Capital One Bank offers a full suite of banking products. It's mostly an online bank, but in select states, it also has physical branches.
In this article, we’ll take a look at the products Capital One offers, how you can access the money in your account, how much interest you can earn and more.
When you think of Capital One, you probably think of its credit card products and its long-running “What’s in Your Wallet?” ad campaign. But Capital One offers much more than just credit cards.
In 2012, Capital One Bank completed the acquisition of ING Direct, a move that greatly bolstered its digital banking capabilities.
In addition to its credit card portfolio, Capital One offers a variety of checking and savings products to consumers including its “360” branded savings accounts.
It also provides certificates of deposit (CDs), auto loans and business banking services.
There are no monthly fees and no minimum opening deposit for this account. However, there’s also no ATM card access with this account. To withdraw money from an ATM, you would first need to transfer money to a checking account.
Your money is FDIC protected up to $250,000 in a 360 Performance Savings account.
The 360 Checking account also has no fees and no minimums, making it a solid online checking account option. In addition, your money is FDIC-protected and your first box of checks is free.
Unlike the 360 Performance Savings account, the 360 Checking account does offer ATM card access.
This account might be the best of all worlds because it's fee-free like a lot of online accounts, and it lets you make cash deposits at any Capital One ATM or Capital One Café (more on the Cafés later). That variety of options is uncommon in the online banking world.
Capital One has a full range of 360 CDs with terms ranging from six months to 60 months. The amount of interest you can earn gets higher as you select a longer term.
The nice thing about these CDs is that no minimum balance is required to get started, and your returns are always guaranteed. Of course, as always with traditional CDs, there is a penalty if you withdraw your money before your CD term is up.
Meanwhile, Team Clark analyzed the rates that Capital One is paying versus weekly rate cap information from the FDIC. We noted a general trend of 360 CDs coming pretty close to doubling what you could earn versus the national average on CDs.
360 Checking customers can simply use their debit cards to withdraw money from ATMs. If you're also a 360 Performance Savings customer, you can also transfer money from your savings account to your checking account and then withdraw it at an ATM, too.
But if you’re only a 360 Performance Savings customer, you have to transfer money out to a linked account or physically visit a Capital One branch to make a withdrawal.
Branches are located primarily in Washington, D.C. and the following states:
- New Jersey
- New York
Adding money to your Capital One bank account is easy. You have several options:
- Mobile check deposit
- Direct deposit
- Deposit at select ATMs
- Deposit via an externally linked bank account
- Branch deposit in select states
That last method of deposit sets Capital One apart from many of its online banking peers. Having the ability to make cash deposits at a physical location — either at a traditional branch or a Café — can help ease you into doing business with an online bank if you have reservations about that sort of thing.
And in case you’re wondering about Capital One Cafés, they’re spots where you can grab a cup of coffee, surf the web, charge your phone, attend money workshops, use the ATM and more.
At last check there were 41 Cafés in the country, located in California, Colorado, Florida, Georgia, Illinois, Massachusetts, Minnesota, Oregon, Pennsylvania, Texas, Virginia, Washington and Washington, D.C.
There are several ways to get in touch with customer service at Capital One:
- Live chat when logged into your account
- Visit a branch
You can find relevant contact information for the latter three options here.
Capital One offers more than just the credit cards it advertises on TV. Its 360 banking products offer a pretty solid option if you’re looking for a new online bank. Here’s a recap of the pros and cons:
If Capital One doesn't work for you, another online bank might. Be sure to read our article on the Best Online Banks to see what's available.