Capital One Bank Review 2024
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Best big bank
CDs
Checking
Savings
About Bankrate Score
Overview
Capital One is ideal for consumers looking for competitive rates and no monthly fees along with the experience of a full-service bank. It offers access to a wide network of no-fee ATMs and branch locations in select states.
Highlights
- High APY
- Digital Leader
- No Monthly Fees
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Capital One Bank is among the 10 largest U.S. banks by assets. While it offers branches in a handful of states, customers can access accounts online from just about anywhere. The bank offers high rates on its savings and certificate of deposit accounts (CDs) and a free checking account that pays interest. There are no balance minimums or monthly fees, and you won’t need to worry about overdraft fees either.
Capital One was named best big bank and best bank for ATM access as part of the 2024 Bankrate Awards, which recognizes the best financial products available to consumers.
Pros
-
Capital One offers no-fee access to more than 70,000 ATMs.
-
You’ll earn competitive rates on savings and CD accounts.
-
Checking and savings accounts feature no minimum balance requirements.
-
The mobile app is highly rated by iPhone and Android users.
Cons
-
Bank branches are limited to just a handful of states.
-
Capital One no longer offers money market accounts for new customers.
We want to know what you think about Capital One
Do you have experience with Capital One? Let us know your thoughts.
Capital One banking products
APY last updated between 11/14 and 11/20.
Capital One savings overview
Pros
-
The 360 Performance Savings account has no monthly services fees.
-
The Capital One app allows you to make mobile deposits and set up an automated savings plan.
-
No minimum balance is required to open or maintain an account.
Cons
-
The 360 Performance Savings account doesn’t include a debit card or an ATM card.
-
Higher rates can be found at other online-only banks.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Capital OneAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Account maintenance fees | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
Customer experience
Customer support
Physical presence. Capital One has more than 250 branches in select states for in-person banking, and it operates around 50 Capital One Cafés, where customers can open accounts, as well as deposit cash and checks. Customers can also access more than 70,000 fee-free ATMs through Capital One's owned-and-operated machines, and the Allpoint and MoneyPass networks. Mobile app users can take advantage of the Add Cash in Store feature to deposit cash at CVS and Walgreens stores through a cashier.
Customer service hours. Deposit account holders can reach out to representatives over the phone daily from 8 a.m. to 11 p.m. ET. Automated services, including Capital One’s digital assistant Eno, are available 24/7.
High customer satisfaction. Capital One scored highly in overall customer satisfaction among online-only banks for both its checking and savings products, according to J.D. Power’s 2024 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. Capital One’s mobile app, which has been reviewed by more than 9 million users, earned high marks on the Android and iOS app stores. The bank was the first in the U.S. to launch a skill for Amazon’s Alexa so that customers can voice commands to search for information, such as bank account balances. All this noted, a Bankrate staff member with a Capital One account commented that the app lacked useful breakdowns of spending and saving patterns; instead, there’s just a very basic money in, money out module.
Digital assistant. Capital One has a digital assistant called Eno, which you can interact with on the app or over text. Eno can be used to check your balance, recent transactions, available credit and payment dates. It can also be used to activate, lock or replace a card and even pay bills. “Eno is very easy to use, and I found it helpful when trying to find information on how to set up Apple Pay,” said a Bankrate staff member with a Capital One account. “Although when I asked it to explain how early direct deposit works, it couldn’t come up with an answer.”
Manage Funds
The above images were last updated on March 13, 2024.
Complaints
Data breach fine. The Office of the Comptroller of the Currency, a U.S. bank regulator, ordered Capital One to pay an $80 million fine because the bank failed to ”establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment.” Moreover, the bank failed to correct these deficiencies in a timely manner, resulting in a massive data breach of their customer’s information in 2019.
Bankrate staff insight
“With Capital One, I can get a solid APY on a checking account that exceeds what most of the big banks are offering on their savings accounts — so that’s a big differentiator,” says a Bankrate staff member who uses a Capital One account personally. “At the same time, knowing that I could get to a branch if necessary gives Capital One a big edge against the top online competitors who lack a physical presence. However, the branch network is on the thin side, so that’s one area that I can note that gives other big banks an edge for convenient access to in-person services.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
About Capital One
The banking unit of Capital One Financial Corp. offers checking and savings accounts, as well as CDs. Richard Fairbank and Nigel Morris started building Capital One (then as a unit of Signet Bank) in 1988. In 1994, Capital One spun off under its name, offering credit cards. In 2012, Capital One acquired ING Direct and rebranded the lender as Capital One 360.
Capital One is ideal for consumers looking for competitive yields, a highly rated banking app and access to a wide network of no-fee ATMs.
Capital One operates almost 300 branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C.
How Capital One compares to other banks
Compare different account types offered by Capital One. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.
|
Selected bank
Capital One savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Ally Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
No banks found
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
|---|---|---|
|
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
|
||
| 4.00% | 4.00% | |
|
Minimum balance for APY
|
||
| $0.00 | $0.00 | |
|
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
|
||
| $2,000 | $2,000 | |
| Capital One’s 360 Performance Savings Account earns a competitive yield. It doesn’t require a minimum opening deposit and you won’t pay a monthly service fee with this account. Capital One is one of the few online banks that you can visit at a branch location to withdraw cash. | Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. | |
|
|
N/A
|
|
|
N/A
|
|
APY offering:
3.90%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.00%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
Capital One FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Capital One customer reviews
Capital One has 25 reviews
Dive into community reviews below and see what others think about Capital One.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
Thank you for sharing your experience with Bankrate
