Written by Ali Cybulski, Published on 6/21/2024
Capital One, based outside of the nation’s capital in Virginia, offers a variety of personal and business banking products. The bank — one of the 10 largest in the U.S. by consolidated assets — operates 300 branches in nine markets. It offers a savings and checking account as well as CDs and deposit accounts for kids and teens.
Capital One’s 360 Checking account features no monthly fees, including overdraft fees, and no minimum balance or deposit requirements. Accounts earn an annual percentage yield (APY) of 0.10%. You’ll get access to your paycheck up to two days early when you sign up for direct deposit, and you’ll have more than 70,000 fee-free ATMs available for cash withdrawals.
You can manage your account by using the Capital One Mobile app or an ATM to make deposits and withdraw cash, or by mailing checks for deposit. If you need paper checks, you’ll get your first checkbook free.
The 360 Performance Savings account earns an APY of 3.60%, charges no monthly fees, and requires no initial deposit and no balance minimums. You can open an account in about five minutes online, on the mobile app or at a Capital One location. You’ll be able to manage deposits, perform transfers and track your savings using the app.
Capital One also has 360 CD accounts with no minimum balance required to open a CD. Terms range from six months to 60 months, and early withdrawal penalties apply. The bank currently offers three promotional rates: a one-year online CD with a 4.00% APY, a two-year online CD with a 3.50% APY and a five-year online CD with a 3.50% APY.
For customer service, you can connect in person at a Capital One Café or branch, call 877-383-4802 from 8 a.m. to 11 p.m. Eastern time seven days a week, or search the Support Center by topic. You can also try to chat with Eno, the virtual assistant, on the mobile app to get the answers you need.
Capital One pros and cons
Pros:
• Competitive rates on savings and CDs
• No monthly fees on checking or savings accounts
• No-fee access to more than 70,000 ATMs
Cons:
• Limited number of branches in only nine markets
• No money market accounts
• You may find higher rates elsewhere
Performance Savings
I opened savings accounts with CIT Bank, Marcus, UFB Direct and Capital One. Most of these banks have lower reviews and I'm glad I did not rely on those reviews. First off, most of these online banks are regularly featured on sites that share with you the offerings of different banks. Do your own research and look at the bank stat or their parent organization's health.
I'm not sure if I've just had the best of luck with the four accounts I opened with the four different banks but I just don't understand all the negative reviews. Some just silly like the transfer limits, transfer times, etc. Most info are available online or if not, ask before opening your account. Also, online banking does not mean faster banking. And if you want a live person and constant/immediate access to your money, go to a Chase branch and earn 0.1% on your money.
The interest rate on my Performance Savings account is not the highest but I took advantage of a bonus promo on a six-figure deposit and it will bring it up to par with the other accounts I opened. I have had nothing but positive experiences with Capital One. From opening the account, making transfers, calls to customer support had short wait times and questions answered promptly. Between the credit card and the savings account I have with Capital One, I am pretty satisfied customer.
Pretty Good Overall, Some Annoyances
I have banked with CapitalOne for over a decade, and find their products work pretty well for me. I have also banked with several online-only banks, traditional banks, and credit unions over the years.
Pros:
- Zero fees on 99% of the things I do; I think I paid for a cashier's check a couple of times
- Create many savings accounts for different goals or for transferring cash between banks; it's okay to have a zero balance for months
- Good (but not the best) interest rates and terms on 360 Performance Savings accounts and CDs
- Good mobile app and web site with lots of features
- Virtual online credit card numbers locked to specific vendors
- Good notifications on checking accounts and credit card transactions
Cons:
- Locked all of my accounts when I tried to add a joint owner (my son, with whom I already have joint accounts) to an account
- Bad interest rates on checking and kids savings accounts
- Changed the 360 Savings product several years ago, requiring that I create new 360 Performance Savings accounts to keep getting good interest rates
- Limited notifications on savings accounts (e.g., can't be notified on "deposit over $x" like most banks)
I also have two CapitalOne credit cards, which have been good to me over the years. One was stolen while I was traveling in Europe and CapitalOne managed to get me a replacement card overnight. My wife's card continued working because each authorized user has a different card number. My Chase card, by comparison, had to be locked until we got home and then it took days to issue a new one.
Beware: They Cheat Existing Customers
I've been a Capital One 360 customer for many years. I logged in recently to see if my interest rate went up (because in 2022 the rates are going up), and I was still at 0.3%. They advertise 3% but keep their older accounts at 0.3% for people who don't check. I don't want to do business with a company like that.
Go Elsewhere!
I paid my CapitalOne credit cards on time each month for years, but this is how they deal with loyal customers! They will close your accounts without warning and then charge higher interest on the outstanding balance. I am paying them off and still pay more than the minimum due. They truly did me a favor. At least my other credit cards acknowledge my commitment to paying on time. Find another credit card company that acknowledges on-time payments and prompts credit line increases! Thanks, CapitalOne. On a scale of 1 to 5, they get a zero
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4297 |
| Year Established | 1933 |
| Employees | 61734 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 9.53% |
| Annual Interest Income | $45.98B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $487.2B$475.6B |
| Loans | Q4 2024vs Q4 2023 | $311.7B$306B |
| Deposits | Q4 2024vs Q4 2023 | $385.4B$374.2B |
| Equity Capital | Q4 2024vs Q4 2023 | $55.89B$53.19B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $16.26B$15.3B |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $6.39B$5.61B |
| Real Estate Owned | Q4 2024vs Q4 2023 | $49.1MM$41.3MM |
