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Capital One review: A wealth of personal finance products and credit-monitoring tools

Yahoo Personal Finance· Getty Images
Ivana Pino
·Senior Writer
Updated 8 min read
In this article:

Capital One is a Virginia-based credit card company founded in 1994. Over the years, Capital One has expanded its offerings to include a full suite of financial products and services for consumers and businesses, including savings accounts, checking accounts, credit cards, and more. Capital One also gives customers access to an extensive library of educational resources and credit tools.

Capital One currently offers the following products and account options:

Capital One began as a credit card company and, as such, it offers a host of credit card options for all different types of consumers. Its product list includes low introductory rate cards, annual fee-free cards, student cards, small business credit cards, travel cards, dining and entertainment rewards cards, cash-back cards, and cards for those who want to build credit.

The Capital One 360 checking account is a basic fee-free checking account that doesn’t require any minimum balance to open or keep open. Account holders can deposit checks via mobile app, track their spending, lock or unlock their debit card, and more. This is an interest-earning checking account, with balances earning an annual percentage yield (APY) of 0.10%. This account also comes with the added perk of an early paycheck for customers who sign up for direct deposit into their Capital One account.

Capital One’s high-yield savings account currently offers an APY of more than 4% with no monthly or maintenance fees, and no minimum to open an account. Customers can create multiple accounts to save for different goals, easily transfer money between Capital One or external bank accounts, automate their savings, and more.

Capital One’s certificates of deposit (CDs) range from six-month to five-year terms, with current CD rates as high as 5%. There is no minimum deposit required to open or maintain a CD. However, your CD may not exceed $1,000,000. Should you need to make an early withdrawal from your CD account, this will result in a penalty of three to six months’ interest, depending on your CD term.

Capital One offers a savings option for kids and teens who want to learn money management and build up their savings. This account doesn’t have monthly fees or minimum balance requirements. It offers features like automatic savings, account linking capabilities for extra parental oversight, and a savings rate of more than 2% for all balances.

Capital One offers new and used auto financing for car buyers or owners who want to make a new purchase or refinance an existing auto loan for a more favorable interest rate. Customers can use Capital One’s Auto Navigator tool on their website to explore their loan options without impacting their credit score.

In addition to its suite of business credit cards, Capital One’s business banking products include business checking accounts, savings accounts, and lending products, as well as payment processing solutions, capital management services, and more.

Here’s a closer look at the account fees Capital One banking customers can expect to pay:

  • 360 checking account fee: $0

  • 360 performance savings account fee: $0

  • Overdraft fee: $0

  • ATM fee: $0

  • Outgoing wire transfer fee (domestic): $30 to $40 depending on amount and recipient type

  • Incoming wire transfer fee: $15

  • Cashier’s check purchased at physical location: $10

  • Cashier’s check purchased online: $20

Potential customers should note a few major pros and cons before banking with Capital One.

  • Capital One offers credit monitoring and score improvement tools. CreditWise by Capital One is a credit monitoring service customers can use to keep tabs on their credit profile, benefit from suggested improvements, and use a credit simulator to better understand the impact of their financial decisions.

  • Capital One’s mobile app is rated favorable among users. Capital One’s mobile app has an average rating of 4.6 and 4.8, respectively, on Google Play and the App Store.

  • Capital One does not charge any monthly maintenance fees, overdraft fees, or impose minimum balance requirements. Capital One doesn’t charge any fees to open or maintain your bank account. It also does not have any minimum balance requirements in place or charge users for overdrafts.

  • Capital One does not reimburse customers who use out-of-network ATMs. Capital One has a sizable fee-free ATM network. However, should you need to make a withdrawal at an out-of-network ATM, you may be subject to ATM fees and will not be reimbursed.

  • Does not offer money market accounts. While high-yield money market accounts are a popular savings vehicle, Capital One currently does not offer this product.

Capital One’s automated support telephone number is available 24 hours a day, 7 days a week. The bank offers live telephone support Sunday through Saturday, from 8 a.m. to 11 p.m. EST. Capital One also has a robo-chat feature customers can access from their mobile app.

Capital One customers can do most of their banking via mobile app and set their app to notify them of suspicious activity on their accounts, lock their debit card, view balances, redeem rewards, monitor their credit scores, and more.

The Capital One mobile app is available for download on the App Store and Google Play and has ratings of 4.8 and 4.6, respectively.

Capital One outlines its key environmental and social goals on its website and in its most recent ESG report, with plans to hit these targets by 2030. Some of its goals include reducing GHG emissions by cutting back on electricity consumption through energy-efficient modifications to its buildings, and on-site renewable energy generation.

Capital One also hopes to reduce water use in its facilities by 20% within two years.

Capital One has continued to support associates’ well-being and foster a more diverse work environment. In 2022, the bank expanded its paid leave program, increased its 401(k) match, emphasized career development opportunities and programs, and transitioned to a fully hybrid work model.

Capital One continues to make an impact on the community front through its $200 million, five-year initiative that began in 2020. In 2022, Capital One granted more than $70 million in philanthropic funding to help build economic opportunity in the communities it serves and partnered with over 1,400 nonprofit organizations.

You can make a cash deposit at any Capital One ATM, branch, or Capital One Café. You can also make deposits at CVS, Walgreens, or Duane Reade by Walgreens locations.

While Capital One customers can bank online, this bank does offer branches in a handful of states.

Capital One does not require a minimum balance to keep your checking account open or avoid fees.

Our grading system, collected and carefully reviewed by our personal finance experts, comprised over 600 data points for over 20 FDIC-insured online banks to develop our list of the top 10 best online banks. We compared these banks across key metrics, including fees, customer experience, product selection, account features and security, and environmental and social responsibility.

The banks on our list could earn a maximum of 75 points across all five categories. Here’s a closer look at the categories we considered:

We weighed each bank’s fees for its most basic checking and savings account options, as well as overdraft fees and ATM fees. Banks were awarded points for having no or lower fees, greater fee transparency, and clear, easy-to-access fee structures.

Customer service is a key element in a bank’s product offering, especially with online banks, where visiting a branch and asking for in-person help is usually impossible. Banks were scored on metrics including mobile app ratings on Apple and Google storefronts and methods for reaching customer service representatives. Banks that offered phone, chat, and email contacts were awarded the maximum points in that category.

We examined each website for information clarity as part of the customer service offering assessment. This subjective assessment looked at each bank’s website design, ease of navigation, language clarity, and whether customers could easily gather all the needed information to make an informed decision about any particular product.

We also awarded points to banks that offered more extensive ATM networks, credit monitoring tools, and educational resources.

Each bank we analyzed could earn one point per product for each of the following:

  • Checking accounts

  • Savings accounts

  • High-yield savings accounts

  • Money market accounts

  • Certificates of deposit

  • Mortgages

  • Personal loans

  • Auto loans

  • Home equity lines of credit

We also looked at the speed of ACH transfers and gave banks points for same- or next-day transfers, early access to paychecks, Zelle as a service, and being part of FedNow — the Federal Reserve’s instant payment service.

We carefully considered each bank's security measures to protect your money and sensitive information. We looked at factors such as multi-factor authentication, website encryption, alerts for suspicious activity, zero fraud liability, and whether each bank had a dedicated security page or hub.

Many consumers consider a bank’s carbon footprint and philanthropic efforts before deciding on a particular institution. As such, banks that have dedicated pages to their philanthropic efforts and environmental goals, and have pledged to reach net zero CO2 emissions by 2050 scored up to 3 points for doing so.