Capital One Review: Full-Service Menu and No Fees

GOBankingRates Score

4.8
Our take: Capital One offers checking, savings accounts and certificates of deposit with no monthly maintenance fees and no minimum balance requirements. Interest rates on checking accounts and some savings accounts are significantly higher than many competitors'. Consider this Capital One review if you're looking for a new banking relationship.
  • Rates
    5.0
  • Fees
    5.0
  • Technology
    4.5
  • Breadth of Products
    4.5
How did we calculate this?

Pros

  • No monthly service fees
  • No minimum balances
  • Higher-than-average interest rates
  • Lets you keep all your accounts in one place

Cons

  • Relatively few branches (437 nationwide) means you'll likely be banking online
  • Does not offer a money market account

About Capital One

Founded in 1988, Capital One is the banking arm of Capital One Financial Corp. Capital One offers both brick-and-mortar locations and online banking, although it appears to be shifting its focus to online banking. Robust product offerings — checking accounts, savings accounts, CDs, credit cards, auto loans and business banking — make it a good one-stop shop for financial services. GOBankingRates has ranked Capital One as one of the Best Regional Banks of 2021.

Capital One Products

Here’s a quick look at what Capital One has to offer:

Type Best For
Checking Account No fees and no minimum balance
Savings Account Competitive interest rates with no minimums
CDs Options for how interest is paid out
IRA Savings Tax-advantaged savings
IRA CDs Guaranteed returns with no risk

Capital One Checking Accounts

If you thought the interest-bearing checking account was a thing of the past, think again. While Capital One interest rates are modest, your money does earn something. The bank offers two checking accounts: the 360 Checking account and the MONEY checking account for teens and kids ages 8 and up.

Features

  • 0.10% annual percentage yield
  • Over 40,000 fee-free ATMs
  • Overdraft protection available

Pros

  • Low cost — no monthly service fees
  • No minimum balance requirement
  • Can link children’s accounts to yours

Cons

  • No account opening bonus
  • Few branches

Capital One Savings Accounts

Capital One offers two regular savings accounts — one for adults and one for kids — as well as individual retirement savings accounts. The accounts pay a competitive interest rate and have no fees or minimum deposit requirements. GOBankingRates has ranked Capital One’s savings account offerings among the Best Savings Accounts of 2021.

Features

  • Competitive rates
  • Choice of traditional and Roth IRA savings accounts
  • Automatic savings plans for Kids Savings Account
  • Can create savings goals for each account

Pros

  • No monthly maintenance fees
  • No minimum balance
  • Competitive 0.40% APY on the 360 Performance Savings account

Cons

  • No higher interest rate for higher balances
  • Limit of six withdrawals or transfers per month

Capital One CD Accounts

Capital One offers CDs and IRA CDs with a choice of terms. CDs pay a guaranteed rate of interest for the term of the CD, regardless of what interest rates do in the meantime. GOBankingRates has ranked Capital One’s CDs among the Best CD Accounts of 2021.

Features

  • Terms from six months to 60 months
  • Fixed rates
  • 360 IRA CD customers automatically get a 360 IRA Savings account

Pros

  • Have interest paid monthly, yearly or when the CD matures
  • No minimum balance

Cons

  • No bonus interest rate for larger balances
  • Shorter-term rates lower than savings rates

Banking Experience

Capital One has fewer than 500 branches nationwide, so most banking is done online. That being the case, the bank behaves more like an online bank than a brick-and-mortar institution that added online features as an afterthought.

Customers with retail branch banking accounts can reach customer service by phone from 8 a.m. to 11 p.m. EST seven days a week.

Technology

Because an increasing amount of Capital One’s business is done online, it has strong technology. The mobile app is robust, letting you do everything from open an account to transfer money. The online banking website is easy to navigate. Capital One checking customers have free access to over 40,000 ATMs nationwide.

How To Make a Deposit

Depositing checks is easy with mobile deposit. You can also transfer money from another Capital One account or from an account at another bank. Depositing cash is more challenging since you can only do that at a branch or at a Capital One-branded ATM.

Key Information

Customer service number: 800-655-2265

Routing number:  See Capital One’s Routing Numbers

Promotions: Newest Capital One Promos and Bonuses

Hours: See Capital One’s Hours

Login: Capital One Login Help

Capital One Fees

While Capital One does not charge monthly maintenance fees on its accounts, you still may pay fees for some services. Here are some of the fees you could be charged. These fees cannot be waived.

Type Amount
Overdraft $35
NSF (item returned) $9
Cashier’s check (at a branch) $10
Cashier’s check (online with expedited delivery) $20
Outgoing wire transfer $30
Stop payment $25

Capital One vs. Competitors

When deciding which bank to patronize, you want to consider what features each bank is known for. Here are some banks that are competitors to Capital One.

Bank Best For
Capital One No fees or account minimums
Chase In-person convenience at over 4,700 branches
Discover 100% online banking; high savings APY
Ally Bank Competitive interest rates

Capital One vs. Chase

If you like to do your banking in person, you can be pretty sure that one of Chase’s 4,700-plus branches won’t be far from where you are. Capital One accounts have no monthly fees, however, so you don’t have to worry about whether you’re meeting the requirements to waive them.

Capital One vs. Discover

Discover offers the convenience of doing all your banking online, along with a competitive APY of 0.40% on its savings account. Capital One gives you the option of banking in person, with a comparable savings rate.

Capital One vs. Ally Bank

As an online-only bank, Ally Bank offers some of the best interest rates around, like 0.50% APY on any savings balance. But Capital One is catching up, with a 0.40% APY on savings, plus the convenience of branches.

Final Take

Capital One is a good one-stop shop for banking. You can have your checking and savings accounts, CDs and banking IRAs all in one place, and Capital One offers credit cards as well.

Capital One hangs its hat on the fact that it has no account fees and no minimum balance requirements, and for good reason. Monthly maintenance fees at other banks can really add up, and trying to stay on top of the conditions to waive monthly fees can feel like a full-time job.

A checking account that earns interest is also a plus, and Capital One offers this. Savings account interest rates are good relative to rates at other banks.

The downside is the limited number of branches, which is becoming less of a concern as the world shifts to more of an online banking model. But the inconvenience of depositing cash could be a concern for those who don’t live near a branch location.

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    Editor’s Favorite

    An interest-bearing checking account with no monthly maintenance fee is attractive in its own right, but the ability to link your kids’ checking and savings accounts to yours is a game changer. It lets you teach your kids how to save and manage money in real time.

    Capital One FAQ

    Here are the answers to some commonly asked questions about Capital One.
    • What do I need to open a Capital One bank account?
      • To open an account, you'll need:
        • — Your name, address, email address, phone number and date of birth
        • — Your employment information and annual income
        • — Your ID, such as a driver's license
        • — Your Social Security number or tax ID
        • — An initial deposit if the account requires one
    • How do I access my Capital One account?
      • When you open your account, you will set up online banking to access your account. You can also access it through the mobile app, which you can download from the App Store or Google Play.
    • What's the difference between Capital One and Capital One 360?
      • Whereas Capital One is the name of the financial institution, 360 is the name of a line of Capital One consumer bank products.
    • Can I withdraw money from my Capital One 360 savings?
      • You can withdraw money from your Capital One 360 savings account at a branch. Since these accounts do not have debit cards, in order to withdraw at an ATM, you would have to transfer funds to your Capital One checking account and make the withdrawal from there.
    • How long does it take for a check to clear at Capital One?
      • Most checks deposited into a checking account are available the next business day. Deposits into savings accounts are held for four business days before the funds can be withdrawn.
    • Does Capital One offer free money for signing up for an account?

    Joel Anderson contributed to the reporting for this article.

    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 25, 2020.

    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.

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    About the Author

    Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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