Capital One Review

Top10.com Staff

In a Nutshell

Capital One is a large bank specializing in checking accounts, savings and investment products, credit cards, and auto loans. Founded as a brick-and-mortar institution in 1988, it now offers most of its regular banking services online. In addition to bank accounts and lending products, it also offers a suite of financial tools to help customers track their credit score and achieve savings goals.

pros

  • Diverse range of checking and savings products
  • Most features available on mobile app
  • Access to thousands of ATMs

cons

  • No personal loan products
  • No interest checking options

Capital One at a Glance

Fees
$0
Personal loans available
No
Credit card available
Yes
SMS/Mail alerts
Yes
24 hour customer service
No
Money transfers
Yes
Check scanning
Yes
Average APY
1,00%
Savings Account minimum balance for APY
$0
Money Market minimum balance for APY
$0

Advantages Over Regular Bank

Capital One is a regular bank with an online banking arm. As such, it offers the best of both a brick-and-mortar bank and an online/mobile bank.

Here are some of the advantages to using Capital One’s online banking services:

  • Open and manage accounts from your computer or mobile device.
  • Do everything from your online or mobile account, including money transfer, check deposit, bill payment, and viewing statements.
  • 24/7 alerts for when suspicious activity occurs with your account.

Cutting-Edge Banking Services

Although Capital One is one of the largest banks in the United States, it offers many of the same online features usually found at Silicon Valley-based online banks.

Capital One customers can do virtually everything online (or by mobile), including:

  • Bill Pay: Enter details about what you want to pay and when, and Capital One handles all the rest.
  • Mobile deposits: Deposit checks with just a couple of clicks and you’ll get an alert when your funds are ready to use.
  • Digital payments: With Capital One Zelle, you can send secure person-to-person payments to other bank accounts.
  • Mobile payments: Capital One’s mobile app lets you pay retailers with Apple Pay, Google Pay, and Samsung Pay.
  • My Savings Goals: This tool helps you set financial goals and track your progress.
  • CreditWise: Free tool that lets you track your credit score for free (even if you don’t have a Capital One account).
  • Direct Deposit: Arrange for your employer to send money directly to your savings account.
  • Eno: Eno is your Capital One assistant. It monitors charges, sends you insights (like if a monthly recurring bill is higher than usual), and sends you alerts when it notices suspicious behavior. You can even text Eno for recent transactions.
  • Alexa: Manage your Capital One accounts from any Alexa-enabled devices, including the new Echo Show.

Traditional Banking Services

  • One of the main reasons to choose Capital One is that it offers all its traditional banking services online.

Capital One is known for banking products and services, including:

  • Checking accounts, with a choice from a zero-fee checking accounts.
  • Savings products, CDs, and IRA CDs.
  • Credit cards, including a range of reward credit cards and credit cards for businesses.
  • Auto loans and auto financing products.
  • Commercial financing options for businesses in selected industries.
  • Network of more than 39,000 Capital One and AllPoint ATMs around the US.
  • Network of around 760 branches around the US.

Interest Rates and Fees 

Capital One offers 2 types of checking accounts: 360 Checking, for adults; and Money, for teens. Both come with no monthly fees, no minimum balance, and a full suite of online and mobile banking features.

The following table shows APYs and minimum balances for all savings accounts, CDs, and IRAs. Note that there are no monthly fees for any of the savings products. There are no minimum balances, except for the 360 Money Market, where the balance must stay above $10,000 to earn the full 1,00% interest.

Account
Minimum Balance
APY
360 Money Market
$10,000 for 1.10% APY
0.50% - 1.10%
360 Savings
$0
1.30%
Kids Savings Account
$0
0.50%
360 IRA Savings (Traditional or Roth)
$0
0.80%
360 CDs
$0
1.00% for 12 months, 1.10% for 24 months, 1.20% for 36 months

Customer Service

Capital One provides customer service by phone or in branch. Its website contains an extensive Support section with answers to frequently asked questions.

Phone: 800-655-BANK (800-655-2265) for inquiries related to retail banking. Bankers are available 7 days a week, 8am – 11pm ET. Automated services available 24/7.

Social Media: Capital One encourages people to interact with it via its Twitter account (@AskCapitalOne).

HQ: 1680 Capital One Dr, McLean, VA 22102, USA

Mobile Apps

Capital One has a mobile app for iOS and Android. The app offers many of the same features as online banking, plus a few exclusive mobile features.

Here are the highlights of Capital One’s mobile app:

  • Instant purchase notifications whenever your Capital One Credit Card is used.
  • Lock your Capital One card with a few taps if it is misplaced, lost, or stolen.
  • Free credit score tracking, plus tips to help you understand how to improve your score.
  • Schedule regular bill payments or make one-time payments.
  • Login with Touch ID.
  • Transfer payments securely and quickly with Zelle.
  • Deposit checks with just a photo.
  • View and redeem rewards from Capital One partners.

Security 

Capital One is the 10th-largest bank in the United States by total assets, so it’s no surprise it’s committed to protecting customers. 

Here’s how Capital One protects online banking customers:

  • All accounts are FDIC-insured up to $250,000.
  • Instant mobile alerts if any suspicious activity occurs in your account.
  • Dedicated fraud investigation team can be reached at 800-CAPITAL.
  • All online data is encrypted with 128-bit Secure Socket Layer (SSL), ensuring only you and Capital One can view sensitive information.
  • Mobile users can replace their password with SureSwipe, a customer pattern you swipe with your finger.
  • Capital One automatically checks your credit card accounts for unusual charges and notifies you if it thinks you’ve been wrongly charged.

Conclusion

Most large banks have been slow to set up online banking, but not Capital One. With Capital One’s online and mobile banking platform, users get access to all the same checking and savings products as they would if they walked into a real branch—along with the added convenience of being able to bank from home or on the go. Overall, Capital One’s online banking platform is among the strongest options on the market, with a wide range of banking products and services, low fees, and competitive savings rates. Capital One is a good option for anyone looking to manage their online checking and savings accounts in the same place.

Top10.com's editorial staff is a professional team of editors, writers and experts with dozens of years of experience covering consumer, financial and business products and services.

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31 Oct 2020

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