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Capital One Bank Review 2022

Published August 2022 by Matthew Goldberg

AT A GLANCE
4.6

Bankrate Score

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TOP OFFER
2.00 % APY
Savings account
$ 0
Min. balance for APY
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Digital Leader

No Minimum Balance

No monthly fees

Capital One is ideal for consumers looking for a full-service bank with a wide network of no-fee ATMs and access to branches in select states.

  • CDs
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    3.9
  • Checking
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    4.8
  • Savings
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Overall

    4.6

    Bankrate Score

    Capital One Bank is among the 10 largest banks in the country, with branches in seven Eastern and two Southern states. It’s one of the few online banks that you can actually visit to withdraw cash. Those looking for accounts with competitive rates and no monthly fees will find Capital One Bank to be a solid option to consider.

    What we like

    • Capital One offers no-fee access to more than 70,000 ATMs.

    • Checking and savings accounts feature no minimum balance requirements.

    • The mobile app is highly rated by iPhone and Android users.

    • Capital One Bank ranked in the top five for highest customer satisfaction score in both online bank checking and savings in J.D. Power’s 2022 U.S. Direct Banking Satisfaction Study.

    What we don't

    • Bank branches are limited to seven Eastern and two Southern states.

    • In September 2019, Capital One stopped offering money market accounts for new customers.

    CD rates

    3.9

    Bankrate Score

    Capital One offers nine terms of CDs that range from six months to five years. Rates for most terms are competitive for a big bank, and no minimum deposit is required.

    Early withdrawal penalties vary based on term length. For CDs of one year or less, the early withdrawal penalty is three months of interest, while the penalty for CDs with terms longer than one year is six months of interest.

    What we like

    • No minimum deposit is required to open a CD.

    • Capital One CDs pay competitive APYs for a big bank.

    • Account holders can opt to receive interest disbursements monthly or annually.

    What we don't

    • Other banks offer better rates on CD terms less than one year.

    • Capital One Bank doesn’t offer a no-penalty CD or a rate bump CD. Some of its competitors offer these CDs.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Upgrade

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    The Capital One 360 Checking account is a competitive interest-bearing account offering tiered rates allowing those with larger balances to earn more. The account is free, permits mobile deposits and online bill payments, and also offers a free first checkbook with 50 checks.

    Capital One stopped charging nonsufficient fund (NSF) fees and capped overdrafts at one a day in August 2021. In December 2021 the bank announced that it was also eliminating overdraft fees, effective early 2022. Capital One stopped offering an overdraft line for new account holders as of May 15, 2020.

    Capital One 360 Checking users have access to more than 70,000 fee-free ATMs, including ATMs in the Allpoint and MoneyPass networks.

    In addition, mobile app users can utilize Capital One’s Add Cash in Store feature to deposit up to $999 a day up to five times a month at CVS stores through a cashier.

    Also, with early paycheck, direct deposit customers may be able to receive paychecks or other funds up to two days early.

    What we like

    • The 360 Checking account earns interest on all balances and requires no minimum balance.

    • Customers have access to more than 70,000 ATMs in Capital One’s own network, and the Allpoint and MoneyPass networks.

    • Mobile app users can deposit cash at CVS stores.

    • Your first order of checks is free.

    What we don't

    • Some competitors offer higher rates on interest checking accounts.

    • Capital One charges $30 for domestic wire transfers. That’s more than some banks charge for this service.

    Savings accounts

    5.0

    Bankrate Score

    TODAY'S SAVINGS RATES
    Capital One

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Capital One’s 360 Performance Savings account offers a competitive yield on all balances and doesn’t have a minimum balance requirement, making it suitable for all savers. Users can set savings goals and automatic savings plans (with funds transferred from a Capital One 360 checking account) for additional budgeting ease. Effective September 2019, Capital One no longer offers money market accounts for new customers.

    What we like

    • The 360 Performance Savings account has no monthly services fees.

    • The Capital One app allows you to make mobile deposits and set up an automated savings plan.

    • No minimum balance required to open or maintain an account.

    What we don't

    • The 360 Performance Savings account doesn’t include a debit card or an ATM card.

    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 Android and iOS app stores, and mobile customers can send and receive money using Zelle through the Capital One app.

    Capital One has around 300 branch locations in select states for in-person banking, and it operates more than 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.

    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. Those looking for the highest available rates on savings products may want to look elsewhere.

    Capital One operates around 300 branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth