Capital One Bank Review | SmartAsset.com (2024)

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Capital One Bank Account Features

In addition to its other financial offerings, Capital One offers a few different kinds of savings accounts. These include a traditionalsavings accountand various CD accounts.The company offers some of the best APYs connected to each savings account. Plus, you can avoid account maintenance fees when you open one of these savings accounts.

Capital One provides FDIC (Federal Deposit Insurance Corporation) protection on your deposits up to the legal amount. Most savings account types do offer a few options in terms of what kind of account you want to open. This means you can open an account either as an individual account, a joint account, a joint account with a minor or a living trust account.

Compare Capital One to Other Competitive Offers

Capital One 360 Online Savings Accounts

When it comes to your basic savings accounts, Capital One offers the 360 Performance Savings Account and the Kids Savings Account. The 360 Performance Savings Account offers a 4.25% APY with interest compounded monthly. There is no minimum amount that you have to deposit initially, nor is there a minimum amount you have to maintain within the account. Your money will earn interest regardless of how much money is inside.

There are a couple of fees that you could see with a 360 Performance Savings Account. Completing an outgoing domestic wire transfer will cost you, as will a copy of a statement generated within the last two years. You may also see a penalty for exceeding the maximum amount of outgoing transactions. You are limited to six outgoing transactions by federal law.

To make a deposit into your 360 Performance Savings Account, you have a few options. You may deposit funds over the phone, online, mailing a check, an electronic funds transfer or adomestic wire transfer. You can also deposit cash. The length of time between your deposit and its availability will vary depending on the type of deposit, but you can usually expect the funds after four days.

Withdrawing money from your 360 Performance Savings Account is as simple as calling customer service or going online. You cannot withdraw more than what’s in your account at the time. You will also have to keep track of your withdrawals as you are limited to six outgoing transactions per statement cycle. Going over that limit will end up in a penalty fee. If you're ever unsure how many transactions you've made, you can easily head to your online account and manage your account(s) on its account page (like shown above).

The Capital One Kids Savings Account allows you to deposit money into an account for your child to teach them about saving and investing. This account also comes with no maintenance fees or balance/deposit minimums, whichcan help show your child that savings doesn’t have to be costly.The only fee listed in the account disclosure is for a copy of your statement. The Kids Savings Account has a 2.50% APY, so your child’s savings can be nicely padded, like yours. The processes of depositing and withdrawing money are the same as the 360 Performance Savings Account.

Both accounts also offer access to Capital One’s Automatic Savings Plan. This program allows you to set your savings accounts settings and then revert to autopilot. Your accounts will do all the growing and all the work. This is an ideal program especially for the Kids Savings Account, so you and your child can watch the funds grow without much stress. With the ease of a website and a mobile app, you can change your settings at any time. In terms of security, both accounts are also FDIC-insured up to the legal amount.

You have a few different options when it comes to savings account ownership. With either account, you can open it as an individual account, a joint account or as a living trust account. There are further rules and regulations surrounding opening a joint account and a living trust account. You should make sure you read your agreement papers to know exactly what’s entailed. In the case of the Kids Savings Account, you may open it as a joint account with a minor. This means one minor and one adult both own the savings account.

Capital One 360 CD (Certificates of Deposit)

Acertificate of deposit(CD) is another kind of savings account, but a less flexible one. Once you make your initial deposit into the account, you cannot touch it without penalty until its maturity date. There are usually a number of varying term lengths, though, from a couple of months to a few years. That way you can find a CD depending on whether you need a more immediate return or a more long-term return. As an extra perk, Capital One allows you to add beneficiaries to your CDs, which you can easily do through your online account.

Capital One 360 CDs come in varying term lengths between six months and five years. The exact APY will depend on the term length, but generally the longer the term, the higher the APY. Regardless of your starting APY, Capital One guarantees that rate for the length of your CD term. You also get to choose whether you want your interest to be paid out at the end of the full term, monthly or annually.

To make your CD deposit, you have a few options. You can transfer money from another bank account, use Capital One’s automated phone system, call a customer service representative or go online. Again, your deposit is FDIC-insured up to the legal limits. You will also have the option of opening a CD as either an individual, joint, joint with minor or living trust account.

When it is time to withdraw funds from your CD, you usually will get a grace period of about 10 days to do so. If you don’t take any action, Capital One will automatically renew your CD for the same length of time. Should you withdraw before your CD’s maturity date, you will face penalties. For CDs with a term of 12 months or shorter, the penalty is three months’ interest. For CDs with a term longer than 12 months, the penalty is six months’ interest.

CDs can be a valuable part of any investment portfolio. If you have questions about how to build a robust savings profile that includes accounts like the ones at Capital One,SmartAsset’s free toolcan match you with financial advisors that serve your area. All you need to do is answer a short questionnaire. If you’re ready to be matched with advisors thatcan help you achieve your financial goals,get started now.

Capital One 360 Checking® and MONEY Accounts

Not only do Capital One’s savings accounts earn interest, but so do the checking accounts. The companyoffers two types of checking accounts, the 360 Checking® and the MONEY account, specifically for teenagers. The 360 Checking® account earns at a 0.10% APY on balances from $0 - $49,999.999, a 0.10% for balances from $50,000 to $99,999.99 and 0.10% on balances of $100,000 or more. Interest is compounded and credited monthly.

You will receive a free MasterCard® debit card to make your purchases and ATM withdrawals. You will face some limitations when it comes to spending and withdrawals, like most other debit cards. Total card purchases and withdrawals are limited to $5,000 per day. This limit includes ATM withdrawals, cash advances and signature and PIN purchases. Withdrawals made from an ATM using your 360 Checking Card are limited to $1,000 per day. To decrease your ATM withdrawal limit, you may call Capital One's customer service. Other limitations include that of $100,000 maximum for “bill pay,” “mail a check” or cashier’s check.

While there are no fees for the maintenance of the 360 Checking® account, there are fees for other transactions. Their fees can be charged for cashier’s checks, a stop payment, physical checks sent through a courier, expedited debit card shipping, outgoing domestic wires, returned checks, overdraft, statement copies, and subsequent checkbook orders. You can open a 360 Checking® account as an individual account, joint account or as a living trust account.

The MONEY account is a checking account designed for teenagers to manage together with a parent or guardian. By sharing the account, teens are able to learn about being responsible with a checking account and debit card while you, as a parent, can keep an eye on the account. There is no minimum deposit or balance requirement. The Capital One MONEY account carries an APY of 0.10%, no matter what your balance is. Interest is compounded and credited on a monthly basis.

Plus, unlike the 360 Checking® account, there are only three fees that may be charged. These include an expedited debit card, a physical check sent through a courier and a statement copy. However, if you avoid these transactions, you can avoid the fees. You will also run into purchase and withdrawal limitations. It’s important to check your account agreements, since account owners under the age of 18 will have lower limits. To increase or decrease these limits, or manage your account, you can always call Capital One customer service.

It’s important to know that with a MONEY checking account, you will also get a MONEY debit card. This card will be issued to the teen of the account. The adult connected to the account will not get another card. You should also know that this account will be opened as a joint account, rather than an individual account.

Where Can I Find Capital One?

You can find Capital One online at capitalone.com. There is also an app for easy access to your accounts. If you need to speak to someone on the phone, you can easily find the phone number for the corresponding department on the website. The hours you can call will depend on the department and the services you need, but generally employees will answer from 8 a.m. – 8 p.m.

There are also physical branches that you can visit in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, Delaware, Connecticut and the District of Columbia. To see if there is a branch near you, you can visit the website and find a location using your address or zip code.

Capital One Cafes

The company has recently introduced a unique feature. They have begun rolling out Capital One Cafes, a hybrid location of a Peet’s® cafe and a Capital One bank branch. These cafes offer a more comfortable environment to do your banking. Instead of a cup of office coffee, you can order a Peet’s® beverage made by a barista along with your choice of baked goods at a Capital One Cafe. Once you’ve got your treats, you can hang out like you would at any other cafe.

Then you can easily finish up your Capital One banking needs at the cafe. You can open a new account, pay your bills, apply for a credit card, make deposits and withdrawals or learn more withthe company'stools and materials. Plus, the Cafe provides a more relaxed banking experience. We bet you never thought you would hang out with friends at your bank!

You can find Capital One Cafes in California, Colorado, Florida, Illinois, Massachusetts, Minnesota, Pennsylvania and Texas.

What Can You Do Online With Capital One?

You can virtually do everything you need to do with your Capital One accounts online. You can explore the many financial offerings, from auto loans to home loans to IRAs. You can just as easily apply for those accounts and loans online. Once you have an account, or more than one account, you can sign in to your online accounts to manage them all.

Capital One also provides a ton of educational materials on personal finance. There are blog posts, communities, financial literacy programs and more to help you get more acquainted with financial terms and opportunities. Plus, you can interact withthe company through multiple social media platforms like Twitter and YouTube.

You can even access your accounts and help on the go with the Capital One mobile app. The accompanying image provides an example of what your mobile experience might look like once you log in. From there, you can click on the accounts you want to manage, find the nearest branch or ATM to you and more.

How Do I Access My Money?

Like most things nowadays, you can most easily access your Capital One accounts online or on your smartphone mobile app.Once you have an account, you can log in through the website or on the app.

Whether on mobile or online, you can check on your account balances and transactions and transfer money. Plus, you can deposit checks easily on your mobile app. Luckily, all your accountswill bein one place for your convenience. You won’t have to have different usernames or accounts to view your IRA and your checking account, for example.

You may also call the appropriate customer service number for your account to manage your accounts. Or, if you live close to a physical location that offers the services you need, you can head there.

How Can I Save More Money With a Capital One Account?

Capital One offers interest on both its savings accounts and its checking accounts. This means that not only can you put away some of your money for safekeeping, but you can be assured that it will grow (at least a little) while it sits there. Many banks and other financial institutions don’t offer that earn interest.

You also get to save money on fees when you bank with Capital One. There are no fees to open or maintain an account, which allows your money to grow largely unharmed. Of course, there will be fees for certain transactions, but if you’re able to avoid those, you can also avoid the fees.

What’s the Process for Opening an Account With Capital One?

Often, opening an account with Capital One is as simple as going online to its website, finding the account you want to open and clicking “Apply” or “Open Account.” You will need to provide personal information like your address, email address and Social Security numberon a page like this example image. Online applications are secure, but you can also visit a physical branch if you want. The exception is a MONEY account which you can only open through the website.

Once you’ve opened an account, you will need to make your initial deposit. Capital One accounts don’t require a minimum amount to deposit, so you won’t have to worry about that. You will have to make a deposit within a set time period, however, or else Capital One will close the account.

Some accounts might require more from you to qualify before you can open an account. For example, you cannot open a 360 IRA unless you already have another 360 account like a 360 checking account.

What’s the Catch?

If you’re looking for a financial institution that has branches throughout the country, or even the world, you might want to look elsewhere. Capital One does havehundreds ofphysical branches and some cafes, but they’re pretty much limited to New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia.

Capital One offers a good rate of return on its savings accounts, plus the checking accounts earn interest, which is relatively rare. However, some people might want higher rates. Some accounts do require quite high balances to achieve a higher APY. Even so, Capital One outperforms other big institutions like Wells Fargo and Chase, who offer a mere 0.01% APY on their savings accounts. Plus, with so many different financial offerings, you would be more able to keep all your accounts in one place with Capital One.

Bottom Line

All in all, Capital One is a huge player in the financial game for good reason. Not only does it offer credit cards, but it also offers various savings accounts, checking accounts, auto loans, investing opportunities and more. This makes it an ideal choice for anyone who wants to avoid the hassle of banking or borrowing from too many institutions.

Plus, Capital One offers some of the best rates when compared to other huge companies. Even the checking accounts earn interest. If you’re looking for a reputable company with millions of customers, Capital One could be a good choice.