Capital One made a splash within the nineties with unprecedented mass promoting for bank cards — so we’re certain you’ve heard of the corporate.
You won’t know, although, that it’s jumped on the net banking bandwagon over the previous few years and has come out robust with digital-first banking providers that rival opponents in conventional banks. It’s additionally persevering with to enhance its benefits. In early December, Capital One grew to become the primary of the nation’s greatest banks to eliminate all overdraft fees and by doing so provides up $150 million in annual income.
The Capital One 360 suite of financial institution accounts presents mobile-friendly, fee-free banking, with the added comfort of a smattering of bodily areas across the nation.
In our Capital One financial institution assessment, we’ll discover account choices, charges, rates of interest and different perks and downsides of the financial institution that will help you decide whether or not it’s the appropriate place to your cash.
Capital One Checking Accounts
| Account | Finest For | Month-to-month Charges | APY | |
|---|---|---|---|---|
| 360 Checking | Cell banking | None | 0.10% | |
| MONEY Teen Checking | Teenagers and youngsters 8+ | None | 0.10% |
Capital One 360 Checking Account
Finest for Cell Banking
Key Options
- Make deposits at CVS shops
- 70,000 fee-free ATMs
- Peer-to-peer cost with Zelle
Capital One’s signature checking account is common with people who need the comfort of on-line banking with the familiarity of a longtime establishment. Pay no charges, aside from uncommon wants like cease cost and substitute debit playing cards. Deposit money at CVS shops and entry a community of fee-free ATMs. The account presents overdraft safety choices, pays as much as two days early and pays 0.10% APY.
Capital One 360 Checking Account
Charges
None
APY
0.10%
ATM entry
70,000 fee-free Allpoint and MoneyPass ATMs
Prime perk
Early paycheck entry
The most important promoting level for a Capital One 360 Checking account is the shortage of charges. That’s widespread for a web-based account however uncommon for conventional establishments — two worlds Capital One straddles comfortably. You pay no month-to-month upkeep price and face no minimal steadiness necessities, and also you get entry to a community of 70,000 fee-free Allpoint and MoneyPass ATMs.
As a Capital One buyer you get extra perks which are widespread for on-line banks: Get your paycheck as much as two days early if you happen to’re paid by direct deposit and earn 0.10% annual proportion yield (APY) in your steadiness.
A few options you miss out on with different online-only accounts: You possibly can deposit money over-the-counter at CVS areas, as much as $4,995 monthly, and you may switch cash to buddies with any checking account that works with Zelle.
A 360 account provides you choices for overdraft safety, together with:
- Auto-Decline: No overdraft safety and no charges. Transactions are declined.
- Subsequent Day Grace: The transaction goes by means of, and also you get a full enterprise day to interchange the overdrawn quantity in your account without spending a dime.
- Free Financial savings Switch: Join your 360 Financial savings account to routinely pull the overdrawn quantity out of your financial savings into your checking account with no price.
Capital One MONEY Teen Checking
Finest for Children and Teenagers Ages 8+
Key Options
- No charges
- Hyperlink exterior accounts
- Parental controls and visibility
Capital One’s MONEY account for youths and youths presents lots of the identical perks and comfort because the 360 Checking account, with the added characteristic of shared parental management. Children get a card and account of their title, with autonomous entry to cellular banking. Dad and mom or guardians get visibility and may ship cash, and lock or unlock the debit card.
Capital One MONEY Teen Checking
Charges
None
APY
0.10%
ATM entry
70,000 fee-free Allpoint and MoneyPass ATMs
Prime perk
Account in minor’s title
The MONEY Checking account is designed for youngsters and youngsters ages 8 and older. It really works very similar to a joint checking account, besides that adults don’t get a debit card. As an alternative, you get entry to the account as a joint account holder, so you possibly can see transactions, get alerts, lock and unlock the debit card, and join exterior accounts so as to add and take away cash.
The cellular app helps you to assist your youngsters handle cash by organising financial savings targets and providing rewards. You can too set a recurring allowance or simply add cash to their account any time from a related Capital One or different checking account.
Children get a debit card of their title and get full entry and management on the account. By means of the app, they’ll examine their steadiness, set targets, allocate cash for spending or saving, deposit checks, arrange direct deposit and obtain textual content alerts.
Capital One Financial savings Accounts
Capital One presents two on-line financial savings accounts: the 360 Efficiency Financial savings for adults and the Children Financial savings Account for youths and youths.
Capital One Financial savings Accounts
| Account | Finest For | Month-to-month Charges | APY | |
|---|---|---|---|---|
| 360 Efficiency Financial savings | Excessive-yield financial savings | None | 0.40% | |
| Children Financial savings Account | Savers underneath 18 | None | 0.30% |
Capital One 360 Efficiency Financial savings
Finest for Excessive-Yield Financial savings
Key Options
- No month-to-month price
- No minimal deposit or steadiness
- 0.40% APY
The 360 Efficiency Financial savings account is an ordinary free checking account that earns you 0.40% APY in your steadiness. Hook up with your Capital One or exterior checking account to arrange computerized transfers, and use the account as overdraft safety to your Capital One 360 Checking account.
Capital One 360 Efficiency Financial savings
Charges
No month-to-month charges
APY
0.40%
Saving withdrawal restrict
Sure, six monthly
Prime perk
Join to make use of account for checking overdraft safety
Capital One’s signature on-line financial savings account is fairly easy: no charges, no minimal steadiness or deposit, and a higher-than-average rate of interest.
Earn 0.40% APY on all account balances, automate your financial savings with common transfers out of your Capital One 360 Checking or exterior checking account, and choose into Free Financial savings Switch to make use of the financial savings account as free overdraft safety for a 360 Checking account.
Like most traditional accounts, you’re restricted to 6 “handy” withdrawals monthly, primarily based on a now-defunct federal regulation. So use this account for medium- to long-term financial savings, like an emergency fund.
Word that, whereas Capital One nonetheless technically has a financial savings withdrawal restrict, a customer support rep informed The Penny Hoarder in November 2021 the establishment is “quickly pausing closures for … accounts which have exceeded their switch or withdrawal restrict.”
Capital One Children Financial savings Account
Finest for Children Underneath 18
Key Options
- No charges or minimal steadiness
- Parental approval required for withdrawal
- 0.30% APY
The Children Financial savings Account is for kids underneath age 18. Children can see their steadiness by means of the Capital One app, however they’ll’t make transfers with out adults’ assist. It’s your job to arrange computerized financial savings plans — transfers from a Capital One or exterior checking account — and deposit or withdraw cash.
Capital One Children Financial savings Account
Charges
None
APY
0.30%
Age restriction
Youngsters underneath 18
Prime perk
Can arrange computerized transfers from a mum or dad’s account
Capital One Credit score Playing cards
Its bank card choice is broad, with 30 playing cards out there. Playing cards supply journey, money again and different rewards, low or no intro APR, no annual price, and choices for all credit score rating ranges. Some common playing cards embrace:
- Enterprise Rewards: Earn airline miles for flights, rental automobiles and travels booked by means of Capital One Journey for a $95 annual price.
- Quicksilver Rewards: Earn 1.5% money again on each buy, with a 0% intro APR for the primary 15 months and no annual price.
- Savor: Earn 4% money again for consuming out and leisure, plus different money again rewards, with Savor Rewards for a $95 annual price; or earn 3% money again on eating and different rewards for no annual price with SavorOne.
360 CDs
As a financial savings account various (or add-on), Capital One sells Certificates of Deposit (CDs) it calls the 360 CD. There’s no minimal deposit to open a CD account, and CDs include a assured fee of return.
You should buy a CD for a time period between six months and 5 years, and the APY goes up the longer the time period.
Capital One 360 CDs
| CD Time period | APY | |||
|---|---|---|---|---|
| Six months | 0.10% | |||
| 9 months | 0.10% | |||
| 12 months | 0.20% | |||
| 18 months | 0.25% | |||
| Two years | 0.70% | |||
| 30 months | 0.70% | |||
| Three years | 0.75% | |||
| 4 years | 0.80% | |||
| 5 years | 1.00% |
You possibly can obtain curiosity funds out of your CD on the finish of the time period (which might have the best yield) or month-to-month or yearly.
Loans
Capital One additionally presents auto loans, plus enterprise banking and lending, however no dwelling loans or private loans.
Capital One Financial institution Charges
Capital One financial institution accounts are all principally fee-free. You pay no month-to-month charges (with no minimal steadiness requirement) and no charges at Allpoint or MoneyPass ATMs for any checking or financial savings accounts. You could have versatile choices to keep away from or remove overdraft charges, and also you pay no overseas transaction charges and get your first ebook of fifty checks without spending a dime.
The accounts cost typical charges for some extras, together with:
- Cashier’s examine: $10 in particular person, $20 on-line with expedited supply.
- In a single day supply for a substitute debit card: $25.
- Cease cost: $25.
- Ship a bodily examine through courier: $20.
- Home wire switch: $30.
Capital One Financial institution Buyer Expertise
The Capital One financial institution buyer expertise is more and more a web-based banking expertise as the corporate continues to shut branches and deal with its on-line and cellular merchandise.
Bodily Areas
The corporate has tons of bodily branches round New York Metropolis, and Capital One Cafes are scattered round main cities across the nation. Apart from that, your entry to your account and customer support are restricted to the app, web site, ATMs and over-the-counter deposits at CVS.
Capital One Cell
As a principally on-line financial institution, Capital One presents an app that’s extra sturdy and consumer pleasant than what you’d count on from most legacy monetary establishments. It feels way more like a challenger financial institution than a standard one.
You possibly can handle all of your Capital One financial institution accounts, loans and bank cards by means of the Capital One Cell app for Android and iOS.
The app helps you to see your financial institution balances, credit score and debit card transactions and credit score rating (by means of CreditWise), plus ship and obtain cash by means of Zelle and arrange invoice pay.
By means of the app, you additionally get assist maintaining a tally of your cash with Capital One’s digital “monetary assistant,” Eno.
Eno sends alerts of probably suspicious spending in your account that will help you spot and cease fraud, tracks your spending, and alerts you to ending free trials and recurring costs. And it’s a pleasant chat bot you should utilize to ask primary questions on your account.
Buyer Service
If you happen to dwell close to a Capital One financial institution department or Cafe, you possibly can cease in throughout enterprise hours to talk with a customer support rep referred to as an “Ambassador” to get solutions to questions on your account.
If you happen to’re not close to a bodily location (or simply choose to do your banking out of your sofa), you’ll find solutions by means of the Support Center (i.e. FAQs) or by chatting with Eno by means of the app. Or you will get in contact with Capital One customer service on-line, through Twitter, over the cellphone or… by mail.
Capital One Professionals and Cons
Consider Capital One professionals and cons to find out whether or not banking with the corporate is best for you.
Professionals
- Charge-free checking and financial savings accounts.
- Excessive-yield financial savings account and CDs.
- Money deposit choices and free ATMs.
- Versatile overdraft safety choices.
- Banking for youths and youths with parental oversight.
- Handle checking, financial savings, bank cards and auto loans in a single place.
- Enterprise banking and lending choices.
- Consumer-friendly cellular expertise.
Cons
- Principally online-only account entry.
- Bodily areas solely in main cities.
- No dwelling loans or private loans.
- No funding accounts.
- No cash market accounts.
Steadily Requested Questions (FAQs) About Capital One
Listed below are our solutions to some often requested questions on banking with Capital One.
Is Capital One a Good Financial institution?
What makes a superb financial institution is totally different for everybody, relying on monetary scenario, targets and values. Capital One 360 accounts are well-liked as a result of they’re fee-free and handy to open and use by means of a cellular app, and rates of interest are effectively above common. With a observe report of moral enterprise and group assist, Capital One falls in step with most huge banks for lack of deal with philanthropy and sustainability, although the corporate is ranked amongst many lists of “greatest workplaces.”
Is Capital One 360 a Actual Checking account?
Sure, Capital One Financial institution is a member of the FDIC, and it manages Capital One 360 checking and financial savings accounts, in addition to Children Financial savings accounts and MONEY Teen Checking accounts.
What’s the Distinction Between Capital One and Capital One 360?
Capital One Monetary Company is a financial institution holding firm that owns Capital One Financial institution and different subsidiaries that handle banking, loans and bank cards for patrons within the U.S., Canada and the U.Ok. Capital One 360 is the corporate’s line of banking merchandise that embrace checking and financial savings accounts for adults and youngsters. In case you have a Capital One 360 checking account and Capital One bank cards or loans, you possibly can handle them multi functional place underneath your account within the Capital One Cell app.
Is it Protected to Financial institution With Capital One?
Capital One financial institution accounts include the identical protections you get from every other on-line or brick-and-mortar banks. Your cash is FDIC-insured as much as $250,000, and the corporate makes use of encryption expertise and information security measures to guard your private and monetary data on-line. The corporate introduced a safety breach in 2019 and provided free credit score monitoring to anybody affected, and all prospects have entry to transaction monitoring and fraud alerts.
Does Capital One cost Charges?
For banking, Capital One costs nearly no charges. Neither checking nor financial savings accounts include month-to-month charges or minimums, you possibly can choose out of overdraft safety charges and you’ve got entry to a broad community of fee-free ATMs. Some Capital One rewards bank cards include annual charges, so do the maths earlier than signing as much as decide whether or not they’re value it for you.
What’s the Curiosity on Capital One 360?
As of November 2021, Capital One’s 360 Checking account pays 0.10% APY, and the 360 Efficiency Financial savings account pays 0.40% APY. 360 CDs pay between 0.10% and 1.00% APY, relying on their time period.
Dana Sitar is a Licensed Educator in Private Finance and has been writing and modifying for on-line audiences since 2011, protecting private finance, careers and digital media. She is a former staffer at The Penny Hoarder. Her work has appeared within the New York Instances, CNBC, The Motley Idiot, Inc. and extra.
