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Capital One Bank Review 2022

Updated December 2, 2022
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At a glance

4.9
Rating: 4.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 5 stars out of 5

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 5 stars out of 5

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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
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.05
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.00
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Capital One Bank is among the 10 largest U.S. banks by assets. While it offers branches in seven Eastern and two Southern states, customers can access accounts online from just about anywhere. The bank offers high rates on its savings and CD accounts, and a free checking account that pays interest. There are no balance minimums or monthly fees, and you won’t need to worry about overdraft fees either.

Pros

  • Checkmark

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

  • Checkmark

    You’ll earn competitive rates on savings and CD accounts.

  • Checkmark

    Checking and savings accounts feature no minimum balance requirements.

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

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    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.

Cons

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

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

Capital One bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Capital One savings overview

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.

Pros

  • Checkmark

    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

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

Current Savings Rate
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.9 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.