Finding a bank that fits your needs is much easier to say than do. There are banks on practically every corner, and because financial institutions offer comparable products and rates, you may feel that it doesn’t really matter where you put your money. But it does matter, and when choosing a bank, it pays to go with an institution that offers a broad range of financial products and innovative features — from certificates of deposit to online banking.
Founded in 1988, Capital One Bank is a U.S-based bank that services individuals and businesses. With its “What In Your Wallet” campaigns, Capital One is a widely-known brand and one of the largest 10 banks in the U.S.
Capital One Bank Review
Capital One offers a multitude of financial services to accommodate customers. Key Capital One products include:
1. Capital One Checking
- Rewards Checking. Earn a reward each time you write a check, make an online payment or use your debit card. Rewards are redeemable for cash, merchandise and travel. Open a Capital One rewards checking account for as little as $50.
- High-yield Checking Account. Capital One offers one of the highest interest rates on checking accounts. Open an account with a minimum deposit of $500 and earn 1.00% APY on your deposits. There is no monthly service fee with a high-yield checking account.
- Capital One 360 Checking. This electronic checking account requires no minimum deposit and no service fee. Earn a minimum interest rate of 0.19%, and enjoy free access at over 38,000 AllPoint ATMs.
2. Capital One Savings
- Smart Savings. Jump start your savings and open an account with only $25. There is no service fee when you maintain a daily balance of $300. Set up automatic transfers from your checking account for effortless savings. Make up to six withdrawals per month from your Capital One savings account.
- Capital One 360 Savings. Enjoy no fees and no minimums. Simply transfer money from your existing bank account to this online savings account and watch your money grow.
3. Capital One Credit Card
- Capital One Rewards credit card. Earn points, cash and miles on every purchase made with a Capital One credit card. Capital One rewards can be redeemed for gift cards, merchandise, checks and travel.
- Student credit card. Build your credit history and earn cash back while you attend school. Plus, gain access to your monthly credit score and receive tools to manage your credit wisely.
- Secured credit card. Establish or reestablish credit with a Capital One secured credit card. Get started with a low security deposit, and earn credit line increases with a good payment record.
4. Certificate of Deposit
5. Capital One Auto Finance
Capital One offers competitive car loan rates on new cars, used cars and auto loan refinancing. Apply online and receive a response in minutes. Use the online car calculator to determine the most affordable price based on the loan amount, interest rate and term.
6. Capital One Mortgage Loans
Looking for the right home loan? Capital One mortgage services probably include a solution for you – new purchases, refinancing and home equity loans. Fixed rate mortgages offer predictable payments and rates that remain the same for the duration of your mortgage term. Or do you plan on moving or refinancing in the next five years? Take advantage of an adjustable rate mortgage and enjoy low initial payments. The online application process is simple and quick. Receive competitive mortgage interest rates and enjoy low closing costs.
Biggest Pro: Capital One Online Banking
Capital One online banking provides a variety of services to create a convenient and enjoyable banking experience.
1. Mobile app. Download the Capital One app to your smartphone or mobile device and have an abundance of mobile banking tools at your fingertips. View your account balances and recent transactions, transfer money and pay your Capital One bill.
There is also a feature to locate ATMs in your vicinity, plus the option to deposit checks with your smartphone. Simply take a picture of the front and back of your check, and funds are credited to your account.
2. Capital One 360 (formerly ING Direct). This service is ideal for customers who don’t need an actual bank branch. Open and manage a variety of accounts online – checking, savings and certificates of deposit. This is a fee-free way to bank. There are no minimums to open an account, which makes Capital One 360 the perfect solution for customers who can’t meet minimum deposit requirements.
Con: Limited Capital One Bank Locations
Although Capital One is one of the most recognizable bank brands and currently services 45 million customers, there are only 1,000 branches across nine states. This can be problematic for customers who prefer conducting business in-person at a bank.
Because of the limited number of Capital One Bank locations, some Capital One products are not available to all customers. For example, only customers who live in areas with a branch can open a rewards checking, a high-yield checking and a smart savings account. For customers outside these nine states, Capital One 360 is the solution for a checking or savings account.
Does Capital One Meet Your Banking Needs?
The decision to choose Capital One is based on your individual needs. How do you prefer to bank? What type of service would you like? These questions are worth consideration because finding the right fit contributes to an enjoyable banking experience.
As a large financial institution, Capital One customer service may not provide the personable attention of small community banks. Plus you may prefer face-to-face interaction with a banker.
On the other hand, they may offer more competitive rates than you’d find elsewhere, and you could prefer the convenience of Capital One’s online banking. Decide what’s important, and then determine whether Capital One is a right match for you.