Founded in 1994, Capital One is a leading Virginia-based financial institution known for its diverse range of banking and credit products. Originally a credit card company, it has expanded to offer savings and checking accounts, loans, and business solutions. Capital One stands out with its user-friendly online banking, minimal fees, and free credit monitoring tools. Additionally, customers benefit from an extensive collection of educational resources designed to enhance financial literacy and credit management.
Capital One product overview
CAPITAL ONE INTEREST RATES
SAVINGS, CHECKING, CD
| Product | APY |
|---|---|
| 360 Performance Savings | 3.70% |
| Kids Savings Account | 2.50% |
| 360 Checking | 0.10% |
| MONEY Teen Checking | 0.10% |
| Online CD (6-Month) | 3.80% |
| Online CD (9-Month) | 3.80% |
| Online CD (12-Month) | 4.00% |
| Online CD (18-Month) | 3.70% |
| Online CD (24-Month) | 3.50% |
| Online CD (30-Month) | 3.50% |
| Online CD (36-Month) | 3.50% |
| Online CD (48-Month) | 3.50% |
| Online CD (60-Month) | 3.50% |
360 Checking
The Capital One 360 Checking Account is a fee-free, no-minimum balance checking option designed for convenience and flexibility. With no minimum opening deposit required, account holders can easily manage their finances through the Capital One mobile app, which allows for mobile check deposits, expense tracking, and debit card controls such as locking and unlocking. This interest-earning checking account offers a 0.10% APY on balances. It includes the added benefit of early direct deposit, giving customers access to their paychecks up to two days in advance.
360 Performance Savings
The Capital One 360 Performance Savings Account offers a competitive APY of over 4%, helping customers grow their savings faster. With no monthly fees, maintenance charges, or minimum deposit, this high-yield savings account provides flexibility and ease of use. Account holders can open multiple accounts to organize savings for different financial goals, set up automated savings plans, and seamlessly transfer funds between Capital One and external bank accounts.
360 CDs
Capital One Certificates of Deposit (CDs) offer flexible terms ranging from 6 months to 5 years, with APYs reaching up to 5%. These CDs have no minimum deposit requirement, making them accessible to a wide range of savers. However, the maximum balance per CD is $1,000,000. Early withdrawals are subject to penalties, ranging from three to six months’ interest, depending on the CD term.
Kids Savings Account
Capital One provides a kid-friendly savings account designed to help children and teens develop smart money habits. With no monthly fees or minimum balance requirements, this account makes saving simple and accessible. Features include automatic savings tools, parental account linking for oversight, and a competitive APY of over 2% on all balances, ensuring young savers can grow their money while learning essential financial skills.
Credit cards
Launched initially as a credit card company, Capital One continues to offer a diverse range of credit cards tailored to various financial needs. Its lineup includes low introductory APR cards, no-annual-fee options, student credit cards, small business cards, travel rewards cards, dining and entertainment rewards cards, cash-back cards, and credit-building cards. Whether you’re looking to earn rewards, manage expenses, or improve your credit, Capital One provides flexible and competitive card options to suit different lifestyles.
Auto Financing
Capital One provides auto financing solutions for both new and used car buyers, as well as those looking to refinance an existing auto loan for a better interest rate. With no impact on credit scores, customers can use Capital One’s Auto Navigator tool to explore personalized loan options, compare rates, and find the best financing terms—all conveniently through the Capital One website.
Business banking solutions
Beyond its extensive lineup of business credit cards, Capital One offers a comprehensive suite of business banking solutions, including business checking and savings accounts, lending options, payment processing services, and capital management tools. These products are designed to help businesses of all sizes streamline finances, manage cash flow, and optimize growth.
Capital One account fees
Here’s a detailed breakdown of the account fees Capital One banking customers may encounter:
CAPITAL ONE FEES
| Fee Type | Amount |
|---|---|
| 360 Checking Account Fee | $0 |
| 360 Performance Savings Account Fee | $0 |
| Overdraft Fee | $0 |
| ATM Fee (Capital One & partner ATMs) | $0 |
| Outgoing Wire Transfer Fee (Domestic) | $30 – $40 (varies by amount & recipient type) |
| Incoming Wire Transfer Fee | $15 |
| Cashier’s Check (In-Person Purchase) | $10 |
| Cashier’s Check (Online Purchase) | $20 |
Pros and cons of Capital One
Prospective customers should consider the key advantages and drawbacks before choosing to bank with Capital One.
Capital One pros
Credit Monitoring & Score Improvement
Capital One provides valuable credit monitoring and score-building tools through CreditWise, a free service that helps users track their credit profile, receive personalized improvement suggestions, and utilize a credit simulator to understand how financial decisions impact their score.
Highly Rated Mobile App
The Capital One mobile app is widely praised by users. It boasts an average rating of 4.6 on Google Play and 4.8 on the App Store, making it a reliable tool for managing finances on the go.
No Monthly Fees or Minimum Balance Requirements
Capital One stands out with its fee-free banking experience. There are no monthly maintenance fees, overdraft charges, or minimum balance requirements to open or maintain an account, ensuring greater flexibility for customers.
Capital One cons
No ATM Fee Reimbursement
Capital One provides access to a sizeable fee-free ATM network, but customers who use out-of-network ATMs may incur fees, as Capital One does not offer ATM fee reimbursements.
No Money Market Accounts
While high-yield money market accounts are a popular savings option, Capital One does not currently offer them, limiting the choices for customers seeking this type of account.
Capital One customer support and mobile banking experience
Capital One provides 24/7 automated phone support, ensuring customers can access assistance anytime. For those who prefer speaking with a live representative, customer service is available daily from 8 a.m. to 11 p.m. EST. Additionally, Capital One offers a robo-chat feature within its mobile app, allowing users to get quick responses to common inquiries.
With the Capital One mobile app, customers can handle most of their banking needs on the go. The app enables users to track suspicious activity, lock or unlock their debit cards, check balances, redeem rewards, and monitor credit scores with ease. This all-in-one banking tool enhances convenience and security.
The Capital One mobile app can be downloaded on Google Play and the App Store, where it has earned high user ratings of 4.5 and 4.8, respectively. These strong reviews highlight its reliability and user-friendly experience for digital banking.
Capital One’s social and environmental impact
Capital One has outlined its key environmental, social, and governance (ESG) goals on its website and in its latest ESG report, and it is committed to achieving these targets by 2030. Among its environmental initiatives, the company aims to reduce greenhouse gas (GHG) emissions by implementing energy-efficient upgrades in its buildings and generating on-site renewable energy. Additionally, Capital One has set a goal to cut water usage by 20% within two years across its facilities.
On the social front, Capital One remains dedicated to employee well-being and workplace diversity. In 2022, the company expanded its paid leave program, increased its 401(k) match, enhanced career development opportunities, and adopted a fully hybrid work model to support a more flexible and inclusive work environment.
Capital One also continues to make a meaningful impact in local communities through its $200 million, five-year initiative launched in 2020. In 2022, the company contributed over $70 million in philanthropic funding to support economic opportunities and collaborated with more than 1,400 nonprofit organizations to strengthen the communities it serves.
Frequently Asked Question
What types of accounts does Capital One offer?
Capital One provides checking accounts, high-yield savings accounts, certificates of deposit (CDs), and business banking solutions.
Does Capital One charge monthly maintenance fees?
No, Capital One does not charge monthly maintenance fees for its checking and savings accounts.
What is the APY on Capital One’s savings accounts?
The 360 Performance Savings account offers a competitive APY of over 4%, helping customers grow their savings faster.
Does Capital One offer ATM fee reimbursements?
While Capital One has a sizeable fee-free ATM network, it does not reimburse out-of-network ATM fees.
How does Capital One’s free credit monitoring work?
Capital One offers CreditWise, a free credit monitoring tool that tracks credit scores, provides alerts, and offers a credit simulator to help users improve their credit.
Conclusion
Capital One stands out as a low-fee, digital-friendly bank offering a solid mix of checking, savings, and CD options, along with free credit monitoring tools. With no monthly fees, minimum balance requirements, competitive interest rates, and a highly rated mobile app, it’s an excellent choice for those who prefer online banking with strong financial tools.
However, the lack of ATM fee reimbursements and money market accounts may be a drawback for some users. If you’re looking for a convenient, fee-free banking experience with excellent mobile features and credit-building tools, Capital One is a strong contender in 2025.