Updated
Fact Checked
Eric McWhinnie
Bottom line: Bank of America and Capital One are two notable big-name banks, each with branch locations, numerous ATMs, and all kinds of consumer financial products, including bank accounts, credit cards, and loans.
Bank of America vs. Capital One: Account options
Bank of America and Capital One both offer a slew of deposit accounts. Let's take a closer look at both banks' options for savings, checking, and CDs.
Savings accounts
Let's start with Bank of America. Its Bank of America Advantage Savings offers perks like mobile check deposit (through the stellar Bank of America app; more on that below) and access to a large network of fee-free ATMs. But the APY is shockingly low.
Capital One has a much better offer for people seeking a savings account. Its Capital One 360 Performance Savings pays an APY that matches some of our favorite picks for high-yield savings accounts.
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Rates as
of Apr 29, 2024
| Offer |
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|---|---|---|
| Account | ||
| Rating |
Rating image, 2.50 out of 5 stars.
2.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | up to 0.04% | 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. |
| Min. to earn APY | — | $0 |
| Next Steps |
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Checking accounts
Turning to checking accounts, you'll find a lot of versatility in Bank of America's Advantage Banking. You can pick from multiple settings and monthly fees for your checking account, ranging from no-frills if you're new to banking, to beaucoup relationship benefits if you've got a large balance or are a Bank of America Preferred Rewards program member.
Capital One has a few options for personal checking accounts. The Capital One 360 Checking account is a winner that comes with no monthly fees and an APY that isn't bad for a checking account. For the younger set, you can open a Capital One MONEY Teen Checking Account. It has no fees and includes parental monitoring features.
Show Best Offers Available in
Rates as
of Apr 29, 2024
| Offer |
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|---|---|---|---|---|
| Account | ||||
| Rating |
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 0% | N/A | 0.10% | 0.10% |
| Min. to earn APY | N/A | N/A | $1 | $0 |
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CDs
Bank of America's APYs on certificates of deposit range from extremely low to comparable to the best CD rates, but this hinges on how much your deposit is (it must be at least $1,000 to open a Bank of America CD) and what term you're choosing. Bank of America CD terms range from 28 days to 10 years.
Capital One CDs offer competitive APYs across the board, and terms available are the usual suspects (three months to five years). Best of all, there is no minimum deposit required to open one.
Rates as of April 25, 2024
APY = Annual Percentage Yield
| Offer |
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|---|---|---|
| Account | Bank of America Standard CD | Capital One 360 CD |
| 6 Mo. | 0.03% | 4.25% |
| 9 Mo. | -- | 4.25% |
| 10 Mo. | -- | 5.10% |
| 1 Yr. | 0.03% | 4.80% |
| 1.5 Yr. | 0.03% | 4.45% |
| 2 Yr. | 0.03% | 4.00% |
| 3 Yr. | 0.03% | 4.00% |
| 4 Yr. | 0.03% | 3.95% |
| 5 Yr. | 0.03% | 3.90% |
| Min. Deposit | $1,000 | $0 |
| Early Withdrawal Penalty | Yes | Yes |
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Bank of America vs. Capital One: APYs
Annual percentage yield (APY) is a place of major difference between Bank of America and Capital One. Capital One pays consistently higher APYs on savings account and CD products, more like an online-only bank would, plus its checking accounts earn interest, too. The difference is especially stark when you compare the Bank of America Advantage Savings account and the Capital One 360 Performance Savings; the APY for Capital One's account is more than 100 times that of Bank of America.
For CDs, the rates offered by each bank are more comparable, but only if you choose a specific term offered by Bank of America; for Capital One, CD rates across the board are fairly high. Plus, you don't need a minimum deposit to open a CD with a high rate at Capital One.
Bank of America vs. Capital One: Customer service
You can reach customer service at Bank of America via both X (formerly Twitter) and Facebook, as well as by mail and by phone. Representatives are available Monday-Friday from 8 a.m. to 9 p.m. ET, Saturdays 8 a.m. to 8 p.m. ET, and Sundays 8 a.m. to 5 p.m. ET. Or you can visit a branch when it's open.
If you need to reach Capital One, representatives are available by phone from 8 a.m. to 11 p.m. ET seven days a week. You can also visit a branch or Capital One Cafe if you have one in your area.
Bank of America vs. Capital One: Mobile apps
Bank of America's mobile app is stellar. You can keep track of all your accounts, send and receive money, and get help from Erica, a virtual financial assistant. The Bank of America mobile app is popular with users, scoring a rating of 4.8 out of 5 on the App Store and 4.6 out of 5 with Google Play.
Capital One's mobile app also lets customers see all their accounts in one place, pay bills, and even monitor their credit. It's got the same high ratings on both the App Store (4.8 out of 5) and Google Play (4.6 out of 5) as Bank of America's app. So you really can't go wrong with either bank if you're deciding based on mobile banking experience.
Bank of America vs. Capital One: Which is right for you?
With all the products and accounts offered by both Bank of America and Capital One, you could certainly have bank accounts, credit cards, and loans with each of them and keep the bulk of your financial activities under one roof. If higher APYs on savings accounts and CDs are important to you, Capital One is likely the better fit for you. But if in-person banking is your jam and you live near a Bank of America branch (of which there are many more than Capital One locations), that might be your pick.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Bank of America could be right for anyone who wants access to multiple financial products offered by a big national bank. If you like in-person banking services, Bank of America has nearly 4,000 branches you can visit. If you're hoping for a high APY on your savings, however, Bank of America is likely not for you.
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Capital One offers some branch access if you live near one, so you can still access in-person services. But in exchange for digging in with online banking, you can be rewarded with high APYs, easy terms on CDs, and a great mobile app. If this sounds good to you, consider Capital One.
Our Banking Experts
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Bank of America is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Alphabet and Bank of America. The Motley Fool has a disclosure policy.