Capital One is a hybrid bank that provides online banking services with some branch access. This financial institution has gained a reputation for being innovative in the banking industry, offering one of the best digital banking experiences in the world.
What is Capital One Bank?
Capital One offers various services like banking, savings, and credit options. They provide credit cards, checking accounts, savings accounts, auto loans, and more. With Capital One, you can be confident you’re getting a quality financial service with all of the perks and benefits of some of the latest cutting-edge features for digital banking, as well as competitive rates on checking and savings accounts.
Capital One Bank is a full-service online bank with no monthly fees. The bank is an excellent option for people who primarily bank online. If you’re looking for a bank that has been around for years and offers no-fee checking and savings accounts, ATM cards, and credit cards, Capital One is an excellent place to hold all of your accounts.
Capital One Bank Branch and Online Banking Experience
Capital One is a premier online bank accessible through a top-rated mobile app, through online banking, or at selected physical locations.
The mobile app is one of the best banking apps in the world, offering typical features like account access from your phone, plus free credit score access and a card locking feature.
If you need to access your account while you’re on the go, then the Capital One mobile app is perfect for you. The app features a host of tools, like mobile check deposit, customized alerts and notifications, expense tracking, account statements access, security lock of your debit card, access to free credit score through CreditWise, Zelle payment network, and rewards tracking for your credit cards to keep your banking on the go simple and efficient. The app also comes with alerts and account insights to spot suspicious account activity.
However, if you prefer face-to-face interaction, they have around 755 branches located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC.
Capital One is also opening cafes for customers who want to open accounts, deposit cash and checks while drinking Peet’s coffee, and socialize with others. At the cafes, they also offer free financial coaching sessions. At the time of writing, Capital One Cafes are located in California, Colorado, Florida, Illinois, Massachusetts, Minnesota, Pennsylvania, and Texas.
If you want to withdraw money from your account, the bank also offers a network of over 70,000 ATMs with no fees.
Capital One Story
In 1988, Richard Fairbank and Nigel Morris started Capital One, now one of the largest credit card issuers in the United States. With a long history of providing excellent financial services to customers, Capital One Bank offers customer service options online and by phone to guarantee its customer’s satisfaction.
The banking company has been in business for over 50 years, offering its customers a convenient and valuable experience. Today, Fortune 500 Capital One is one of the top ten largest banks in the United States. It is an international banking group with 15 million customers, spread across 14 states and Canada, offering many types of financial services for both consumers and businesses.
Is Capital One a Bank?
Some online banks are technically fintech companies that offer banking services through a partnership with a financial institution. However, Capital One is a full-fledged bank that offers various banking services. It’s one of the top banks in the world, alongside other financial giants like JPMorgan Chase, Wells Fargo, Bank of America, and Ally Bank. Capital One serves over 100 million consumers and small businesses.
Capital One Banking Experience
Capital One is a bank for you if you want to manage all your accounts online with a comprehensive and top-rated mobile app and online banking platform. But let’s review other benefits Capital One offers to its customers:
- Free access to a highly-rated mobile app.
- Competitive APYs.
- Physical branch locations in select states and cafes in select locations.
- No-fee 70,000 ATMs.
- Lower fees and higher interest rates than other banks.
- No monthly maintenance fees for savings and checking accounts.
- No minimum balance requirements for checking and savings accounts.
- FDIC-insured deposits.
- Online educational materials and free personal finance coaching sessions at Capital One cafes.
- Customer service through social media platforms or by phone.
- Eno is the Capital One mobile app assistant that helps you keep your accounts safe.
Capital One Banking Products
Capital One is a full-service online bank that offers savings accounts, checking accounts, CDs, and credit cards. Interest is paid on both its savings accounts and its checking accounts.
Capital One offers two different checking accounts: the 360 Checking Account and the MONEY Teen Checking Account for young adults. All Capital One checking account holders enjoy fee-free accounts and can earn interest on account balances. Whether you are looking for a checking account with no monthly maintenance fee, want to earn interest on your checking account, or need a top-rated mobile app to manage your accounts, one of Capital One personal banking options may be for you.
- 360 Checking Account: The Capital One 360 Checking Account offers higher interest rates as you grow the balance on your account.
- MONEY Teen Checking Account: Capital One also offers a checking account specially designed for teens. The Money Teen Checking Account is held by both the teenager and a parent and provides no monthly fees or minimum balance requirements.
These are the highlights of Capital One Checking Accounts:
- Access your money anywhere with 24/7 mobile banking.
- Pay no fees to open or maintain your account.
- Earn higher interest as you grow your account balance.
- Access over 70,000 fee-free ATMs.
- Transfer money easily using Zelle.
- Choose what to do if you are overdrafted, like declining the transaction, giving you an extra business day to fill up your account, or transferring money from your savings account.
- Set up a direct deposit and receive money up to 2 days sooner than your payday.
- Get help at one of the branches, cafes, or the phone, aside from online customer service.
- Overdraft protection that can minimize your overdraft fees and NSF fees.
You can open as many checking accounts as you desire. Consumers and business owners can use multiple checking accounts to distinguish how to allocate funds. For instance, you can create one checking account for everyday business expenses and another checking account for personal everyday expenditures.
Capital One has two types of savings accounts to meet your needs. The 360 Performance Savings Account has one of the highest rates available and no monthly fees. Capital One’s second account option, the Kids Savings Account, is a kid-friendly account with all the features an adult needs.
- 360 Performance Savings Account: Capital One 360 Performance Savings account offers a higher annual percentage yield than the national average without any fees. You can easily set up automatic transfers from your checking account, access digital tools to set up your saving goals, and easily keep track of them from the convenience of your phone. If you need to withdraw money from your savings account, Capital One offers up to six withdrawals or transfers per month.
- Kids Savings Account: The Kids Savings Account offers kids the opportunity to learn about managing money and establishing a more solid financial foundation for themselves. As a parent, you can open multiple Kids Savings Accounts linked to your account or open separate accounts for each child. With automatic tools like allowances payments or savings goals for each child, you can easily deposit money online, by phone, or by transfer to show your kids how their money grows. When kids turn 18 years old, the Kids Savings Account automatically converts into a 360 Savings Account.
These are some of the highlights of Capital One Savings Accounts:
- Earn a higher rate with Capital One than the rates you can find at most banks.
- Pay no monthly fees for your accounts.
- There are no minimum balance requirements for the savings accounts.
- Manage your accounts and track your savings from anywhere using the mobile app.
- Access digital tools to help you save and set up automatic transfers to meet saving goals.
- Easily move your money between Capital One or external accounts.
- Make deposits online, by phone, by mailing a check, or through an electronic fund or domestic wire transfer.
- Overdraft protection features to minimize your fees or help you avoid overdraft and NSF fees entirely.
Creating multiple savings accounts can help you set multiple financial goals and stay organized. You also get to earn competitive interest rates while stashing money in your Capital One savings account.
Certificate of Deposit Accounts or CDs
Capital One customers can expect a guaranteed return on your money after the CD term comes to an end. You can choose how long and how much you want to commit with terms from 6 months to 5 years and no minimum initial deposit.
Your CD rates depend on the term length and the balance you hold on your accounts. A 12-month CD currently yields 5.00% APY, while an 18-month CD currently yields 5.25% APY. Consumers can also opt for 5-year CDs with an annualized yield of 4.10%. Capital One CDs do not have minimum balance requirements and are FDIC-insured.
One helpful thing about the Certificate of Deposit Accounts is that you can choose when and how your interest is paid out, for example, monthly, annually, or all together at the end of the CD term. Letting the money compound each month in your CD can lead to the highest returns.
Since withdrawing money from the CD account before the term ends will incur penalty fees, if you think you will need your money earlier, consider opening a 360 Performance Savings Account instead to avoid these early withdrawal penalties.
Auto Loan and Refinancing
Capital One offers auto loans for consumers who want to buy vehicles. The bank allows you to prequalify for an auto loan or a refinance before submitting your application. Prequalifying can save you from receiving a hard credit check and not getting approved. Capital One makes it easy to prequalify within a few minutes. You can use the Capital One calculator to assess how much you will pay each month. Knowing how much you will have to pay each month can make paying bills and managing your expenses easier.
Capital One offers different types of credit cards, depending on what you are looking for. If you are looking for rewards, they offer credit cards that will earn you cashback or travel rewards for your purchases. If you want to use a credit card to improve your credit scores, they also offer credit-building credit cards. You can quickly check if you are pre-approved online, and it will not impact your credit score.
From the Capital One mobile app, you can protect your card by hiding your credit card number for online purchases, easily locking or unlocking your card, and setting up alerts for suspicious activity.
Business And Commercial Banking
Capital One Bank is a financial services company that offers a full range of banking, lending, brokerage, and investing products to businesses of all sizes. From business checking and savings accounts business credit cards, and business lending solutions, Capital One can be the perfect bank for your business.
Business Credit Cards and Business Banking Solutions
Capital One offers business credit cards and business banking solutions for its commercial clients. Capital One will look at your company’s revenue, credit, and other factors when determining which products you can receive. Businesses can borrow up to $5 million from Capital One and receive a loan term of up to 20 years. That beats most credit unions and big banks. You can choose from several business credit cards with various perks, such as unlimited 2% cashback.
How Does Capital One Compare?
Capital One is a premier financial institution that can help you stay on top of transactions and minimize your fees. You can access various financial products that let you borrow money, build credit, and accumulate wealth. Resources like the Capital One Wallet app and MONEY account make it easier to manage your finances and make ends meet. Capital One’s broad array of financial products can serve a wide range of consumers and small business owners. Capital One is one of the largest financial institutions due to these financial products and its competitive rates.
Who Is Capital One Best For?
Capital One is an all-in-one banking experience that serves many consumers and small businesses. The financial institution is suitable for clients who want to do all of their banking within one app. If you want to borrow money for an important purchase, get competitive CD rates, open bank accounts, and access additional financial features, Capital One can help.
How to Bank With Capital One
With a wide range of account options, Capital One can offer banking solutions to many people. The easiest way to open an account is online on Capital One’s website. Or if you are already a customer through your Capital One login.
Even though Capital One is mainly considered an online bank, you can also open accounts at one of the 755 branches located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. or at one of the selected Capital One cafes in California, Colorado, Florida, Illinois, Massachusetts, Minnesota, Pennsylvania, and Texas.
During the account opening application, you will need to provide some personal information like your full name, date of birth, mailing address, email address, phone number, employment and salary information, and social security number.
Once your account is approved and opened, you won’t have to pay any maintenance fees, there is no minimum deposit required, and you can start enjoying all the great mobile banking features Capital One Bank has to offer.