Capital One Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

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TOP OFFER
0.70 % APY
Certificate of deposit
2yr
Term
$ 0
Min. deposit
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Digital Leader

No Minimum Balance

No monthly fees

This bank is ideal for people looking for a full-service bank, with a wide network of no-fee ATMs and some access to physical branches.

  • CDs
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    4.5
  • Checking
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    4.7
  • Savings
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    4.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
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    Goldman Sachs Bank USA

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    0.50 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

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    Savings account

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    Overall

    4.4

    Bankrate Score

    Capital One Bank is one of the most popular banks in the country, and in some regions, it also gives customers access to bank branches.

    What we like

    • Capital One is a hybrid financial institution that provides online banking services and some branch access. There are also cafes in select locations.

    • There are no monthly fees or minimum balance requirements for checking, and no minimum balances for savings accounts.

    • No-fee access to more than 40,000 ATMs.

    • It has a highly rated mobile app.

    What we don't

    • For a big bank, it pays competitive rates on deposits. But rates are low compared with the best nationally available APYs.

    • Overdraft fees are $35 per transaction for customers who sign up for its overdraft protection program and fail to replace overdrawn amounts in a timely fashion.

    • If you live outside of the northeast, mid-Atlantic, Louisiana or Texas, there is no access to bank branches.

    CD rates

    4.5

    Bankrate Score

    TODAY'S CD RATES
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Capital One offers nine terms of CDs. These terms range from six months to five years.

    In addition to savings and checking accounts, Capital One 360 offers a full spectrum of CDs with different terms. Rates are competitive for a big bank, and there’s no minimum deposit.

    Customers can have up to 50 CDs open at once.

    Early withdrawal penalties vary based on the length of the term and are standard compared with the policies at other banks. For CDs with terms of 12 months or fewer, the penalty for withdrawing early is three months of interest. For CDs with terms longer than 12 months, the penalty for withdrawing early is six months of interest.

    What we like

    • There is no minimum deposit required to open a CD.

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

    • Account holders can receive interest disbursements monthly or annually based on personal preference.

    What we don't

    • Other banks have shorter and longer-term CDs to choose from.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    The 360 Checking account is a competitive interest-bearing account offering tiered rates where those with larger balances earn more. The account is free to keep and open and includes the ability to make mobile deposits, pay bills online. It also offers a first checkbook for free. 360 Checking customers have three free options to deal with overdraft protection including auto-declines, free savings transfers and an overdraft line of credit. Capital One’s overdraft fee is $35 per transaction.

    What we like

    • Customers can earn interest for all balances.

    • You don’t need to keep a certain minimum balance in the 360 Checking.

    • Three fee-free options to avoid overdraft charges.

    • Large ATM network gives customers access to more than 40,000 fee-free ATMs.

    What we don't

    • Customers in certain areas won’t have access to branches.

    • You can earn a higher yield on some other interest checking accounts.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    The 360 Performance Savings account offers a competitive yield for all balances and doesn’t have a minimum balance requirement. So this account is for all levels of savers. Capital One 360 offers a savings account that’s available online and through mobile devices. Users can set savings goals and automatic savings plans (with funds transferred from a Capital One 360 checking account) for additional budgeting utility.

    360 Savings and 360 Money Market Accounts are no longer available for new customers, effective in September 2019.

    What we like

    • The 360 Savings account doesn’t have monthly services fees.

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

    What we don't

    • The 360 Performance Savings account doesn’t offer an ATM card.

    Bank experience

    At Capital One, you’ll have fewer branches to visit, but you’ll have something more relevant: cutting-edge digital bank features. For example, Capital One was the first bank in the U.S. to launch a skill for Amazon’s Alexa so that you can use your voice to find out information, such as your bank account balance.

    The bank’s web interface and mobile app are also very well regarded and get high marks in Android and iOS app stores. Via the Capital One app, customers can use Zelle to send and receive money.

    Customers who need assistance can call the bank or visit a branch or cafe.

    Capital One offers physical branch locations in select states. There are also Capital One Cafes that allow customers to open accounts, drink coffee, deposit cash and checks and socialize. Account holders can attend various events and take advantage of free financial coaching sessions.

    Customers also can access more than 40,000 ATMs through Capital One's owned-and-operated machines and the Allpoint network.

    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 well-regarded lender as Capital One 360.

    This bank is ideal for people looking for a full-service bank, with a wide network of no-fee ATMs and some access to physical branches. People looking for the highest available rates on savings products may want to look elsewhere.

    Capital One has around 755 branches with locations in Connecticut, Delaware, 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