In summary, Capital One is a 1994-founded credit card firm with its headquarters located in Virginia. Capital One now offers a comprehensive range of financial services and products for both individuals and businesses, including credit cards, bank and savings accounts, and more. Customers of Capital One can also access a vast collection of credit tools and educational materials.
The products offered by Capital One
The following products and account options are currently available from Capital One:
Credit cards
Because it started out as a credit card company, Capital One provides a wide range of credit card options for all kinds of customers. Low introductory rate cards, annual fee-free cards, student cards, small company credit cards, travel cards, cash-back cards, rewards cards for dining and entertainment, and credit-building cards are among its product offerings.
360-degree inspection
There is no minimum opening deposit or balance requirement for the Capital One 360 checking account, which is a simple fee-free checking account. Account holders can watch their spending, lock or unlock their debit card, deposit checks using a mobile app, and more. With balances yielding an annual percentage yield (APY) of 0.10%, this checking account earns interest. Customers who enroll in direct deposit into their Capital One account will also receive an early paycheck as an additional benefit of this account.
360-Degree Performance Savings
The high-yield savings account from Capital One currently has an annual percentage yield (APY) of over 4%, no monthly or maintenance fees, and no minimum to create an account. Consumers can effortlessly move funds between Capital One or external bank accounts, automate their savings, and create several accounts to save for various objectives.
360-degree CDs
Certificates of deposit (CDs) offered by Capital One include durations ranging from six months to five years, and their current rates can reach 5%. To open or keep a CD, there is no minimum deposit needed. But your CD can’t be worth more than $1,000,000. Depending on your CD term, there may be a penalty of three to six months’ interest if you must take an early withdrawal from your account.
Kids Savings Account
For children and teenagers who wish to learn money management and increase their savings, Capital One provides a savings option. There are no minimum balance restrictions or monthly fees associated with this account. It has features like automated savings, the ability to link accounts for further parental supervision, and a savings rate of over 2% across all balances.
Auto financing
For those who wish to refinance an existing auto loan for a better interest rate or make a new purchase, Capital One provides financing for both new and used cars. Consumers can investigate their financing choices without affecting their credit score by using Capital One’s Auto Navigator service on their website.
Solutions for business banking
Capital One offers a range of business banking products, including business checking and savings accounts, loan products, payment processing solutions, capital management services, and more, in addition to its business credit card line.
Account fees for Capital One
The account fees that Capital One banking clients can anticipate paying are examined in further detail below:
Fee for 360 checking accounts: $0
Fee for a 360-degree performance savings account: $0.
Fee for overdraft: $0
ATM charge: $0.
Domestic outgoing wire transfer fees range from $30 to $40, depending on the recipient type and amount.
$15 is the incoming wire transfer fee.
$10 cashier’s check that was bought in person
Online purchase of a cashier’s check: $20.
Benefits and drawbacks of Capital One
Before banking with Capital One, prospective clients should be aware of a few significant benefits and drawbacks.
Pros of Capital One
Capital One provides tools for improving credit scores and monitoring credit. Customers of Capital One’s CreditWise credit monitoring service can monitor their credit profile, take advantage of recommended enhancements, and use a credit simulator to gain a better understanding of the effects of their financial choices.
Users give Capital One’s mobile app positive ratings. On Google Play and the App Store, Capital One’s mobile app has an average rating of 4.6 and 4.8, respectively.
There are no minimum balance requirements, overdraft fees, or monthly maintenance costs associated with Capital One. There are no fees associated with opening or keeping a bank account with Capital One. Additionally, it doesn’t charge consumers for overdrafts or have minimum balance limitations.
Cons of Capital One
Customers that use ATMs outside of Capital One’s network are not eligible for reimbursement. Capital One boasts a substantial network of fee-free ATMs. If you must withdraw money from an ATM that is not part of your network, you can be charged fees and won’t get your money back.
does not provide accounts for money markets. Despite being a well-liked savings option, Capital One does not presently provide high-yield money market accounts.
Capital One’s mobile banking experience and client service
The automated support phone number for Capital One is open twenty-four hours a day, seven days a week. From 8 a.m. to 11 p.m. EST, Sunday through Saturday, the bank provides live phone service. Customers can also use Capital One’s robo-chat service through their mobile app.
Customers of Capital One can do the majority of their banking through a mobile app, which they can configure to lock their debit card, examine balances, redeem rewards, monitor their credit scores, and alert them to any suspicious activity on their accounts.
With ratings of 4.8 and 4.5, respectively, the Capital One mobile app may be downloaded from the App Store and Google Play.
The effects of Capital One on society and the environment
On its website and in its most current ESG report, Capital One lists its main environmental and social objectives, which it hopes to achieve by 2030. Among its objectives are lowering greenhouse gas emissions by reducing power use through energy-efficient building renovations and on-site renewable energy production.
Within two years, Capital One also wants to cut the amount of water used in its facilities by 20%.
Capital One has persisted in promoting a more diverse workplace and assisting employees with their well-being. The bank prioritized career development opportunities and programs, raised its 401(k) match, extended its paid leave program, and made the switch to a fully hybrid work paradigm in 2022.
Capital One’s $200 million, five-year effort, which started in 2020, continues to have an influence on the community. In 2022, Capital One worked with more than 1,400 nonprofit groups and awarded more than $70 million in philanthropic grants to support the development of economic opportunity in the areas it serves.
Capital One FAQs
In what location may I make a deposit into my Capital One bank account?
Any Capital One ATM, branch, or Capital One Café accepts cash deposits. Additionally, you can deposit money at CVS, Walgreens, or Duane Reade by Walgreens.
Are there any actual Capital One bank locations?
Although Capital One offers online banking, there are branches in a few states.
How much must be in the Capital One 360 checking account to qualify?
A minimum amount is not necessary to maintain your checking account open or prevent fees at Capital One.