At A Glance
Capital One was established in 1988 and today has found itself among the largest banks in the United States. Capital One acquired ING Direct in 2012 and re-branded it to Capital One 360. This propelling the bank to the 10th spot on the list of largest banks in the US by assets. Although Capital One only has 755 branch locations across the state and 30 café-style locations, it also has a global reach in the UK, and Canada. Despite its limited physical locations, Capital One bank is a leader in the online banking world offering cutting-edge digital banking tools.
The Bank offers a wide range of personal banking products that include checking, savings and money market accounts, as well as certificates of deposits and credit cards.
Mission Statement: “What’s in your wallet?”
Capital One’s mission to bring ingenuity, simplicity and humanity to banking as well as helping their customers live their best lives.
Types of Accounts
Capital One bank has an extensive product line-up, and it issues credit cards, auto loans, and more. Here are a few of its most important banking products:
Capital One offers two types of checking accounts with convenient access to your funds and a competitive interest rate.
- 360 Checking Account: this is account is not only interest bearing but also free.
|$0 – $49,999.99||0.20%|
|$50,000 – $99,999.99||0.75%|
|$100,000 or more||1.00%|
- Money Teen Checking Account: this account is specifically designed for teenagers under the age of 18. It is free and also an interest-bearing account earning 0.25% APY on any account balance. Parents will have joint ownership until the teen turns 18 and the account is automatically converted to an adult account.
There are also two types of savings accounts at Capital One:
- 360 Savings Account: this savings account is truly designed with savings in mind. If you only have this account, you do not get access to an ATM card and you are limited to 6 withdrawals a month. Interest earned is 1% APY monthly on all account balances, there is no minimum required.
- Kids Savings Account: designed for children under the age of 18, where both parent and child are joint on the account. This account helps prepare children for the future and helps them learn about savings and interest growth. The account earns also a 1% APY monthly on all balances, requires no minimum and is free. Only the parents on this account however can make the deposits and withdrawals but the child in question can have access to online banking. This account also has a 6-withdrawal limit per month, including transfers.
Capital One also offers Savings IRAs both Traditional or ROTH offering tax-advantaged accounts to help you save for retirement which earn also earn you 1% APY.
Capital One bank is one of the leading competitors in the market for CDs. The bank offers competitive rates and a variety of terms with no minimum deposit amount.
Capital One compounds your interest monthly and gives you the option to keep your interest in your CD or have it transferred to another Capital One account. As with any CD, there are penalties for early withdrawal. IRA CDs are also a possibility.
The Money Market account at Capital One offers you one of the highest interest rates on the market. Like all of their accounts at Capital, this account has no fees and requires no minimum balance to open.
|0.85%||Less than $10,000|
With your Money Market account, you can:
- Have access to an ATM card
- Transfer between your Capital One accounts – with a 6-withdrawal limit of $1,000 per day
- Bank Online at your convenience
Capital One has a stellar lineup of credit cards as it originally only offered credit cards to consumers. Their card categories offer a card for everyone: building credit, cash back, travel rewards, low interest rate and business rewards. Below we will take a look at the most popular credit cards the bank has to offer and their perks:
- SavorOne Rewards: There is no annual fee for this card that earns unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. In your first 3 months you can also earn $150 cash back once you spend $500 in purchases.
- Venture Rewards: This travel card will earn you unlimited 2X miles per dollar on every purchase. Capital One offers no annual fee for the first year and the card is only $95 thereafter. Within the first 3 months of opening, you can earn up to 50,000 bonus miles once you spend $3,000 in purchases
- Quicksilver Rewards: Is also a free card, that earns you cash back on every purchase without category distinctions. Your purchases get you 1.5% cash back every day and within the first 3 months, you can earn a one-time $150 cash bonus after you spend $500.
- Platinum: Caters to customers that need the credit with no annual fee attached. The purchase rate is higher than other cards but offers a chance to build your credit back.
- Journey Student Rewards: Perfect card for students with no annual fee and earns 1% cash back on all purchases. It encourages young adults to begin building and managing their financial credit offering them a cash back boost of 1.25% when they pay the minimum amount on time each month.
Capital One bank offers the tool CreditWise which allows you to track your credit score for free. You can set yourself up to receive alerts when your score changes and get easy-to-understand credit tips so you can manage your financial future.
In addition to the accounts above, Capital One 360 offers several types of home loans. If you’re buying or refinancing a home, you can use a fixed rate or adjustable rate mortgage. You can also just get lines of credit with several different repayment options.
- Digital Banking is a full-features mobile app offered by Capital One that allows customers to make deposits, pay bills and transfer funds with a few clicks. You can also use Zelle, the friend to friend transfer service within the app, as well as Google Pay, Apple Pay and Samsung Pay. The app also allows you to set up automatic transfers to increase your savings capacity and attain your goals. Capital One’s most prominent feature within their mobile banking app is the voice command option that is linked to Alexa. With this, you can request banking information by talking into the app.
- Bank securely allows you to have peace of mind if you lose or break your phone. With SureSwipe® you can access your funds via any other device and see all transaction details.
- Online Banking tools include Zelle for money transfers and an easy mobile app software. The Capital One app also offers a digital wallet that works like Apply Pay. Shared access for kids and parents is enabled through the app allowing parents to track spend, set up balance alerts and help their kids achieve personal financial goals.
- Capital One Cafés is a smaller branch location that allow customers to open accounts, drink coffee, deposit cash and checks, enjoy free financial coaching sessions and socialize. They do not offer full-service banking, but are still rather convenient.
About Capital One Bank
Today Capital One is one of the most recognizable big banks not only in the U.S., but in Canada and the U.K., as well. What began as a small business founded in 1988, the company has grown to a Fortune 500 company. Capital One originally started as a monoline, most of its business being consumer lending (credit cards). Although credit cards still make up a majority of Capital One’s business, the bank now offers personal banking, business banking, investments, as well as loans via branch locations and online.
Capital One became the first bank in the U.S. to integrate with Amazon’s Alexa. This feature allows you to use your voice to communicate with their banking app. You can ask for bank related information, such as your bank account balance or your recent spends.
The company promises a convenient and valuable experience for all of its customers and maintains a reputable reputation within the banking industry.
The Bottom Line
Capital One offers a top-of-the-line banking experience for the family, with exceptional online banking tools, strong customer support and streamlined ways to help you manage your money online. The bank also offers solid rates and offers no monthly fees. There is also an ‘opt-in’ overdraft option, though the fees related to it are high.
If you’re looking for free checking and savings account, and cutting-edge digital banking features, then Capital One is an excellent option. On the other hand, other banks offer higher rates and more brick-and-mortar locations for a personal experience.