Capital One comes in 10th on the list of the 10 largest US banks based on assets, according to the Federal Reserve’s 2022 ranking. It offers a set of deposit accounts that provide solid services for retail banking customers, including certificates of deposit and youth accounts.
Capital One offers innovative banking experiences, marrying digital banking services with physical locations in select cities and airports across the country. The Capital One Cafés, for example, offer a unique experience compared to traditional bank branches by providing both clients and the general public with free Wi-Fi, comfortable lounge seating and Peet’s coffee and treats.
What we like
- No fees on checking and savings accounts
- Capital One Cafés in select cities
- Competitive APYs on savings and CDs
- Fee-free overdraft protection on the 360 Checking account
- Robust mobile app
- Cash deposits accepted at any CVS store
What we don’t like
- Low APYs offered on the 360 Checking account
- No ATM or debit card provided for the 360 Performance Savings account
- Limited number of physical branches located outside of seven states
Who is Capital One best suited for?
Capital One is best for those who live or work near one of its more than 300 branches across seven states, travel internationally or are comfortable with banking primarily in a digital environment.
Capital One Bank products
Capital One offers an online checking account: 360 Checking. The 360 Checking account earns 0.10% annual percentage yield on any balance amount. Accounts can be opened online and transactions can be handled via any mobile device. Customer service representatives are available for additional support. There are no account minimums to open a 360 Checking account, no monthly maintenance fees and fee-free overdraft protection options available. International travelers will appreciate that there are no foreign transaction fees tied to the account.
Checking Account Features
| APY | 0.10% |
|---|---|
| Minimum balance for APY | $0 |
| Monthly fee | $0 |
| Overdraft fee | $0 |
| Foreign transaction fee | 0% |
APYs as of Oct. 20, 2022.
Pros
No fees: There are no fees for standard services such as minimum balances, overdraft fees or monthly maintenance fees.
Large ATM network: Customers have access to a network of more than 70,000 ATMs.
Robust mobile banking app: Access money and banking features anywhere with the mobile app. Capital One’s mobile app allows customers to manage all transactions that would be handled through traditional banks.
Physical branches in select cities: Customers have access to 307 bank branches in seven states. Capital One provides a good mix of digital banking features and in-person options for those who need it.
Supports cash deposits: Capital One customers can make cash deposits at any CVS store.
Fee-free overdraft protection: The 360 Checking account provides three types of overdraft protection; none of which charges a fee.
Capital One Cafés: Banking Reimagined lounges are available to the public in select cities. The cafes include comfortable chairs, free Wi-Fi and coffee-house treats.
Cons
Low APY: Competitor online checking accounts pay higher APYs
Limited physical branches: Physical branches are only offered in seven states.
Domestic wire fees: Capital One charges $30 for domestic wire transfers.
Possible out-of-network ATM fees: There can be up to a $2 fee for ATM transactions outside of the MoneyPass or Allpoint ATM networks.
The 360 Performance Savings account offers a competitive APY on a savings account with no minimum balance required to open or qualify for the top rate. Multiple Performance Savings accounts can be opened to track separate savings goals. Savings accounts can be opened online or in-person at any Capital One branch or cafe.
Savings Account Features
| APY | 2.25% |
|---|---|
| Minimum balance to open | $0 |
| Monthly maintenance fee | $0 |
Pros
Competitive APYs: The 360 Performance Savings offers a competitive APY on any balance.
No fees: There are no monthly fees or minimum balances to maintain.
Multiple accounts: Multiple accounts can be established to track separate savings goals.
Cons
No ATM card: The 360 Performance Saving account does not provide an ATM or debit card.
A 360 CD has nine terms available ranging from six months to five years. There is no minimum balance required to open a CD. These fixed-rate savings vehicles offer rates that are among the highest available, especially for a large bank. Early withdrawal penalties range from three to six months of interest.
CDs Account Features
| 1-year CD APY | 3.25% |
|---|---|
| 3-year CD APY | 3.40% |
| 5-year CD APY | 3.50% |
| Minimum balance | $0 |
| Early withdrawal penalty | 3-6 months of interest depending on term |
Pros
No minimum to open: CDs can be opened with any amount.
Competitive APYs: The 1-year APYs are on par with the highest yields available.
Less restrictive penalties: Early withdrawal penalties are less than many competitors based on the same term.
Cons
Only one CD type: Capital One doesn’t offer a variety of CDs that provide more flexibility for consumers.
Banking experience
Capital One is one of the largest US banks, but it only provides physical branches in seven states. Its Banking Reimagined campaign seeks to transform the way customers engage with their bank by providing Capital One Cafés and a robust mobile app. Capital One was ranked No. 1 in the 2021 J.D. Power National Banking Survey for customer satisfaction.
Overdraft fees
Capital One provides three overdraft protection services. All services are provided without charge.
- Auto Decline will decline any transaction that exceeds the checking account balance.
- Free Transfer will transfer money from savings to cover a transaction.
- No-Fee Overdraft covers approved transactions that cause the balance to drop below $0.
Customer service
Capital One provides several customer service options. You can contact or visit a Capital One branch or cafe in select cities. Customer service can also be accessed via telephone or chat with Eno, its digital assistant, which is available 24/7.
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