Capital One Bank is a Fortune 500 company and the sixth largest bank in the US by assets. As of 2015 it had $245.4 billion in assets and $199.3 billion in deposits. The bank has 29,640 employees working in 843 branches across eight states and the District of Columbia.
Capital One first started as The Hibernia National Bank in New Orleans back in 1933. After multiple bank acquisitions, it changed its name to Capital One National Association in 2006 and moved its headquarters to Mclean, VA, in 2007. Capital One has an A+ rating with the BBB.
What Are Capital One’s Checking and Savings Accounts Like?
Although Capital One is better known for its credit cards and loans, it also offers full checking and savings services.
The 360 Checking Account is an interest-bearing checking account with no fees and no minimum balances. Rates are tiered according to balance. Accounts with $0 to $49,999 earn 0.20% APY, $50,000 to $99,999 earn 0.75%, and anything above $100,000 earns 0.90%. The account allows customers to pay bills, includes a debit card, and allows mobile banking. There are no overdraft fees, just an 11.50% APR rate on the amount you borrow.
Capital One does not charge account holders for using ATMs, even non-Capital One ATMs. However, owners of non-Capital One ATMs may charge a fee. The only fee you need to worry about is a $9 non-sufficient funds fee, if the bank decides to decline a check for insufficient funds.
The 360 Savings Account is an interest-bearing savings account that doesn’t charge fees or require a minimum balance. Account holders can access their money online or over the phone. You can also create multiple accounts at no additional cost, and set up automatic savings plans to help you save for multiple goals. The account yields a flat 0.75% APY for all balances.
What Are the Advantages and Disadvantages of Capital One’s Checking and Savings Accounts?
We love this about Capital One:
- No fees
- No minimum balances
- Competitive rates
- Bill Pay
- Free ATM access
- Flat 0.75% APY rate on savings accounts, regardless of balance
We don’t like this about Capital One:
- Rates are competitive but could be higher
- Higher rates only available to checking account with large balances