Capital One Business Savings Account 2024 Review
If you’re looking for the best business savings account for your company, you may feel paralyzed by your choices. Almost every bank has at least one solution to choose from.
We’ve reviewed the Capital One Business Savings account to help you determine if it’s a good fit for your business. Here are the top features you should be aware of.
The Capital One Business Savings account may work for current Capital One customers that want all of their banking at the same bank. Otherwise, the low interest rate Capital One offers means most customers will be better served finding a better solution.
Capital One Business Savings Account Pros & Cons
Compare Best Business Bank Accounts Available Now
Find the best business accounts to manage your business funds better and improve your bottom line:
Compared to Other Business Savings Accounts
Live Oak Bank Business Savings Account
The Live Oak Bank Business Savings account has no monthly maintenance fee. Finding the best business savings account isn't easy, but Live Oak Bank's Business Savings Account is a strong contender with its high interest rate and minimal fee schedule. As an online bank, Live Oak does not accept cash deposits or offer branch access, which may be a drawback for some businesses.
Read the full review of the Live Oak Bank Business Savings Account.
Chase Business Total Savings
The Chase Business Total Savings account charges a $10 monthly service fee that can be waived by meeting certain requirements. It offers up to 15 free monthly deposits and $5,000 in free cash deposits per statement period, but has a very low interest rate. While it may be suitable for existing Chase Business Checking customers due to better tools and branch access, other businesses may want to explore accounts with higher interest rates elsewhere.
Read the full review of the Chase Business Total Savings account.
Wells Fargo Business Market Rate Savings
The Wells Fargo Business Market Rate Savings account has a $5 monthly service fee that can be waived by meeting minimum balance or transfer requirements. It offers 20 free monthly deposits, $5,000 in free cash deposits, and check-writing ability, but pays a very low interest rate.
Read the full review of Wells Fargo Business Market Rate Savings.
Bank of America Business Advantage Savings Account
The Bank of America Business Advantage Savings account charges a $10 monthly maintenance fee that can be waived by meeting certain requirements. It offers 25 free monthly deposits, $5,000 in free cash deposits per statement cycle, and access to Bank of America's large branch and ATM network, but pays essentially no interest.
Read the full review of the Bank of America Business Advantage Savings Account.
Monthly Maintenance Fee
Capital One charges a $3 monthly maintenance fee. Your business can get this fee waived if you maintain a $300 minimum balance in your account.
Monthly Deposits Limits
The Capital One Business Savings account doesn’t limit the number of free deposits you can make in a month.
For many business accounts, there are typically unlimited deposits.
Cash Deposits Limits
The representative we spoke with could not find any cash deposit limits or excess cash deposit fees for this account.
Interest Rates
This account offers a promotional interest rate for the first twelve months you have the account open. Unfortunately, the promotional interest rate and the ongoing interest rate are lackluster.
The promotional interest rate is higher than many brick-and-mortar banks. That said, you can usually get higher rates at some of the better online business savings accounts.
Other Account Fees
Business bank accounts generally have a long list of fees that apply to them. Some accounts are better than others.
To help you make an informed decision, here are some of the major fees the Capital One Business Savings account charges. Check with a branch representative to see if there are any other fees for your account and location.
Other Service Fees - Capital One Business Savings Account
| Type | Fee |
|---|---|
| Out-of-network ATM fee | $2.00 each |
| Incoming wire transfer | $15.00 each |
| Domestic outgoing wire transfers | $25.00 each |
| International outgoing wire transfers | $40.00 each |
Account Access and Management
A Capital One Business Savings account gives you access to Capital One branches and ATMs. You can link your savings account to a Capital One checking account to turn on overdraft coverage for the checking account.
You can view and manage your accounts online or through the Capital One app. You can take care of the following tasks with online or mobile banking:
- Remote check deposit
- ACH payments
- Online bill pay
- Manage and set up alerts
- Manage access to your account
How to Open
You may be able to open a Capital One Business Savings account online, but you won’t know for sure until you fill out an interest form. Once you complete the form, Capital One will let you know if you have to head into a local branch to finalize opening an account.
Capital One says you will need the following to finish the account application process:
- Name
- Date of birth
- Social Security number
- Email address
- Phone number
- Address
- Legal business name
- Business type
- Business establishment date
- Tax identification number
- Percent of ownership
- Gross annual revenue
Depending on your business type, you’ll have to provide specific business documentation. You can contact Capital One to get a list specific for your business structure. This could include:
- Articles of incorporation
- Signed and dated partnership agreement
- Signed and dated operating agreement
- Evidence of registration with Secretary of State
- By-laws
- Recent meeting minutes
- Certificate of good standing
- Certificate of formation
Capital One may support the following business types:
- Corporation
- S-corporation
- Limited liability company
- Series limited liability company
- Low-profit limited liability company
- Limited liability partnership
- General partnership
- Limited partnership
- Sole proprietor
- Unincorporated association or club
- International business corporation
- Non-profit organization
- Trust or estate
How to Choose the Right Business Savings Account
Picking the best savings account for your company shouldn’t be difficult if you simplify the process.
Start by making a list of needs and priorities. Then, compare that list to potential accounts to find the best fit.
Here are some of the priorities many businesses consider when choosing a business savings account.
Interest rate
The interest rate determines how much your money earns each month. Interest rates tend to be better at online banks, but some traditional banks offer competitive rates.
FDIC or NCUA insurance coverage
FDIC or NCUA insurance is a must for any savings account. It protects your money up to insurance limits if the bank fails. These insurance types consider personal and business accounts separately, except for sole proprietorship businesses.
Businesses that deposit funds above FDIC insurance limits should carefully consider a bank’s financial stability before opening an account.
Monthly maintenance fees
Monthly maintenance fees charge you money to save money, which doesn’t make much sense. Look for an account that doesn’t charge this fee or one that offers an easy way to get it waived.
Minimum balance requirements
You may be able to get a maintenance fee waived by maintaining a minimum balance in a savings account. The amount needed and the calculations behind the minimum balance likely vary from bank to bank.
Transaction limits and excess transaction fees
Expect every savings account to have withdrawal limitations. You will likely run across banks that have deposit item limitations, too. If you exceed these limits, expect to pay a fee for excess transactions.
Cash deposit limits and excess cash deposit fees
Traditionally, banks allow you to deposit a set amount of cash each month for free. After you exceed that limit, you may have to pay a small fee for each $100 of cash deposited in the account.
Physical bank locations and hours
When choosing a traditional bank, make sure to consider how convenient the bank’s locations and operating hours are.
Other products
Often, companies shop for an entire suite of banking products with one bank to keep their finances simplified. In these cases, the features and fees for a checking account or a loan may take priority over a savings account.
You must determine if a subpar savings account is worth the simplicity of having all of your accounts at one institution.
