Capital One Bank Review 2023
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
Capital One is ideal for consumers looking for competitive rates and no monthly fees along with the experience of a full-service bank. It offers access to a wide network of no-fee ATMs and branch locations in select states.
Highlights
- Digital Leader
- High APY
- No Monthly Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Pros
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Capital One offers no-fee access to more than 70,000 ATMs.
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You’ll earn competitive rates on savings and CD accounts.
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Checking and savings accounts feature no minimum balance requirements.
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The mobile app is highly rated by iPhone and Android users.
Cons
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Bank branches are limited to just a handful of states.
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Capital One no longer offers money market accounts for new customers.
Capital One banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/30/2023
Capital One savings overview
Pros
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The 360 Performance Savings account has no monthly services fees.
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The Capital One app allows you to make mobile deposits and set up an automated savings plan.
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No minimum balance is required to open or maintain an account.
Cons
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The 360 Performance Savings account doesn’t include a debit card or an ATM card.
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Higher rates can be found at other online banks.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Capital OneAPYAPYNational average APYSee table viewHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Account maintenance fees | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
About Capital One
The banking unit of Capital One Financial Corp. offers checking, savings and certificates of deposit. Richard Fairbank and Nigel Morris started building Capital One (then as a unit of Signet Bank) in 1988. In 1994, Capital One spun off under its name, offering credit cards. In 2012, Capital One acquired ING Direct and rebranded the lender as Capital One 360.
Capital One is ideal for consumers looking for a full-service bank with a wide network of no-fee ATMs and access to physical branches.
Capital One operates around 300 branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C.
Bank experience
Capital One has fewer branches than some of its competitors, but it does offer cutting-edge digital bank features. Capital One was the first bank in the U.S. to launch a skill for Amazon’s Alexa so that customers can voice commands to search for information, such as bank account balances.
The bank’s web interface and mobile app also earn high marks in the Android and iOS app stores, and mobile customers can send and receive money using Zelle through the Capital One app.
Capital One has nearly 300 branches in select states for in-person banking, and it operates around 50 Capital One Cafes, where customers can open accounts, deposit cash and checks, and socialize. The cafes also offer food and drinks, available for purchase by anyone. Using your Capital One credit card or debit card gets you half off handcrafted beverages.
Account holders can attend various events and take advantage of free financial coaching sessions.
Customers also can access more than 70,000 ATMs through Capital One's owned-and-operated machines, and the Allpoint and MoneyPass networks. Mobile app users can take advantage of the Add Cash in Store feature to deposit cash at CVS stores through a cashier.
Early paycheck, which allows direct-deposit customers to access their incoming funds up to two days early, can be a useful feature for those on tight budgets or who are paid once a month.
How does Capital One compare to other banks?
Capital One vs. Chase Bank
Capital One and Chase are both big banks that maintain some branches and also offer options for digital account management. While Capital One offers nearly 300 branches in a handful of states, Chase operates more than 4,700 branches, with locations in nearly every state.
When it comes to rates, Capital One’s 360 Performance Savings Account pays an APY that’s more than 400 times greater than the rock-bottom yield of the Chase Savings account. Likewise, Capital One’s CD rates are higher than those of Chase, including the higher relationship CD rates Chase offers to customers who also have a Chase checking account.
As far as checking accounts, Capital One’s 360 Checking account earns interest, whereas Chase’s Total Checking account is non-interest bearing. A non-sufficient funds fee is charged by Chase, while Capital One no longer charges one. Capital One doesn’t charge for overdrafts, and Chase won’t charge for them either as long as a customer’s account isn’t overdrawn by more than $50.
Capital One FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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