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CapitalOne
9.6
ratings

Overview

Capital One 360 is a popular online bank, and it is one of the largest commercial banks in the country. It offers a range of financial services to consumers, commercial clients, as well as businesses in Canada, UK, and the US. All the products offered by the bank are rated highly by consumers. It also offers Capital One Cafes, which attracts a younger demographic. In these cafes, one can easily access free Wi-Fi and talk to a representative or charge their phone over a coffee. Here are some of the features of the savings account offered by Capital One.

The best place to park your money is in a savings account. It remains safe, and the interest ensures that your money grows with time. Every salaried employee, as well as business owner, has a savings account in their name. If you are comfortable handling your funds online, you will be able to find numerous online service providers who offer mobile applications with a range of dynamic features. You might find it confusing to choose a bank where you could open a savings account. However, all you need to do is think about your needs, decide your preferences, and pick a financial institute that fits all of these requirements.

You need to compare the available options and then choose the one that best fits your needs. Most individuals seek a higher interest rate, ease of access, and minimal maintenance fees. Not every bank offers these features, but it helps one compare their options.

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Pros

  • Zero maintenance fee
  • Excellent customer care service
  • No minimum balance requirement

Cons

  • Relatively low APY
  • Limitations on monthly withdrawals
  • Branches in limited states

Transfer and withdrawals

You can make cash deposits, wire transfers, and ACH direct deposits in the account, and you will get these funds on the same day as the deposit. Most other deposits are held for four business days before you can access the funds. Capital One has set a limit to the number of withdrawals you can make in a month. You can only make six withdrawals in a month, and if you exceed the limit, the bank has the right to close your account.

Access

Capital One makes it easy for you to access your account and manage your funds. You can choose to visit the branch or access your account online. They also have a mobile application which allows you to make transactions and receive details of your balance on your smartphone. Other than the mobile application, one can also visit Capital One’s cafes where you can connect with a representative if you have a query. According to customers, they offer quick assistance and high-quality customer service at all times. However, they have branches in a limited number of states.

Fees and rates

  • Monthly fees
    Fees play a crucial role in making a decision whether to open a savings account or not. With regard to the Capital One savings account, a user does not have to pay any maintenance fees, which means that they can keep their goals on track with zero fees. Most of the times, people are unable to meet their savings goals due to the high maintenance fees. Thus, with a zero service fee, it is possible for you to get closer to your goals. Additionally, there is no minimum balance requirement. You can deposit as much as you want into your savings account. However, you will need to pay around $30 for every wire transfer that you initiate.
  • Interest rates
    Capital One savings account offers an APY of 0.75%. It might not be as high as many other online banks, but it is still higher than that offered by several national competitors. Moreover, one does not need to make an initial deposit for opening an account.
CapitalOne