Capital One Bank Review 2019

Capital One Logo

4.5/5

Capital One bank is one of the most popular online banks in the country, and in some regions, it also gives customers access to bank branches.

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Pracejihlava's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

The Pracejihlava editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.

When a financial firm offers more than one checking, savings or MMA accounts, Pracejihlava reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Capital One

The online banking unit of Capital One Financial Corp offers checking, savings and money market accounts as well as certificates of deposit. 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 well-regarded online lender as Capital One 360.

This bank is ideal for people looking for a full-service online bank, with a wide network of no-fee ATMs and some access to physical branches. People looking for the highest available rates on savings products may want to look elsewhere.

 Pros

  • Capital One is a hybrid financial institution that provides online banking services and — if you live in the mid-Atlantic, Louisiana, Texas — some branch access. There are also cafes in select locations.
  • There are no monthly fees or minimum balance requirements for checking, and no minimum balances for savings accounts.
  • No-fee access to more than 39,000 ATMs.
  • Its mobile bank app scores high.

 Cons

  • For a big bank, it pays competitive rates on deposits. But rates are low compared with the best nationally available APYs.
  • Overdraft fees are $35 per transaction for customers who sign up for its overdraft protection program and fail to replace overdrawn amounts in a timely fashion.
  • If you live outside of the northeast, mid-Atlantic, Louisiana or Texas, there is no access to bank branches.

Capital One Services

MMAs Rating

3.7/5

The Capital One 360 Money Market account offers an APY just outside of Pracejihlava’s top tier on balances $10,000 or more. This is a great opportunity for you to earn a competitive APY at a well-known bank. The Capital One 360 Money Market doesn’t offer an ATM card or check-writing privileges and there isn’t an ATM card available for the 360 Savings account. Opening a money market account gives you access to a tool that helps you track savings goals. Savers can deposit checks anytime using their cellphones.

 Pros

  • Offers a competitive yield.
  • No monthly maintenance fees.
  • No minimum balance to keep the account open.
  • The Capital One 360 Money Market account offers an APY that is in the ballpark with some of the top APYs offered.

 Cons

  • Must maintain a $10,000 balance to earn the top yield.
  • No option to receive an ATM/debit card.
  • No check-writing ability.
  • The Capital One 360 Money Market account requires a minimum of $10,000 to earn the top APY. There are options with higher APYs and lower minimum balance requirements.

MMAs available from other banks

CDs Rating

4.8/5

In addition to savings, checking and money market accounts, Capital One 360 offers a full spectrum of CDs with different terms. Rates are competitive, and there’s no minimum deposit. Interest accrues daily and compounds monthly for all CDs. Customers can have up to 50 CDs open at once. Early withdrawal penalties vary based on the length of the term and are standard compared with the policies at other banks. For CDs with terms of 12 months or fewer, the penalty for withdrawing early is three months of interest. For CDs with terms longer than 12 months, the penalty for withdrawing early is six months of interest.

 Pros

  • No minimum deposit required to open a CD.
  • Pays competitive rates.
  • Account holders can receive interest disbursements monthly or annually based on personal preference.

 Cons

  • Interest compounds monthly rather than daily.
  • Other online banks pay higher yields.

Capital One CDs

2.55 % APY
18 MONTH CD
$0 MINIMUM DEPOSIT
2.50 % APY
5 YEAR CD
$0 MINIMUM DEPOSIT
2.40 % APY
1 YEAR CD
$0 MINIMUM DEPOSIT
2.40 % APY
3 YEAR CD
$0 MINIMUM DEPOSIT
2.35 % APY
2 YEAR CD
$0 MINIMUM DEPOSIT

CDs available from other banks

2.45% APY
$25,000 MIN DEPOSIT
2.40% APY
$500 MIN DEPOSIT
2.55% APY
$5,000 MIN DEPOSIT
Savings Rating

4.3/5

The 360 Savings account offers 10 times the national average for all balances and doesn’t have a minimum balance requirement. So this account is for all levels of savers. Capital One 360 offers a savings account that’s available online and through mobile devices. Users can set savings goals and automatic savings plans (with funds transferred from a Capital One 360 checking account) for additional budgeting utility.

 Pros

  • No monthly services fees on the 360 Savings account.
  • The app allows you to make mobile deposits and set up an automated savings plan.
  • It offers an APY 10 times more than the national average.

 Cons

  • All account holders earn 10 times the national average on the 360 Savings account. So there is not a tiered option to earn more interest if you deposit more money.
  • There are much higher APY options at other online banks.
  • Savings account doesn’t have an option for an ATM card.

Savings accounts available from other banks

Checking Rating

5/5

The 360 Checking account is a competitive interest-bearing account offering tiered rates where those with larger balances earn more. The account is free to keep and open and includes the ability to make mobile deposits, pay bills online. It offers also a first checkbook for free. 360 Checking customers have three free options to deal with overdraft protection including auto-declines, free savings transfers and an overdraft line of credit.

 Pros

  • Customers can earn interest for all balances.
  • $0 monthly fee and minimum balance.
  • Three fee-free options to avoid overdraft charges.

 Cons

  • Customers don’t have access to many branches.
  • Most account holders will earn less than 1 percent APY.

Checking accounts available from other banks

Bank Experience Rating

4.5/5

At Capital One, you’ll have fewer branches to visit, but you’ll have something more relevant: cutting-edge digital bank features. For example, Capital One was the first bank in the U.S. to launch a skill for Amazon’s Alexa so that you can use your voice to find out information, such as your bank account balance. The bank’s web interface and mobile app are also very well regarded and get high marks in Android and iOS app stores. Customers who need assistance can call the bank or visit a branch or cafe. Capital One offers physical branch locations in select states. There are also Capital One Cafes that allow customers to open accounts, drink coffee, deposit cash and checks and socialize. Account holders can attend various events and take advantage of free financial coaching sessions.

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