Are you looking for a reliable and trustworthy bank to handle your finances? If so, Capital One may be the perfect choice for you. In this Capital One Bank review, we’ll look at some of the key features that Capital One has to offer its customers. We’ll also discuss the pros and cons of banking with this institution, so you can decide if it’s the right fit for you. Read on to learn more!
Capital One Bank is a great choice for anyone looking for a full-service bank. They have products like the 360 Performance Savings Account, Kids Savings Account,360 Checking Account, MONEY Teen Checking Account, Certificates of Deposit (CD’s), Credit Cards, and more. Plus, their customer service is top-notch.
So let’s start by discussing their products and what they have to offer.
Things to know about Capital One Bank
Capital One Bank is a federally chartered savings bank founded in 1994. The company has provided quality banking products and services to customers for over two decades. They are headquartered in McLean, Virginia, and have more than 700 branches, including 30 café style locations throughout the United States.
Its Ranked 9th on the fortune magazine list of 100 Best Companies to Work for List.
Banks have come a long way over the years. They were primarily focused on taking deposits and lending money to businesses and consumers in their early days.
However, banks have started to offer a wider range of products and services in recent years, including investment products, insurance products, and more. This has helped them stay competitive in the current market environment.
Capital One Bank is one of the largest banks in the United States, and they continue to grow rapidly. With a Market share of 5% Capital, One is also the second-largest issuer of auto finance after Ally financial in the United States.
And now that we have some background information let’s take a closer look at their range of banking products.
Savings accounts
A savings account is a bank account that allows you to save money. The money you deposit into a savings account can be used to cover unexpected expenses, such as car repairs or medical bills, or it can be used to save for a rainy day.
The Capital One 360 Performance Savings Account ;is a great option for anyone looking for a high-yield savings account. This account offers a competitive interest rate with no minimum balance requirement. Plus, there are no monthly fees or maintenance fees.
The 360 Savings account has an annual percentage yield (APY) of 0.40% APY. You can also easily add money to your account via direct deposit, transfers from another financial institution, and more.
Customers can set the saving to be done automatically with transfer from checking. However, from September 2019, 360 Savings and 360 Money Market Accounts are no longer be available to open new customers.
Now, let’s check the pros and cons of banking with Capital One saving account.
Pros:
- Competitive APY: The 360 Savings account has an annual percentage yield (APY) of 0.40% APY.
- No monthly fee: There are no monthly maintenance fees or hidden fees for this account. All you need to do is open a savings account with Capital One and start saving your money.
- Easy to use: The bank makes it easy to add and withdraw money from your account.
- Accessible: Capital One is a full-service bank with more than 700 branches nationwide.
- 24/7 live chat: You can contact them 24/7 through their live chat system.
- FDIC insured: Their savings accounts are insured by the Federal Deposit Insurance Corporation.
Cons:
- No ATM Card: You can’t get an ATM card with this account.
- Customer service is available by phone only to a limited number of customers.
Kids Savings Account
Capital One also has the Kids Savings Account, which is a great place for kids to save money. It’s an interest-bearing account that comes with no maintenance fees or service charges. Plus, there’s a competitive interest rate on all balance amounts.
Kids Savings accounts earn 0.30% APY. There are also zero fees for opening a Kids Savings Account and no monthly service fee or minimum balance requirement.
Kids Saving account also help your kids to set financial goals and learn savings habits early on.
The Kids Savings Account is only available to customers under 18. You must have a joint or custodial account with a parent or legal guardian to open this type of savings account. Kids have limited access to their funds, so you must be the joint or custodial account holder to transact on your child’s account.
After your children turn 18, the account automatically transfers to Capital One 360 Performance Savings Account.
Both of these accounts are great ways to help your child save money for anything they want or need. Let’s check the pros and cons of banking with Capital One Kids Savings Account.
Pros:
- Competitive interest rate: The kid’s savings account has an annual percentage yield (APY) of 0.30% APY.
- Easy to use: You can easily add and withdraw money from this account.
- Free to open a Kids Savings Account: There are no monthly or maintenance fees for this type of savings account. You just have to open a kid’s savings account and start saving money.
- Automatic savings: You can set your children to automatically add money into their account with a transfer from another account, such as checking.
- Multiple accounts: Your kids can have multiple Kids Savings Accounts as child financial Goals.
- Parental controls: You can transfer money in or out of your kid’s account, check their balance, and change the automatic savings settings that you choose for them.
Cons:
- Limited access: Your children have limited access to their funds. You must be the joint or custodial account holder to transact on your child’s account once they turn 18 years old, the account.
- No ATM Card: You can’t get an ATM card with your Kids Savings Account.
Capital One Checking Account
360 Checking
Capital One 360 Checking Account is a great way to the bank. It has no monthly fees or balance requirements, and you can easily add and withdraw money from the account. Plus, there are no overdraft fees. The checking account currently earns 0.10% APY.
The 360 Checking Account also comes with several features, including:
- 24/7 live chat customer service
- First checkbook free
- Free savings transfer
- Auto-decline
- A competitive interest rate
- Next day grace
- No ATM fees at over 38,000 Capital One and Allpoint ATMs worldwide
- FDIC insured
- Set up an online bill payment.
- Capital One debit Mastercard®
- Access to over 70,000 fee-free Capital One and partner ATMs
The 360 Checking account is a great way to bank without any hidden fees.
MONEY Teen Checking
Capital One has a checking account designed specifically for you if you are a teenager. The MONEY Teen Checking account comes with a debit card, so you can easily access your funds.
There is no check-writing privilege, so you’ll need to find an alternate way to pay bills or write checks. You also won’t be able to deposit cash into your account. But you will have online and mobile banking access, so you can easily manage your money on the go. Ages eight and up are eligible to open one of these accounts.
The top feature of this account is that parents can also track their teen’s account activity and monitor their spending via online or mobile banking.
The MONEY Teen Checking is converted to a full-fledged checking account once the teen turns 18.
Here are the features of money teen checking:
- No monthly service fees
- Parents can monitor account activity through online or mobile banking.
- No minimum deposit is required to open an account.
- No check writing privileges
- Earn 0.10% Annual Percentage Yield (APY) on balances.
Certificate of deposit
If you’re looking for a place to park your money and earn a higher interest rate, a Capital One Bank Certificate of Deposit (CD) may be a good option for you.
A CD is an account that has a fixed interest rate and fixed maturity date. You can’t withdraw your money from the CD before the maturity date without any fees, so make sure you won’t need the money before the CD matures.
Capital One offers several CD terms, ranging from six months to five years. The longer the term of the CD, the higher the interest rate.
Here are the Pros & Cons of the CD:
- No minimum opening balances: You don’t have to deposit a certain amount of money to open the CD.
- Higher interest rates for longer terms: You’ll earn a higher interest rate when you keep your funds in the CD for a longer period.
- Terms from six months to 60 months: Capital One Bank offers certificates of deposit with terms from six months up to 60 months.
- No maintenance fee: You won’t be charged a monthly fee for keeping your funds in the CD.
- Guaranteed rates and returns: Your interest rate is guaranteed for the term of your CD so that you won’t lose money.
Cons
- Only Online CDs are available: You can only get Capital One CDs online, not in person.
- No the best rate in the market: The CDs offered by Capital One have a lower interest rate than what you find at other banks.
IRA Savings
Capital One Bank, one of the top banks in America, offers a 360 IRA Savings account perfect for anyone looking to save for retirement. This account has a long history with features that have made it a popular choice for savers.
IRA (Individual Retirement Account) Savings and CD’s (Certificate of Deposit) allow you to invest your money to save for retirement in FDIC-insured accounts.
An IRA is a tax-advantaged account that can help you save for retirement. If you’re already employed, consider saving in an IRA as a way to supplement your 401(k). The two primary types of IRAs are the Traditional IRA and the Roth IRA. The main difference between them is how your contributions are taxed.
In addition, you can invest in various assets like mutual funds, individual stocks, bonds. However, you can invest in Capital One 360 IRA.
Features of Capital One 360 IRA:
- No Minimum Deposit: You can open a 360 IRA with no minimum deposit.
- No monthly fees: There are no monthly fees to maintain your account.
- Security: FDIC insurance up to $250,000.
Credit Cards
Capital One offers a variety of different credit cards to fit your needs. Whether you’re looking for a card with a low-interest rate, no annual fee, or rewards, Capital One has you covered.
The Capital One Quicksilver Cash Rewards Credit Card is one of the bank’s most popular cards. This card offers 1.5% cashback on all purchases, and there’s no limit to how much you can earn. You also get a $200 bonus if you spend $500 in the first three months.
The Capital One Venture Rewards Credit Card is another great option. This card offers 2x miles per dollar spent and 10x miles per dollar spent on hotels booked through Hotels.com. You can redeem your miles for travel purchases, which means you’ll get a better return on your spending compared to cashback rewards credit cards.
Here are the Types of Credit cards Capital One offers:
Travel Credit Cards:
A travel credit card is a type of credit card that offers rewards for spending on travel-related expenses. These cards usually offer points or miles, redeeming for free travel or other rewards. Some travel credit cards also include perks like airport lounge access or free checked bags. Here are some Travel Credit Card issued by the Capital One Banks.
- Venture Rewards
- VentureOne Rewards
- Spark Miles
- Spark Miles Select
Cashback Credit Cards:
A cashback credit card is a type of credit card that offers rewards for spending on everyday expenses. These cards usually offer a percentage of cash back on every purchase, typically 1-5%. Some cards also offer bonuses for spending in certain categories, like groceries or gas.
Here are some Cashback Credit Card offers by Capital One Banks.
- Quicksilver Rewards
- QuicksilverOne Rewards
- Savor Rewards
- SavorOne Rewards
Student Credit Card
A student credit card is a type of credit card designed specifically for students. These cards typically have lower limits and APRs than regular credit cards, and some offer rewards for spending on essentials like textbooks or food.
Here is the Type of Credit Cards offered by Capital One for students.
- Journey Student Rewards
Balance Transfer Credit Card:
A balance transfer credit card is a type of credit card that allows you to pay off debt on existing accounts with another credit card issuer. Typically, these cards have 0% interest rates for an introductory period (usually 12-18 months), allowing you to transfer your balance and pay minimal or no interest.
Here is the Type of Credit Cards offered by Capital One for Balance Transfer.
QuicksilverOne Cash Rewards
Business Credit Cards
Business credit cards are a type of credit card designed for business owners. These cards typically have higher limits and APRs than regular credit cards, and some offer rewards for spending on essentials like office supplies or travel.
- Spark Cash
- Spark Miles
- Spark Cash Select
- Spark Miles Select
- Spark Classic
Other Financial Products Offered by Capital One
Capital One offers various financial products beyond credit cards and checking accounts. These include products like auto loans, mortgages, and student loans.
The Capital One Auto Loan is a great option if you’re looking to buy a new or used car. You can apply online and get a decision in minutes, and you could be driving your new car home the same day.
The Capital One Mortgage is a great option if you’re looking to buy a home. You can apply online and get a decision in minutes, and you could be moving into your new home the same day.
Other Products Offered by Capital One:
- Auto Loans (New/Used)
- Mortgages
- Student Loans
- Checking Accounts:
- Capital One offers
Alternatives of Capital One Bank
Capital One Bank is a great bank, but it’s not the only one out there. If you’re looking for an alternative, here are some other options to consider.
Ally Bank- the best alternative to Ally bank
Capital One Bank and Ally Bank are great banks, but they offer different benefits and features. Here is a detailed comparison of the two to decide which is the best for you.
=> Savings accounts: Capital offers competitive interest rates on their savings accounts, but Ally((0.50% APY) offers higher rates than Capital One((0.40% APY).
=> Checking Accounts: Both banks’ checking accounts have great features, but Ally
It is a little bit better as it offers higher ATM reimbursement and No monthly fees. However, Ally bank only offers a single checking account, while Capital One offers various checking account options.
=> CD: The interest rates on Ally Bank’s CDs are excellent. Capital One 360’s year APY is identical, but in 5-year CDs, Capital One 360 offers a higher rate of 1%APY while Ally bank’s 0.80 percent APY is available.
=> Overall, Ally Bank is a better choice if you’re looking for higher interest rates on savings accounts and checking accounts, but Capital One has some advantages. It offers more checking account options and CDs with competitive rates.
So, who’s the winner?
Ally Bank has the best => For customers who are heavy savers and don’t mind the requirement of different types of checking accounts.
=> For customers who want more options for checking accounts and savings accounts, Capital One is a better choice.
Chime-Best competitor of Capital One bank
Chime and Capital One 360 are two popular banking services that provide top-notch checking and high-yield savings accounts. However, one may be a better fit than the other, depending on your needs.
=> High-Yield Savings Account:
If you’re a frequent or heavy saver, Chime’s high-interest rates will give you the most bang for your buck. On the other hand, Capital One 360 offers competitive interest rates on their savings accounts.
=> Checking Accounts: For customers who want to avoid monthly fees, Chime offers unlimited free checking and savings accounts.
=> Overall, Chime is the better choice if you are looking for higher interest in your savings account and want to avoid monthly fees.
=> For customers who want a wide variety of checking account options and lower ATM fees, Capital One 360 is the right choice.
So, who’s the winner?
=> If you tend to withdraw money or use your ATM card frequently, Chime’s unlimited free checking is perfect for you.
=> For customers who are only occasionally withdrawing cash, Capital One 360 offers competitive rates on savings accounts and a wider range of checking account options.
Capital one bank customer Reviews
Capital One Bank customer reviews are overwhelmingly positive. Capital One Bank has 4.8/5 stars on Google, 4.6/6 App Store, and an A+ Rating with the BBB. Most customers mention that they appreciate Capital One Bank’s easy mobile app, low fees, and excellent customer service.
One reviewer writes that they are “extremely satisfied” with Capital One Bank’s “services and products.” The reviewer also states that Capital One Bank is better than other banks because its rates are better, especially for low balances.
This person writes that they had “been with HSBC for 9 years until I found this one”, but adds, “[Capital One] has everything wrapped up in a neat little package.”
Another A Capital One Bank customer writes that they are “very pleased” with Capital One’s low fees. Concerning the mobile app, the reviewer says, “[its] so easy to use and it looks so sleek.” The reviewer also mentions that Capital One Bank is better than other banks due to its low-interest credit cards.
How to Open an account with Capital One Bank?
If you’re looking to open an account with Capital One Bank, follow these simple steps:
1. Head over to the Capital One website and click on “Open an Account.”
2. Choose the type of account you’d like to open
3. Fill out the required information and hit submit
4. Review and accept the disclosures and hit submit
5. Fund your account, and you’re good to go!
Where Can I Find Capital One?
If you’re looking for a physical Capital One location, you can find your nearest branch using their branch locator. You can also search for specific products, such as savings accounts or credit cards.
The physical branches are available in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, Delaware, Connecticut, and the District of Columbia. To find a Capital One location nearest you, can also use the Capital One mobile app to locate your nearest location.
If you’re looking to open an account online, you can do so on the Capital One website.
Capital One Cafes
Capital One Cafes are a unique and convenient way to the bank. These cafes offer a comfortable place to work or relax, with free WiFi and coffee. In addition to banking services, Capital One Cafes also offer a variety of financial products, such as credit cards and loans.
At Capital One Cafes, you can open an account, get a loan, or apply for a credit card. You can also get help with your finances or just chat with a banker about your account.
You can discover Capital One Cafes in California, Colorado, Florida, Illinois, Massachusetts, Minnesota, Pennsylvania, and Texas.
What’s the Downside?
The only downside to opening an account with Capital One is that they are not available everywhere in the United States. The Capital One bank has 755 physical branches and 30 cafes, but they are limited to New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia.
You can find a list of all their locations on their website, but if you don’t live near any of their branches, it might not be the best bank for you.
Capital One Bank Reviews
Overall, Capital One Bank has a great product lineup and solid customer service. Regarding checking accounts, it’s worth mentioning that their 360 Checking account has no monthly fees or per-transaction fees—which is not something most banks offer.
They are also noted for having high rates on their CDs—which are especially beneficial to people with savings they want to grow quickly. And, if you’re looking to get a credit card, Capital One’s cards have some of the lowest interest rates available.
