Capital One Bank: Banking Review 2022 | Techy Kings

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Capital One is 10th on the list 10 largest US banks based on assets, according to the position of the Federal Reserve 2022. It offers a set deposit account which provides robust services for retail banking customers, incl certificate of deposit and youth accounts.

Capital One offers an innovative banking experience, marrying digital banking services with physical locations in select cities and airports across the country. Capital One Cafés, for example, offer a unique experience compared to traditional bank branches by providing both customers and the public with free Wi-Fi, comfortable lounge seating and Peet’s coffee and treats.

What we like

  • No payment imposed check and savings accounts
  • Capital One Cafes in select cities
  • Competitive APYs for savings and CDs
  • Free overdraft protection on 360 Checking accounts
  • A solid mobile app
  • Cash deposits are accepted at any CVS store

What we don’t like

  • A low APY is offered on 360 Checking accounts
  • No ATM or debit cards are available for 360 Performance Savings accounts
  • Limited number of physical branches located outside the seven states

Who is Capital One best for?

Capital One is best for those who live or work near one of its more than 300 branches in seven states, travel internationally or are comfortable with banking primarily in a digital environment.

Review account review

Capital One offers an online checking account: 360 Checking. 360 Checking accounts earn 0.10% annual percentage yield on any balance amount. Accounts can be opened online and transactions can be handled through any mobile device. A customer service representative is available for additional support. There are no account minimums to open a 360 Checking account, no monthly maintenance fees and no-fee overdraft protection options available. International travelers will appreciate that there are no foreign transaction fees tied to the account.

Checking account features

APY

0.10%

Minimum balance for APY

$0

Monthly fees

$0

Overdraft fees

$0

Foreign transaction fees

0%

What we like

  • No payment: There are no fees for standard services such as minimum balances, overdraft fees or monthly maintenance fees.
  • Large ATM network: Customers have access to a network of more than 70,000 ATMs.
  • A robust mobile banking app: Access money and banking features anywhere with the mobile app. The Capital One mobile app allows customers to manage all transactions that would otherwise be handled through a traditional bank.
  • Physical branches in selected cities: Customers have access to 307 bank branches in seven states. Capital One provides a good mix of digital banking features and face-to-face options for those who need it.
  • Supports cash deposits: Capital One customers can make a cash deposit at any CVS store.
  • Free overdraft protection: The 360 ​​Checking account provides three types of overdraft protection; none of them charge.
  • Capital One Cafe: The Reimagined Banking Lounge is available to the public in select cities. Cafes include comfortable chairs, free Wi-Fi and coffee shop fare.

What we don’t like

  • Low APY: Competing online checking accounts pay higher APYs.
  • Limited physical branches: Physical branches are only offered in seven states.
  • Domestic wire charges: Capital One charges $30 for domestic wire transfers.
  • Possible out-of-network ATM payments: There is a fee of up to $2 for ATM transactions outside of the MoneyPass or Allpoint ATM network.

Savings account checking

The 360 ​​Performance Savings Account offers competitive APYs on savings accounts with no minimum balance required to open or qualify for the highest rate. Multiple Performance Savings Accounts can be opened to track separate savings goals. Savings accounts can be opened online or in person at any Capital One branch or cafe.

Savings account features

APY

2.25%

Minimum balance to open

$0

Monthly maintenance fee

$0

What we like

  • Competitive APY: 360 Performance Savings offers a competitive APY on any balance.
  • No payment: There are no monthly fees or minimum balances to maintain.
  • Multiple accounts: Multiple accounts can be created to track separate savings goals.

What we don’t like

  • No ATM card: The 360 ​​Performance Saving account does not provide an ATM or debit card.

CD account check

CD 360 has nine terms available ranging from six months to five years. No minimum balance is required to open a CD. These fixed rate savings vehicles offer rates that are among the highest, especially for big banks. Early withdrawal penalties range from three to six months of interest.

CD account features

CD APY 1 year

3.25%

CD APY 3 years

3.40%

CD APY 5 years

3.50%

Minimum balance

$0

Early withdrawal penalty

3-6 months interest depending on duration

What we like

  • No minimum to open: CDs can be opened with any amount.
  • Competitive APY: The 1 year APY is comparable to the highest yield available.
  • Less severe penalties: The early withdrawal penalty is less than many competitors based on the same period.

What we don’t like

  • Only one type of CD: Capital One does not offer multiple CDs which provides more flexibility for consumers.

Banking experience

Capital One is one of the largest US banks, but it only provides physical branches in seven states. Its Banking Reimagined campaign aims to change the way customers engage with their bank by providing Capital One Cafés and robust mobile applications. Capital One ranked No. 1 in the 2021 JD Power National Banking Survey for customer satisfaction.

Overdraft fees

Capital One provides three overdraft protection services. All services are provided free of charge.

  • Auto Reject will reject any transaction that exceeds the checking account balance.
  • Free Transfer will transfer money from savings to cover the transaction.
  • Fee Free Overdraft covers approved transactions that cause the balance to fall below $0.

Customer service

Capital One provides several customer service options. You can call or visit a Capital One branch or cafe in selected cities. Customer service can also be accessed by phone or chat with Eno, its digital assistant, which is available 24/7.

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