Capital One Spark business banking is open to all types of businesses, with no income requirements or minimum length of time in business needed.
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Editor & Senior Staff Writer
| Total Rating |
3.6 |
|---|---|
| Fees & Rates3.0 | |
| Services5.0 | |
| Rewards2.2 | |
| Features4.4 | |
| Eligibility Requirements4.7 | |
| Application Process1.1 | |
| Sales & Advertising Transparency4.1 | |
| Customer Service4.9 | |
| User Reviews2.7 | |
Monthly Fee Range
$0 - $35/month (waivable)APY Range
0% - 3.5%Account Types Offered
Checking and savings accountsTable of Contents
Long-time credit card provider Capital One operates a direct bank, Capital One Business Banking, that provides business banking services. Capital One Business Banking offers checking and savings accounts, as well as certificates of deposit.
| Services5.0 |
|---|
| Banking Services 5.0 |
| Online Portal & Mobile App 5.0 |
Capital One offers three business checking accounts to fit businesses of all sizes. Capital One also offers a Savings account with a high-yield promo rate.
If you’re looking for a business bank that provides services beyond checking and savings, Capital One has a large lineup of other business services.
The company is especially known for its credit card options, including some we count among the best credit cards available for businesses. Add in Capital One Spark’s merchant services option, and you have a fairly complete financial services package for businesses that goes beyond most of its competitors’ offerings.
Here are all of the business services you’ll find with Capital One:
Capital One Business Banking Accounts Offered
Value
Checking
Savings
High-Yield Savings
CDs
Treasury Accounts
| Rewards2.2 |
|---|
| Quality & Value Of Earned Rewards 2.2 |
Capital One Business Banking offers some reward options, but it trails top online business banks in this area.
When you open a savings account with Capital One, you can unlock a 3-month promotional high-yield interest option of 0% - 3.5% APY. While we’re slightly disappointed that this rate is only available for three months, this is still competitive, especially for a big-name bank. There are balance tiers that you have to meet to unlock the highest promo percentage.
While Capital One’s checking accounts do not earn rewards, Capital One banking customers can apply for a linked business credit card, which includes some of the best business credit card rewards on the market.
| Fees & Rates3.0 |
|---|
| Pricing 2.6 |
| Transaction Fees 3.0 |
| Transparency 5.0 |
Capital One Business Banking fees are straightforward for each account, but are a mixed bag in terms of competitiveness. We appreciate that both checking accounts have free unlimited digital transactions and that monthly fees are waivable, though the minimum balance for waiving fees is quite high compared to other banks.
Overall, Capital One’s fees aren’t as expensive as we usually anticipate for big-name banking options. But if you send a lot of wire transfers, the fees can add up fast if you aren’t using the more expensive checking account plan.
Compared to other banking options, there are some more affordable free business checking accounts, especially if you’re willing to look into up-and-coming fintech businesses.
Capital One Business Banking Plans
Price
When To Use
Basic Checking
$15/month (waivable)
If you don't send many wire transfers and want a checking account with no foreign transaction fees and up to $5,000 in cash deposits each month
Enhanced Checking
$35/month (waivable)
If you want a checking account with free incoming domestic wire transfers, 5 free outgoing wire transfers each month, no foreign transaction fees, and up to $40,000 in cash deposits each month
Premier Checking
$99/month (waivable)
If you want a checking account with free incoming domestic wires, 10 free outgoing domestic wires, 4 free outgoing international wires, and advanced money movement and account management
Business Advantage Savings
$3/month (waivable)
If you want a business savings account that allows cash deposits
Here’s a breakdown of the fees you can expect with your Capital One bank account.
Capital One Business Banking Category Fees
Value
Monthly Fee Range
$0 - $35/month (waivable)
Monthly Checking Fee
$0 - $35/month (waivable)
Monthly Savings Fee
$0 - $3/month (waivable)
ATM Fee
None for in-network ATMs ($2 for out-of-network ATMs)
Overdraft Fee
$35
ACH Fee
None
Incoming Domestic Wire Transfer Fee
$15
Outgoing Domestic Wire Transfer Fee
$25
Incoming International Wire Transfer Fee
$15
Outgoing International Wire Transfer Fee
$40
Wire Transfer Fee Start Point
$15
Wire Transfer Fee Range
$15 - $40
Cash Deposit Fee
Varies
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
$15
| Eligibility Requirements4.7 |
|---|
| Eligibility Qualifications 5.0 |
| Eligibility Availability 5.0 |
| Eligibility Transparency 4.0 |
Capital One business banking is open to all types of businesses, with no income requirements or minimum length of time in business needed. A reasonable minimum deposit of $250 is required to open a checking account with Capital One Business Bank.
That makes Capital One Business Banking a good choice for startups as well as more established businesses.
Note that Spark business banking is available only to US-based businesses. Additionally, Capital One says that its business checking accounts are intended for businesses with annual sales revenues under $10 million; the bank reserves the right to convert accounts that exceed that limit to other types of banking services.
| Application Process1.1 |
|---|
| Ease & Transparency Of Application 3.6 |
| Application Timeline 0.0 |
| Opening Deposit Requirements 0.0 |
Previously, Capital One only allowed banking customers to apply in person. You can now apply online in minutes.
You’ll need to be prepared to show the standard documentation required to open a business bank account. At a minimum, expect to show government-issued identification that shows you are a legal US resident at least 18 years old. You’ll also need to show documentation for your business that will vary depending on your business structure, e.g., sole proprietorship or corporation.
| Features4.4 |
|---|
| Transaction Types Supported 5.0 |
| Transaction Limits 4.0 |
| Standard Banking Features 5.0 |
| Finance Management Features 4.0 |
| Extras 3.0 |
Let’s take a closer look at Capital One’s feature options:
Capital One Business Banking Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
Capital One Spark business delivers a complete set of financial tools for small to medium-sized businesses.
| Transaction Type | Processing Time |
|---|---|
| Cash Deposits | Same day |
| ACH Transfers | 1 - 3 days |
| Mobile Check Deposits | Next day |
| Funds From Sales | Next business day |
Under most circumstances, deposits to a Capital One Business Bank account are readily available. The bank’s general policy is to make funds available on the first business day after deposit. The consistent exception is electronic deposits received; those are available the same business day they are received.
If a delay applies to funds availability, they will generally be available on the second business day, with the first $200 usually available on the first business day.
A “business day” is defined as every day except Saturdays, Sundays, and federal holidays. Deposits made at a branch office on a business day generally will be available that day.
| Sales & Advertising Transparency4.1 |
|---|
| Sales Practices 4.0 |
| Web Presence 4.4 |
Capital One makes it easy to find information on its site. You’ll find regular marketing copy but nothing too salesy or gimmicky.
| Customer Service4.9 |
|---|
| Personal Support 4.5 |
| Self-Service 5.0 |
There is no shortage of reviews online from users who were frustrated by poor customer service from Capital One.
However, having used Capital One and contacted their support first-hand, I have never encountered any issues with customer support. The other strong point for Capital One is that there are many support options available, including:
| User Reviews2.7 |
|---|
| User Feedback 3.0 |
| Review Site Aggregate 2.5 |
It’s easy to find customer reviews of Capital One, but to find reviews of Capital One’s banking services, in particular, you’ll need to dig through a slew of reviews and ratings. Most complaints regard Capital One’s other services.
Capital One Financial Corporation is accredited by the Better Business Bureau and maintains an A+ rating there, despite a variety of complaints filed against the company with the BBB.
Here are some of the positives and negatives customers noted about the company’s banking accounts in particular.
A Capital One Spark business bank account is a safe place to deposit your funds. Capital One Business Bank accounts are FDIC-insured. The bank takes online security seriously, offering secure login options, real-time alerts for account activity, and enhanced alerts on suspicious transactions.
Should problems arise, processes are in place to help you submit a claim, report fraud, lock your debit card, and reclaim any lost money.
Capital One Spark banking can be an attractive option for businesses looking for a truly all-in-one banking solution.
If you’re looking for an all-in-one solution to your business’s financial needs, with a solid promotional APY, low fees, unlimited fee-free digital transactions, and access to credit, this could be a good choice for your business needs.
If you’re looking for a checking account with rewards or a high-yield savings account that doesn’t have a promo end date, then you may want to look at other options. Also, if your business sends a large number of wire transfers and can’t maintain a high minimum balance, Capital One’s banking fees could get really expensive fast.
To compare all your options, check out our list of the best business checking accounts and the best high-yield savings accounts so that you can be sure about your business’s banking decisions.
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