Capital One is a top 10 bank by assets, has around 300 branches and a large network of over 70,000 ATMs. Its personal banking options lack monthly maintenance fees, opening deposit requirements and overdraft fees. Its CDs also have no opening deposit requirements, whereas most banks of its size often require at least $1,000. It caters to kids as well, offering both a checking and savings account for kids with no monthly fees for either account. Overall, its accounts are affordable and accessible.
Best for: Those who want affordable online accounts with some branch access.
In early 2024, Capital One announced it was acquiring Discover in a $35 billion all-stock transaction deal, as reported by Fortune. Capital One and Discover are two of the largest credit card issuers in the US, and this merger means Capital One will effectively own one of the biggest payment-processing networks in the country. This was intentional, and the goal is to become more competitive with fintechs like PayPal and Affirm.
This merger may change how Discover miles and rewards programs are handled and the worldwide acceptance of Discover cards, but ripple effects aren’t set in stone and aren’t likely to impact customers until 2025.
If you’re comfortable with online banking and dislike monthly fees, Capital One is a solid choice. It may also be great for those who access ATMs daily, as Capital One has one of the largest free ATM networks in the US.
Capital One is well-known for its credit card offerings, loans and banking services and is mostly an online bank. It has a suite of high-interest CDs, savings, checking and business bank accounts, and many of its accounts lack monthly fees and feature competitive APYs.
It has around 300 branches in the US and more than 70,000 free ATMs in its network, which include Capital One, MoneyPass and Allpoint ATMs. There are also Capital One Cafés, which are mini branches where you can get coffee while you do some banking.
Capital One is a large bank with a variety of perks.
Most of Capital One’s shortcomings have to do with the fact that it’s a mostly online bank.
There are two checking accounts available. The traditional checking account, called the 360 Checking Account, and the MONEY Teen Checking account.
Capital One has two savings accounts, and it’s a very similar setup to its checking offerings. There’s the traditional savings account called Capital One 360 Performance Savings and a Kids Savings Account.
While Capital One allows you to open multiple checking and savings accounts, FDIC insurance is up to $250,000 per depositor, and opening multiple Capital One accounts in your name won’t increase your FDIC insurance coverage.
There isn’t much to complain about with Capital One’s CD offerings. With no opening deposit requirements for any of its CDs, it’s much more accessible than other top banks, which often require $1,000 or more to open. Top CDs include the 12-month CD with a 4.00% APY.
Capital One doesn’t offer any no-penalty CDs, which would allow you to withdraw funds early before the maturity date with early withdrawal penalties.
Aside from its personal banking products, Capital One has many other services.
See how other checking, savings and CDs stack up. Compare fees, APYs and features, and for a closer look, tap the Compare box to compare accounts side by side.
Capital One is a long-standing bank with decades of experience. It holds an A+ rating with the Better Business Bureau (BBB) and has been accredited by the BBB since the 90s. There have been over 10,000 customer complaints in the last few years. Holding an A+ rating with all of those complaints is challenging, to say the least, but Capital One makes a marked effort to resolve issues.
The majority of customer complaints have to do with various credit cards, attempts to resolve fraudulent charges on credit cards, disputing late fees or problems accessing account information or receiving statements. Overall, complaints are typical for banks of its size. Negative reviews on Trustpilot are in a similar vein to its BBB profile.
On Reddit, feedback is more on the positive side. Many current and past customers state they’ve banked with Capital One for years with no issues. They mention that they like the free checking account, the kids’ banking options and the immediate payout for cashback rewards on its credit cards. However, a few note that Capital One is a little stingy in terms of credit card limits, often offering very low credit limits when you first get approved.
Capital One’s mobile banking app is highly rated, sporting an impressive 4.8 stars on the App Store and 4.5 stars on Google Play out of millions of customer ratings. Reviews say the app works well and is easy to use, and report it’s easy to keep track of their accounts and credit cards.
No, it doesn’t. The Capital One 360 Money Market account is discontinued. The main savings product offered by Capital One is now the 360 Performance Savings account.
See how much interest you could earn with a savings account from Capital One.
Capital One’s 360 Checking account is free to open and maintain and offers 0.10% APY on all balances.
Capital One Money Teen Checking is a free checking account that helps teens ages 13 to 17 manage their money and save.
Capital One beats out national averages and has no deposit requirements to create a well-rounded savings option.
A simple, no-frills kids savings account with a low APY.
For balances over $10,000, this money market account has one of the best rates in the country.
This Capital One savings account is no-fuss and has a top rate, but you’ll have to like online banking.