Capital One Bank Review
Capital One Bank is not just a credit card company any longer. They have diversified into a many areas of a full-fledged online banking firm with ‘top-of-the-line’ rates with excellent terms. This review will see just how earnest Capitol one bank is in comparison with the rest of the top-line banks across the country.
Capital One Interest Plus Savings
InterestPlus Online Savings – “one of the best rates in the nation” is how this account is purported. Well, it is definitely in contention. You can open this high yield savings account with $1. Of course, you won’t be rolling in the interest if that is all you put into it. They just simply want to drive home the idea that they have no monthly minimum or daily balance fees and anyone looking to open a high interest savings account, can! Yes, they are FDIC insured. The best rate applies to balances of $1K or more. If you are just starting out with the bare minimum deposit, the APY is considerably less. The 10% bonus on interest earned is quite appealing and can be achieved in a couple of ways. You will want to either keep a minimum of $10K in the account, or simply keep their credit card in good standing and use it at least once each month.
Money Market Accounts at Capital One Bank
High Yield Money Market – FDIC insured – great rate – no monthly fees, no minimum balance requirement – free online transfers – checks and ATM card.
Even though Capitol One Bank offers different tiers for this high yield money market account, the quoted APY stays the same. It is a variable rate, which means they can change it at any time. The minimum deposit is only $1 (but again, how much will you earn if you only deposit $1 into any account?) Withdrawal limits are federally regulated to 6 per cycle, excluding ATM withdrawals which have a $500 limit per day. Interest is compounded daily and credited monthly. Interest begins to accrue on the day electronic funds are received.
Capitol One Rewards Money Market – same basics as the High Yield Money Market account with the inclusion of these incentive rewards: 2,500 bonus miles and earn rewards for savings. You will get the 2.5K miles upon opening the account with $500. Then you will get one mile for each $20 average balance for month x 12 months. (This includes compound interest earned each month.) These miles are good for cash, travel and merchandise – you can access the rewards information and redeem online, no waiting period. The only difference between these two money market accounts is the High Yield Money Market Account offers a little better APY, and the Rewards Money Market Account offers incentives to be earned. Note: if you open your rewards account with more than $500, you will only receive the one-time 2.5K miles reward for the first $500; however, you will still earn the 1 mile/$20 during the month, so it still could be worth it, if the rewards are what interest you. You can read more at our full review of Capitol One Bank Money Market Account.
Capital One Bank Checking Accounts
Interest Online Checking – free online checking, no fees and no minimum balance, access to more than a million ATMs worldwide, free online Bill Pay
Rates are variable and may change at any time. Minimum deposit,of course, is only $1 and your first order of checks will be free. The nice feature here is that you can get interest on your checking account without having to worry about keeping a minimum balance! The APY applies to account balances of $0.01 or more! That is almost unheard of in the banking world. This interest rate is easily among the highest interest rates in the nation. They have no monthly fees either. Capital One Bank will also reimburse you for ATM fees of other banks as well, up to $10/month.
Rewards Online Checking – free checking also earns miles, no fees and no minimum balances, access to more than a million ATMs, Free online Bill Pay
Earn 10 miles for every non-pin purchase (credit card) and 5 miles for every pin-based purchase (debit card). You will also earn 10 miles for every electronic bill payment transaction via online bill pay and recurring pre-authorized payment (up to 10 transactions/month) You will also receive a one-time bonus of 1K miles when the account is opened and the first transaction posts. You’ll get 4K miles when the first direct deposit transaction posts to the checking account. Then Capital One Bank will also give anniversary bonus of 1K miles on your first rewards membership anniversary. Capital One Bank seems to be really big on rewards; however, this account will also earn an APY rate– even though significantly lower.
Certificates of Deposit – fixed rates backed by FDIC insurance, no monthly fees to open or maintain account, convenient online access
The APY rate, for terms from 6 months all the way to 10 years, is tiered. The more you put in, the higher interest rate you will lock in. A minimum of $5K is required to open their smaller CDs and $100K to open the Jumbo CD. A substantial penalty may be imposed for early withdrawal. These terms are fairly standard for the different categories of terms (less than 6 months, 6 months to one year, more than a year)
Summary of Capital One Bank
Capital One Bank is really targeting two groups of people: those who are looking for the best interest rates with the lowest fees, and those who want great rates but like the other little incentive rewards as well. While their best rates match up with many of the best rates in the country, they also offer the mileage incentives for that portion of the population who love to travel. To find out just where Capitol One Bank stands, you can see other reviews on our website. You can also compare the different savings, money market accounts, CDs and checking accounts of the different online banks and see how the best rates of each stack up to fit your needs.
Capital One Bank Review,
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October 21, 2011 at 7:48 am
I am an Exporer of Textile products. Recently I have endered in a contract with Importer in USA using Capital One Bank.
I would like to know the overall rating of Capital One bank. Please provide me in order to save my risk by sending your reply to my e-mail “[email protected]”.
Thank you in advance for your co-operation.
June 16, 2011 at 3:03 pm
I am a young professional – just graduated college and moved to DC to work. I opened an account with them and it seemed great cause they have good locations, ATMs in the metro, points rewards, yadda yadda.
The issues came when I deposited 2 checks for about $400 each transferring $ from my old bank account to my new one. They were checks I wrote to myself from my old bank. A few days later, I deposited my first paycheck from my work, around $1500 (direct deposit sets up only after you get a couple of live checks). 7 days after I deposited the original $400 checks and 5 days after the $1500 check, I STILL had all of that money in my “current balance”, but not my “available balance”. Then I had another $1100 check to deposit, so I went in to deposit and inquire. Turns out since I just opened my account and haven’t “established a relationship” with the bank yet, they are holding all of my checks FOR SIX BUSINESS DAYS (9 DAYS INCLUDING WEEKENDS!!!). HELLOOOOO I have bills to pay and need to have money in my account so my checks don’t bounce. Not to mention the guy that opened my account knew my situation and failed to mention this little policy of theirs, and so did the teller that deposited my check. So… they werent even goin to tell me about this 9-day hold on my checks…….
Their answer was that it’s their policy and that after 30 days the hold period for my checks would lessen some and lessen more over time.
NOT ACCEPTABLE.
June 8, 2011 at 11:33 am
the pits..the mis-inform, their stupid system is never updated…i deposited 2 checks they cleared..so i wrote my bills..they reversed it back and said the checks had not cleared yet…now i’m in the negative…have you ever heard this in your life? td bank north is the best
May 4, 2011 at 7:50 pm
It sounds Capital One has issues with their online systems. How unfortunate. Thanks for the information.
May 4, 2011 at 7:44 pm
Terrible!!! I opened an online account offering a $50 bonus. I was told later that I did not enter the promo code so I wouldn’t get the bonus. I know I entered the promo code. Now I have to go through the hassle of closing it. What a fraud!!!
March 28, 2011 at 10:58 pm
Service is painfully slow at some branches of Capital One. Workstations cannot get on line to open accounts and staff don’t know how to print the forms needed to open an account. SAD.
February 19, 2011 at 8:56 pm
*STAY AWAY!!! STAY VERY FAR AWAY! THEY DESERVE A RATING OF F- !!
*DO NOT USE CAPITOL ONE CREDIT CARD SERVICES! EVER!
I am a victim, along with thousands of others who were extorted by this company on grounds of unfair and deceptive practices, from Truth in Lending disclosures, to unfair rate hikes, endless unlimited compounding interest charges, all the way to Fair collection practices..etc.etc. *I will not get started on my case*
Capital one is the single most banking institution with the most class action law suites.
I read one case where a man with a $300 maxed out limit credit card went default and charged off and after 6 years of trying to collect on a total of 6 thousand dollars, they ended up garnishing an investment/retirement account automatically,- As his account, which originally was with a whole other company, was not protected because his company was assimilated by capital one during the last couple years, and they automatically went in his account and garnished over $7k of his entire retirement fund he had been saving up.
Bottom line, if you owe them money on the credit card side and you were foolish enough to invest any of their subsidiary companies or adjacent financial products, THEY WILL take the money from them to pay themselves back.
While, initially, many of you who read this may think that it may not seem so against-the-law or morally inexcusable to do so such as thing; being that “you owe them money” and all. But it seems downright fraudulent and WRONG for them to charge you 5-6-10+fold of your original borrowed/credit maxed amount AND remove that entire amount from a separate account/entity -just because they Can and have the ability to do so!!
SHAME ON THEM!
They are just as guilty as the immoral subprime banks who’ve lent money to borrowers over the last 10 years, when they KNEW they were bad investments! They are ruining America!
*This is why I hate them. Everyone from the top corporate executive-echelon down to the call centers and loss mitigation department managers who do no “bend rules, make exceptions, or show any kind of acts of generosity” in their jobs.
Those decision-makers at the Cap.One corporate headquarters, -ALL of them- from all ranks and positions in the chain- have collectively helped destroy the financial credit futures of millions.
These people will probably end up dying slow and miserable deaths, because of the Karma they have created as a result of their greed, inability of compassion, and stuborness.
These people are on the same level of doing a despicable service as tow truck drivers -the ones that tow away cars and meter maids!
Boycott this company! And stand up for your rights!
January 31, 2011 at 2:49 pm
It depends on the bank. Some banks will give you the option of choosing how you want the cd funds delivered. I know that some cd accounts will actually send you the interest made by the CD, either with a check or electronically. For example, with a 5 year cd you can have them send you the interest monthly or yearly. That or you can have them redeposit the money back into the account – compounded interest.
January 31, 2011 at 10:37 am
how do on-line bank CDs pay you at the end of the CD? mail a check to your house? electronically transfer to your local bank account–if that way, how well does that work?
November 3, 2010 at 6:38 pm
In almost all cases, online banks provide a higher rate. Online banks, like Capital One, focus on providing very competitive rates because that is their niche market.
November 3, 2010 at 3:45 pm
I would like to know if I dealt with your brick and mortar bank, would I receive the same interest given to an online
account. I am thinking of opening an account with capital one