What Capital One Is and What It Offers
Capital One is a bank that offers checking accounts, savings accounts, money market accounts, and credit cards. It operates both as a traditional bank with physical branches in some states and as an online-only bank for customers in other locations. The company also provides auto loans and home loans, though this guide focuses on the deposit accounts and credit products most people use first.
Capital One is a publicly traded company and a member of the Federal Deposit Insurance Corporation (FDIC), which means deposit accounts are insured up to $250,000 per account type per depositor. The bank is regulated by the Office of the Comptroller of the Currency and the Federal Reserve, the same regulators that oversee other national banks.
Key Takeaways
- Capital One offers checking and savings accounts online and through branches in select states, with no monthly maintenance fees on most deposit accounts.
- The bank is FDIC-insured, so your deposits are protected up to $250,000 per account type.
- Capital One credit cards range from cards designed for people building credit to rewards cards for established credit histories.
- You can open an account online in minutes, and the bank provides a debit card and online banking access when ready after.
- Interest rates on savings accounts vary and change over time, so compare current rates on the Capital One website before opening.
Capital One Checking and Savings Accounts
Capital One's main deposit products are the 360 Checking account and the 360 Money Market account. The 360 Checking account has no monthly maintenance fee, no minimum balance requirement, and no overdraft fees — if you spend more than you have, the transaction is declined rather than charged a fee. You get a debit card, online banking, mobile app access, and the ability to deposit checks by taking a photo with your phone.
The 360 Money Market account is a savings product that pays interest. The interest rate changes based on Federal Reserve decisions and market conditions, so the rate you see today may be different in three months. Capital One publishes current rates on its website, and you can compare them to other banks before deciding. This account also has no monthly fee and no minimum balance, though some banks do require a minimum to open.
Both accounts come with online bill pay, which lets you send money to people and businesses directly from your account. You can also link external accounts — accounts at other banks — to move money in and out. Transfers between your own Capital One accounts are when ready.
Capital One Credit Cards and How They Work
Capital One issues credit cards in several categories. The Secured Mastercard is designed for people with no credit history or poor credit; it requires a cash deposit that becomes your credit limit, and you use it like a regular credit card. After you make on-time payments for several months, Capital One may convert it to an unsecured card and return your deposit.
The Quicksilver card and Venture card are rewards cards that require good to excellent credit. Quicksilver gives cash back on all purchases; Venture gives points on travel and other purchases. Both charge an annual fee. Capital One also offers cards with no annual fee and no rewards, designed for people rebuilding credit.
When you open a Capital One credit card, you receive a physical card in the mail within 7 to 10 business days. You can request a temporary digital card number to use online when ready while you wait. Your credit limit depends on your credit history and income; Capital One will tell you the limit when you open the account. You make payments online, by phone, or by mail, and you can set up automatic payments so you never miss a due date.
Opening a Capital One Account Online
You can open a checking or savings account on Capital One's website in about 10 minutes. You will need your Social Security number, a government-issued ID, your current address, and a way to fund the account — either a debit card, another bank account, or a wire transfer. Capital One will verify your identity and check your banking history using ChexSystems, a database that tracks closed accounts and overdrafts at other banks.
Once your account is open, you can use online banking when ready. Your debit card arrives in 7 to 10 business days. If you need cash before the card arrives, you can visit a Capital One branch in your state or use ATMs in the Allpoint network, which has over 55,000 machines worldwide and charges no fee for Capital One customers.
If you live in a state where Capital One has physical branches — currently Alabama, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. — you can also open an account in person. Branch locations and hours are listed on the Capital One website.
Fees, Interest Rates, and What Changes Over Time
Capital One's checking account has no monthly maintenance fee, no overdraft fees, and no minimum balance. The savings account also has no monthly fee. However, if you close an account within 60 days of opening it, Capital One may charge a fee — this is to prevent people from opening accounts just to receive promotional bonuses and then closing them when ready.
Interest rates on the Money Market account are set by Capital One and change based on Federal Reserve policy. When the Federal Reserve raises interest rates, banks typically raise the rates they pay on savings. When the Federal Reserve lowers rates, banks lower their savings rates too. Capital One publishes its current rates on its website, and you can see the rate history to understand how rates have moved over time.
Credit card interest rates and fees vary by card. Annual percentage rates (APRs) depend on your credit score and creditworthiness. Some cards have annual fees; others do not. Late payment fees, foreign transaction fees, and balance transfer fees vary by card and are listed in the card's terms before you open the account.
How to Reach Capital One Customer Service
Capital One offers customer service by phone, online chat, and through its mobile app. Phone numbers are listed on your statement, your debit card, and the Capital One website — the number depends on whether you are calling about a deposit account or a credit card. Wait times vary, and the bank does not publish average hold times.
You can also visit a Capital One branch in person if one is located in your state. Branch staff can help with account questions, deposit checks, and withdraw cash. Online chat is available through the website and mobile app during business hours.
If you have a complaint about Capital One that customer service cannot resolve, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online at consumerfinance.gov. The CFPB investigates complaints and publishes data about which banks receive the most complaints in each category.
Frequently Asked Questions
Can I use my Capital One debit card at any ATM?
Capital One debit cards work at any ATM that displays the Mastercard logo. Capital One does not charge a fee for withdrawals at Allpoint ATMs, which number over 55,000 worldwide. Other banks' ATMs may charge a fee; Capital One does not control those fees, and they vary by bank and location.
What happens if I overdraft my checking account?
Capital One's checking account does not allow overdrafts. If you try to spend more than your balance, the transaction is declined and you are not charged a fee. This is different from banks that charge overdraft fees; Capital One straightforward prevents the transaction from going through.
How long does it take to transfer money from another bank to Capital One?
Transfers from external accounts typically take one to three business days, depending on the other bank. Transfers from Capital One to another bank also take one to three business days. Transfers between your own Capital One accounts are when ready.
Can I use a Capital One credit card if I have no credit history?
Yes. The Capital One Secured Mastercard is designed for people with no credit history or poor credit. You deposit money that becomes your credit limit, use the card like a regular credit card, and make on-time payments to build credit history. After several months of on-time payments, Capital One may convert it to an unsecured card.
Is my money safe at Capital One?
Deposit accounts at Capital One are insured by the FDIC up to $250,000 per account type per depositor. This means if Capital One fails, the FDIC will reimburse you for deposits up to that limit. Credit card balances are not insured by the FDIC, but they are not at risk if the bank fails — the bank holds your money in trust, not as its own asset.