Our Rating:
Capital One Bank Review 2023
Capital One offers a full-service online bank, with some access to physical branches. Consumers interested in the highest rates possible on savings products may want to look elsewhere.
Capital One Overall |
94%
One of the most popular banks in the United States, Capital One Bank features bot an online banking and physical branch banking option.
Pros
- Hybrid banking: online banking with the option of physical banking services in the northeast, mid-Atlantic, Louisiana, and Texas.
- Access to more than 39,000 ATMs fee-free
- Highly rated mobile banking app
- Capital One Cafes
- No monthly minimum balance requirements on both checking and savings accounts
- No monthly fees
Cons
- Good rates for being a big bank, but lower rates when compared to "fintech bank" options.
- $35 overdraft fee on each transaction when you fail to replace overdrawn amounts in a timely manner even with overdraft protection
- No access to branch banks outside of the mid-Atlantic, northeast, Louisana, or Texas.
CD Rates |
90%
Capital One 360 offers multiple competitive rate CDs with different terms with no minimum deposit.
Interest accrues daily and compounds monthly on all CDs. The maximum amount of CDs a customer can have open at once are 50.
Early withdrawal penalties are based on the length of the term. The penalty for withdrawing early is 3 months of interest for CDs with terms of less than 12 months. There is a penalty of 6 months interest on CDs with terms longer than 12 months.
Pros
- Competitive Rates.
- No minimum deposits to open a CD.
- Choose to receive interest disbursements monthly or annually.
Cons
- higher yields are offered by competitors.
- Monthly compounding interest rather than daily.
Checking Accounts |
94%
Captial Ones 360 checking account offers a competitive checking account with tiered rates, allowing those with larger balances to earn more. Opening an account is free. The account features mobile deposits and payments and offers one free checkbook. Free options include overdraft protection, auto-declines, free savings transfers, and an overdraft line of credit.
Pros
- No minimum monthly balance and no fees.
- Options to avoid overdraft charges.
- Earn interest on all balances.
Cons
- No access to physical branches if one is not nearby.
Savings Accounts |
98%
Capital One's Savings comes with competitive rates, featuring 5x the national average for all balances. There is no minimum balance required making this account appropriate for all levels of savers. their app allows users to set savings goals and automatically execute savings plans.
Pros
- Power app that enables mobile deposits and automated saving plans.
- APY is 5x the nation average
Cons
- No tiered option if you deposit more money.
- Competitors offer higher APYs
Bank Features
Although access to branches may be limited, capital one makes up for it by offering industry-leading digital banking features.
Capital One's mobile banking app has a 4.8 rating on the Apple AppStore and a 4.6 Rating on the GooglePlay store with over 3.25 million reviews. Customers who are not familiar with mobile banking still have the option to call customer support at (877) 383-4802 or visit a branch location.
In select states, Capital One physical branch locations are offered. A newer feature, Capital One Cafes allows customers to open accounts, deposit cash and checks and socialize all while drinking a coffee. Capital One Account-holders can also enjoy free financial coaching.
Bank History
One of the biggest banks in America, Capital One has grown into a full fedge online bank. Founded by Richard Fairbank and Nigel Morris in 1988 (then as a part of Signet Bank) Capital One spun off under its name started offering credit cards under their own name in 1994. After acquiring ING in 2012, they rebranded as Capital One 360.