Capitol One Bank was established in 2008 after entering the retail banking market a few years earlier with the acquisition of several banks. It functions under Fortune 500 Company, Capital One, and is one of the nation’s top 10 largest banks based on deposits.
Company Headquarters:
Capital One Bank
1680 Capital One Dr.
McLean, VA 22102
Website: www.capitalone.com/directbanking/
Customer service: 1-866-346-6549
Types of Accounts Available
Capital One Bank offers four main types of deposit accounts: savings, checking, money market and CD.
Savings Accounts
Capital One offers the InterestPlus Online Savings Account. Features include:
- $1 to open
- No fees
- 6 withdrawals per month
- Earn 1% higher interest rate for balances of $1,000 or more
- Earn quarterly bonus on interest earned with balances over $10,000 or active Capital One credit card
- Free online transfers
- Electronic statements
Checking Accounts
The Interest Online Checking Account is Capital One’s online checking option. It comes with the following requirements and features:
- $1,000 to open
- Competitive interest rate
- No fees
- No minimum balance
- Free online bill pay
- Free MasterCard Debit Card
- Manage account online
- No ATM fees (the bank reimburses other bank’s ATM fees up to $10 per month)
Money Market Accounts
Capital One offers two money market accounts (MMAs): High-Yield Money Market and Rewards Money Market.
High-Yield Money Market Account
- $1 to open
- Free checks
- High-yield interest
- ATM card
- No monthly fees
- Online transfers
There is an option to open the account over the phone.
Rewards Money Market Account
- $1 to open
- Lower interest rate than High-Yield Money Market Account
- Earn 1 Reward mile for each $20 of the average balance for the month
- 2,500 bonus Miles for opening the account with $500 or more
- Redeem rewards for cash, travel, gift cards and more
The bank limits Rewards accounts to one per customer.
CDs
Capital One Bank CDs require $5,000 to open. Features include:
- Fixed rate
- Guaranteed returns
- No monthly fees
- Automatic renewals and choice of how to reinvest interest
- Substantial penalty imposed for early withdrawal
The bank’s CD terms are as follows:
- 6 month
- 12 month
- 18 month
- 24 month
- 30 month
- 36 month
- 48 month
- 60 month
- 84 month
- 120 month
A minimum deposit of $100,000 is required to open a jumbo CD.
How to Open Account
Capital One Bank accounts can be opened by clicking “Open Online.” In order to open most accounts, you will need:
- Valid driver’s license or state-issued ID
- Social Security number
- Current address
- E-mail address
Checking, savings or brokerage account and routing numbers are also required to make the initial deposit.
FDIC Insurance and Coverage
Capital One Bank is FDIC-insured bank and says that it constantly monitors updates and changes in legislation to ensure customers receive the maximum coverage. As of July 21, 2010, the coverage amount is $250,000 for deposit accounts in different ownership categories (single accounts, joint accounts, IRAs and trust accounts).
Customer Service
Capital One Bank provides customer service options via phone, email and snail mail. Customers can receive assistance for everything from opening an account, to reporting a lost or stolen ATM/Debit card.
Security
Capital One uses firewall systems and intrusion detection software, along with 128-bit Secure Socket Layer (SSL) technology to protect personal data. For customers to protect themselves, the bank recommends never sharing account information, being aware of phishing scams and always logging out at the end of a session.
Capital One offers credit cards and auto/personal loans.
