Capital One offers high interest rates without all the online fees, however it’s not as high compared to other online banks. They are known for making it easy to do all your banking needs in one place!
Continue reading our guide to help you on finding the right account for you, which important documents needed to open one, and how to play in person or online!
Table of Contents
- 1 Steps on Opening a Capital One Account
- 2 Capital One Account Fees & Features
- 3 How to Avoid Unwanted Fees
- 4 How to Protect Your Bank Account
- 5 Bottom Line
Steps on Opening a Capital One Account
1. Determine Which Account to Open
Capital One has a a variety of checking, savings, and CD accounts, so it really depends on what banking needs you are looking for. But for this post we will be focusing on its checking and savings options.
Capital One checking accounts:
- 360 Checking: Best for people who want easy, no-nonsense bill pay, deposits and transfers
- MONEY Teen Checking: Best for teens learning the budgeting basics
Capital One savings accounts:
- 360 Performance Savings: Best for people who want a high-interest savings account
- Kids Savings Account: Best for parents who want to start their kid’s financial future
- 360 IRA Savings Traditional: Best for retirement planners who want the tax advantages now
- 360 IRA Savings Roth: Best for retirement planners who want the tax advantages later
2. Gather Personal Information
If you’re asking yourself what do you need when applying for a Capital One account, these are the requirements Capital One has. Whether you choose to apply for an account online or in person, you will be needing the following information:
- Personal info (name, date of birth)
- Social Security number
- Contact information (phone number, email, address)
- Employment status and income
When applying in person, make sure to bring your driver’s license, state ID or military ID to verify your identity.
3. Apply online or in Person
You can call Capital One’s customer service representative for any questions you need.
- General questions: 877-383-4802
- Retail branch banking accounts: 800-655-2265
- Non-branch accounts: 888-810-4013
- Online banking: 877-442-3764
You can also send an inquiry via mail to Capital One Bank, P.O. Box 180, St. Cloud, Minnesota 56302-0180.
Capital One Account Fees & Features
Capital One lets you access to a range of checking, savings, CD and retirement accounts. Keep reading the tables below to see the main fees and features of their checking and savings accounts.
Checking Account Fees and Features
Capital One has no fees for either of its checking accounts. In addition to that, it also pays an interest of at least .20%.
You can visit a network of branches and withdraw money from ATMs without charge.
Capital One offers two checking accounts: the 360 Checking account and the MONEY Teen Checking account.
|Capital One Checking Accounts at a Glance|
|Fees and Features||360 Checking||MONEY Teen Checking|
|Minimum opening deposit||$0||$0|
|Monthly service charge||$0||$0|
|Out-of-network ATM withdrawal fee||$0||$0|
|Overdraft fee||$0 (declines transactions that would overdraw)||$0 (declines transactions that would overdraw)|
|Benefits||No fees or minimums, interest-bearing||No fees or minimums, interest-bearing|
Savings Account Fees & Features
What’s more is that their savings accounts are also free. Do note that there is a fee of $15 for withdrawals beyond the allotted amount of six per month! Capital One makes saving simple with a high-interest savings account for adults, savings account for kids and two IRA accounts.
|Capital One Savings Accounts at a Glance|
|Fees and Features||360 Performance Savings||Kids Savings Accounts||360 IRA Savings Traditional||360 IRA Savings Roth|
|Minimum opening deposit||$0||$0||$0||$0|
|Monthly service charge||$0||$0||$0||$0|
|Out-of-network ATM withdrawal fee||$0||$0||N/A||N/A|
|Overdraft fee||$0 (declines transactions that would overdraw)||$0 (declines transactions that would overdraw)||N/A||N/A|
|Benefits||High interest and no fees||Good interest, fee-free and linked to parent’s account||High interest and fee-free||High interest and fee-free|
How to Avoid Unwanted Fees
Because Capital One is a fee-free bank, so you don’t have to worry about keeping money in your account, taking cash out of an ATM and overdrawing your account.
How to Protect Your Bank Account
Capital One accounts are FDIC insured up to $250,000, so as long as you’re below that amount, you’ll get your money back.
Here are some precautions to take to avoid fraud:
- Use strong passwords that nobody else could guess.
- Enable two-factor authentication, meaning your account is accessed with a two-step process including a password and fingerprint or face scan.
- Install cybersecurity protection on your computer and phone.
- Monitor your transaction history for suspicious activity.
- Turn on online banking alerts so you’ll be notified with each transaction.
Capital One has a good range of banking services. They are a good online bank that also has access to in-person support.
If you are wanting higher interest rates of an online bank without the fees, Capital One is a good choice for you.
Compliment your Capital One account with one of Capital One’s outstanding credit cards.
Keep up with the latest Capital One Promotions!