If you’re here, you’ve likely decided on or are strongly considering opening a Capital One account. Capital One is the fifth-largest consumer bank in America, and the eighth-largest bank overall. Run by its founder Rich Fairbanks, Capital One is known for its unique approach to banking with its “Capital One Cafes” scattered across the country.
A recent GOBankingRates survey found that more than 30% of Americans don’t have bank accounts. And many who do never consider moving their assets to another bank — even when they’re offered lucrative sign-up bonuses to do so. Whether you’re a first-time bank account owner or you have experience across multiple banks, learning how to open a Capital One account is as simple as spending a few minutes on this article.
This guide will cover every step to opening an account with Capital One, as well as main account features, how to avoid fees and whether Capital One is really the right choice for you.
- Steps To Open a Capital One Account
- What To Do If You Need Help From Capital One Customer Service
- Capital One Account Fees and Features
- How To Avoid Unwanted Fees
- Monitoring and Protecting Your Bank Account
- Should You Open a Capital One Account?
If you’re wondering how to open a Capital One account, you’ve come to the right place. This guide will give you detailed instructions on finding the right account for you, what documents you’ll need to open it, how to apply in person or online and more.
The Capital One account you want to open depends on your current banking needs. Are you looking for a bill-pay account to use for rent, utilities and other monthly expenses? Or do you need a secure place to grow that new car fund?
Capital One has a bevy of checking, savings and CD accounts, but for the sake of simplicity, this guide will talk mostly about its checking and savings options.
Capital One checking accounts:
- 360 Checking: Best for people who want easy, no-nonsense bill pay, deposits and transfers
- MONEY Teen Checking: Best for teens learning the budgeting basics
Capital One savings accounts:
- 360 Performance Savings: Best for people who want a high-interest savings account
- Kids Savings Account: Best for parents who want to start their kid’s financial future
- 360 IRA Savings Traditional: Best for retirement planners who want the tax advantages now
- 360 IRA Savings Roth: Best for retirement planners who want the tax advantages later
You may be asking yourself “What do I need to open a Capital One account?” Well, here are the Capital One account opening requirements. Whether you’re applying for an account online or in person, you’ll need these documents/information.
- Personal info (name, date of birth)
- Social Security number
- Contact information (phone number, email, address)
- Employment status and income
If you decide to go to a branch to open an account, you’ll want to bring your driver’s license, state ID or military ID to verify your identity.
You can apply to open an account either online or in person. The process should be simple if you have all the required information listed above.
To apply online, follow these steps:
- Go to the Capital One homepage
- Hover over the Checking & Savings tab and select the account you want to open
- Click “Open Account”
- Fill out the necessary information
You can also visit your nearest Capital One branch and have a representative walk you through the application process. This is preferable for customers who are new to Capital One or banking in general. To find a Capital One location near you, use its branch locator and enter your location.
If you have questions that could best be answered by a Capital One customer service representative, call one of the following numbers:
- General questions: 877-383-4802
- Retail branch banking accounts: 800-655-2265
- Non-branch accounts: 888-810-4013
- Online banking: 877-442-3764
You can also send an inquiry via mail to Capital One Bank, P.O. Box 180, St. Cloud, Minnesota 56302-0180.
You may be wondering “What are Capital One’s account types?” Just like any other major bank, Capital One gives you access to a range of checking, savings, CD and retirement accounts. This section will go over the main fees and features of Capital One checking and savings accounts.
Different banks have different policies regarding checking account fees. Capital One, in particular, has no fees for either of its checking accounts.
Not only does Capital One offer fee-free checking, but it also pays an interest rate of at least 0.20%. Added to the fact that you can visit a network of branches and withdraw money from ATMs without charge, Capital One gives customers plenty of reason to ditch their old accounts.
Capital One offers two checking accounts: the 360 Checking account and the MONEY Teen Checking account.
|Capital One Checking Accounts at a Glance|
|Fees and Features||360 Checking||MONEY Teen Checking|
|Minimum opening deposit||$0||$0|
|Monthly service charge||$0||$0|
|Out-of-network ATM withdrawal fee||$0||$0|
|Overdraft fee||$0 (declines transactions that would overdraw)||$0 (declines transactions that would overdraw)|
|Benefits||No fees or minimums, interest-bearing||No fees or minimums, interest-bearing|
Find Out: Best Checking Accounts of 2020
Just like its checking products, Capital One savings accounts are fee-free. It should be noted that, like the vast majority of savings accounts, there is a fee of $15 for withdrawals beyond the allotted amount of six per month.
Capital One makes saving simple with a high-interest savings account for adults, savings account for kids and two IRA accounts. Let’s take a look at some of the fees (spoiler: there are none) and features of these accounts.
|Capital One Savings Accounts at a Glance|
|Fees and Features||360 Performance Savings||Kids Savings Accounts||360 IRA Savings Traditional||360 IRA Savings Roth|
|Minimum opening deposit||$0||$0||$0||$0|
|Monthly service charge||$0||$0||$0||$0|
|Out-of-network ATM withdrawal fee||$0||$0||N/A||N/A|
|Overdraft fee||$0 (declines transactions that would overdraw)||$0 (declines transactions that would overdraw)||N/A||N/A|
|Benefits||High interest and no fees||Good interest, fee-free and linked to parent’s account||High interest and fee-free||High interest and fee-free|
Discover: Best Savings Accounts of 2020
Capital One is a fee-free bank, so you don’t have to worry about keeping money in your accounts, taking cash out of an ATM or even overdrawing your account. It’s simple and stress-free banking to its core.
The main reason that so many Americans won’t use online banking is the fear of fraud. But there are precautions you can take to help prevent fraud from happening to you. If you are a victim of fraud, you can rest assured: Capital One accounts are FDIC insured up to $250,000, so as long as you’re below that amount, you’ll get your money back.
Here are some steps you can take to avoid fraud:
- Use strong passwords.
- Enable two-factor authentication, meaning your account is accessed with a two-step process including a password and fingerprint or face scan.
- Install cybersecurity protection on your computer and phone.
- Monitor your transaction history for suspicious activity.
- Turn on online banking alerts so you’ll be notified with each transaction.
Capital One combines the biggest pros of brick-and-mortar banks and online banks into one. With a network of full-service branches and nearly 40,000 ATMs, you can do your physical banking at Capital One with ease. At the same time, it also offers some of the most competitive interest rates on the market.
If that weren’t enough, Capital One takes the fees out of banking — you don’t have to worry about a monthly maintenance fee or overdrawing your account. Overall, this big bank is remarkably transparent and catered to its customers. If you choose to open a Capital One account, you more than likely won’t regret it.
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This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Capital One.