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Capital One Bank Review: A Hybrid Bank With High APYs

Refreshed Review Updated Jan. 24, 2023
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Capital One Bank combines the limited fees and high APYs of an online bank with the excellent customer service of a brick-and-mortar institution. It offers a competitive variety of banking products to complement its well-known slate of credit cards. Read our full review to learn about everything Capital One Bank has to offer.

Offer image for
Best For: Account variety and high APYs

Capital One

Rating image, 4.50 out of 5 stars.
Circle with letter I in it. 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.
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= Excellent
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4.50/5
Bottom Line

Capital One Bank offers all of the key features you'd expect to find with an online bank -- high APYs, no maintenance fees, and no minimum deposit requirements -- as well as some you don't. The bank has a reputation for great customer service, its mobile app consistently receives high marks from users, and its CD products are top notch.

Pros
  • High APYs
  • Branches in some states
  • Variety of accounts
  • Great customer service
Cons
  • Some CD rates are low

Capital One Bank's savings accounts review

Capital One offers three savings accounts, which are discussed in detail below.

Capital One 360 Performance Savings

The Capital One 360 Performance Savings account will appeal to the majority of people. It has a reasonably high APY with no monthly maintenance fees. Another plus: There are no minimum balance requirements to open the account or earn interest.

The majority of Capital One customers will do all of their banking online via its mobile apps and online accounts. For those who prefer to bank in person, it also has a number of ATMs and Capital One branches in several states.

Capital One Kids Savings account

The Capital One Kids Savings account is designed for children under 18. Parents can set up either an account in their child's name alone or a joint account. The Kids Savings account has a fairly high APY, though the rates are not quite as high as the 360 Performance Savings account. Additionally, there are no account minimums or monthly fees.

This account enables you or your child to set up savings goals to help establish good financial habits. You can also set up automatic transfers from your account to theirs. Additionally, your child's account automatically switches to a Capital One 360 Performance Savings account when they turn 18.

capital oCapital One Business Savings

The Capital One Business Savings account is aimed at small business owners. It has a waivable monthly fee. Its APY, while still well above average, isn't quite as high as those on its personal savings accounts. This makes it a bit more like a brick-and-mortar account than Capital One's other savings accounts.

Compare savings accounts

Interested in how Capital One's savings accounts stack up to its competitors? Check out our list of the best saving accounts or compare side-by-side some select picks below.

Rates as of Jan. 24, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.75 out of 5 stars.
Circle with letter I in it. 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
4.75/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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
4.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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.
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4.00/5
APY 3.30% 3.30% 4.05%
Min. to earn APY $1 $1 $100
Next Steps

Capital One Bank's CD accounts

Capital One offers two types of certificates of deposit (CDs) -- 360 CDs and Small Business CDs.

Capital One 360 CDs

Capital One 360 CDs have no minimum balance. Terms range from six months to five years. Rates are pretty competitive, particularly on some of its short-term CDs. Since rates are locked in for the whole CD term, this could be a good choice when rates are falling.

Capital One is unusual in letting its account holders decide when they'd like to receive the interest they've earned. You can get your interest paid monthly, which is typical of most CDs. But you can also choose to receive it annually or at the end of your CD term.

Capital One Small Business CDs

Capital One offers business CDs with reasonable minimum deposits and a variety of terms. If you want to learn more about the business CDs available in your area, you'll have to contact Capital One directly.

Compare CD rates

Looking to find a CD with a high APY? You'll find one on our list of the best CD rates.

Rates as of Jan. 25, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for CIT Bank CD
Member FDIC.
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Discover High Yield CD
Member FDIC.
4.15%
4.30%
4.35%
4.35%
4.40%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes

Capital One Bank's checking accounts review

Capital One offers four checking accounts. Its two personal accounts are the Capital One 360 Checking account and the MONEY account. There's also the Spark Business Basic Checking account and the Spark Business Unlimited Checking for small business owners.

Capital One 360 Checking

The Capital One 360 Checking account is its personal checking account for adult customers. It pays a small amount of interest and gives you access to over 40,000 fee-free ATMs nationwide as well as Capital One's network of branches. You can also manage your money online. Like its other accounts, there are no fees or minimum balance requirements to open or maintain your Capital One 360 Checking account.

Capital One MONEY

The Capital One MONEY account is designed for children between the ages of eight and 18. It includes a modest interest rate and a fee-free debit card for the child. Parents and guardians can monitor their child's activity, but they do not receive a debit card of their own. There are no fees or minimum balance to keep their account open.

Capital One Spark Business Basic Checking

The Capital One Spark Business Basic Checking account is best for small business owners who receive a modest number of cash deposits and don't want to pay a per-transaction fee. There are limits on cash deposits, but you can have an unlimited number of transactions per month. Most small business owners should be able to waive the monthly fee fairly easily. This account includes a debit card as well as online and mobile account access.

Capital One Spark Business Unlimited Checking

The Capital One Spark Business Unlimited Checking is the better fit for larger businesses with high cash and transaction volumes. There's no monthly limit on cash transactions and you get next-day funds accessibility. You can also tack on two Capital One Spark Business Basic Checking accounts if you'd like. That way, you can divide money between different departments or keep it separated for different purposes.

Capital One Banks customer service and experience

Capital One Bank's customers seem pretty happy with its service, on average. The bank has an A rating with the Better Business Bureau and it also received the top score in the latest J.D. Power National Banking Satisfaction Study. Banks aren't typically known for their stellar customer reviews, so strong ratings like these shouldn't be underestimated.

It helps that Capital One is a sort of hybrid between traditional brick-and-mortar banks and online banks. It offers advanced tools that enable most people to bank entirely online but also has branch locations for those who want in-person support.

Capital One Bank's relationship benefits

Capital One Bank offers high APYs and no monthly maintenance fees to all of its customers. It doesn't require them to sign up for multiple accounts in order to earn these perks, as many brick-and-mortar banks do.

The bank occasionally offers sign-up bonuses to new customers who open an account within a certain time frame and complete qualifying activities. If you're not in a hurry to open a new account, it might be worth waiting for one of these.

Alternatives to Capital One Bank

If Capital One Bank doesn't have what you're looking for, one of these other banks might.

American Express National Bank

American Express credit cards are well known, and it has recently branched out into banking. American Express National Bank only offers a single savings account and a few CDs, but its APYs are pretty competitive. Like Capital One, American Express National Bank doesn't charge maintenance fees or require its customers to maintain a certain minimum balance. But if you're interested in checking accounts, you'll have to look elsewhere.

CIT Bank

CIT Bank is an online bank with a wide range of offerings. These include checking accounts, savings accounts, money market accounts, and a variety of CDs. The CIT Savings Connect account is especially impressive. All of its accounts earn some type of interest and have no monthly maintenance fees. If customer service is important to you, be aware that CIT Bank hasn't received the high praise as Capital One Bank in customer satisfaction surveys. But this may not bother you if you normally manage your money through your online account.

Is Capital One Bank right for you?

Capital One Bank is a good fit for you if:

  • You don't want to worry about fees or minimum balances.
  • You like having the option to visit a branch when you need to.
  • Customer service is important to you.

RELATED: How To Open a Checking Account

Our Banking Expert