and securely transfer money via Zelle.
- Meet Eno: Eno is the online bank’s virtual assistant. Eno helps you track spending and can update you about any unusual activity. Eno is also available to answer your questions 24/7 via online chat.
- Ask Alexa: Ask Alexa is a new feature that allows you to check your Capital One balance, track your spending, and even pay your bill, right through your Amazon Echo device. If you’re already an Alexa fan, this might be a pretty useful feature for you.
Getting Started with Capital One
Setting up an account with Capital One takes just a few minutes and you can open the account online.
Head over to the website, select the account you want to open, and click on the green Open Account button. Then it’s time to confirm whether you’re a new or current customer.
From there, simply follow the signup instructions, and your application should be completed within 5 minutes.
If you have any issues when setting up your account, give this phone number a call: 1-800-289-1992.
Capital One Bank Promotions
|Capital One 360 Checking||$100 bonus||October 12, 2021||
|Capital One Quicksilver Cash Rewards||$200 bonus||N/A||
As a major national bank, Capital One takes security very seriously.
For starters, like all banks, Capital One is FDIC-insured, which means that deposits are protected up to $250,000.
Capital One also uses a number of advanced security features, such as and multi-factor authentication, SwiftID, and Card Lock to keep your information and money safe.
The online bank’s virtual assistant, Eno, is also continuously monitoring your account for suspicious activity and sends alerts instantly in the mobile app if something comes up.
Customer Service and Support
There are a number of ways to contact customer service at Capital One Bank.
For starters, phone support is available 24 hours a day, 7 days a week.
You can also pop into a local branch and meet with a banker in person (and why not grab a coffee from a Capital One Cafe, while you’re at it?). Online support is also available 24/7.
Overall, Capital One has a pretty good reputation for customer service and satisfaction.
As with all big banks, the quality of service you get largely depends on the situation you’re dealing with and how helpful the representative is on the other end.
Pros and Cons of Capital One Bank
- No annual fees on checking and savings accounts
- No minimum balance requirements
- Competitive savings accounts
- Top-rated mobile app
- Few brick and mortar branches compared to big national banks
- No money market accounts
Alternatives to Capital One Bank
The most popular alternatives to Capital One Bank that offer similar banking services include:
Capital One Frequently Asked Questions
Is Capital One a good bank?
Yes, Capital One is definitely a good bank. Capital One has a well-established online presence and over 750 physical locations. You can also expect to find competitive interest rates and a nice variety of products and services.
Which bank is better Chase or Capital One?
It depends on what you’re looking for in a bank. If you value competitive interest rates and zero fees (who doesn’t?) then Capital One is probably the better option for you. However, if you want to have easy access to thousands of nationwide physical branches and ATMs, Chase is probably a better option.
Is my money safe in Capital One?
Yes, your money is safe in Capital One Bank. As with all banks, Capital One is FDIC-insured, so your deposits are protected up to $250,000. The bank’s online platform is also very secure.
Are Capital One Bank and Capital One 360 the same?
Yes and no. Capital One 360 Checking is the prior name for Capital One Bank’s checking account, which is now called 360 Checking.
So, to confirm: 360 Checking (formerly known as Capital One 360 Checking) is the primary checking account that Capital One Bank operates.
Is Capital One Bank Right For You?
The bottom line is that if you’re looking for a full-service bank with a solid online presence, that doesn’t try to charge monthly fees at every turn, then you should definitely consider opening an account with Capital One.
The bank also offers a wide selection of credit cards and savings accounts, making it easy to manage your personal finances in one place.
At the same time, if physical branch access is really important for you, you should probably check to make sure that there are Capital One locations in your area.
That said, many people don’t even need branch access these days, since most banking transactions can be easily handled online.
And, wherever you live, you shouldn’t have trouble locating one of the bank’s 40,000 Allpoint fee-free ATMs.
At the end of the day, it all comes down to what’s important to you. Here’s to finding the financial institution that helps you achieve your savings goals.