Capital One VS Chase: Compare Business Checking Accounts & Banking Services
Capital One and Chase both offer good business checking and banking options, but when choosing between a Capital One vs Chase business account, it helps to have all the facts.
|Ideal For||Businesses with heavy cash sales||Businesses operating in multiple states|
|Accounting Integrations||Xero||Various; added costs|
Chase vs Capital One: Which is best for business banking? If your search for a small business bank has led you to this comparison, this post can help you decide which comes out ahead.
We’ll take a look at these banks’ fees, branch availability, interest rates, and more, so you can declare a winner in the Capital One vs Chase head-to-head competition.
Table of Contents
- Chase VS Capital One Business Banking
- What’s The Difference Between Capital One & Chase Bank?
- How Chase VS Capital One Rates & Fees Compare
- Do Users Like Capital One Or Chase More?
- How To Choose Between Chase Bank & Capital One
- Which Bank Is Better For Your Business, Chase or Capital One?
- FAQs: Capital One VS Chase Business Banking
Chase VS Capital One Business Banking
Chase and Capital One offer similar banking services to small businesses. That includes FDIC insurance, savings vehicles, cash deposits, and access to credit.
This Chase vs Capital One comparison will help you learn which will be a better fit for your small business.
Does Capital One offer more of the features and tools you need, or will Chase come out ahead? Let’s look more closely at each to find out.
Capital One Business Bank Account
- No minimum balances
- Branch offices in eight states + D.C.
- Unlimited free digital transactions
- Monthly fees can be waived
- Cash deposits accepted
- Free overdraft protection
- Merchant services through Clover POS
- Must apply in person
- High balance requirements to waive fees
- Limited-time APY boost
Capital One offers business banking services under its Spark line. Small business owners looking for an all-in-one banking solution. While Capital One operates physical bank branches, you’ll find those in only eight states plus Washington, D.C.
Unfortunately, Capital One does not support online applications for business bank accounts. So if you want to open an account you’ll need to visit one of the branches in person. Capital One business banking supports online banking, so once you’ve opened your account you won’t need to visit a branch office unless you want to.
Chase Banking Overview
- Up to $300 welcome bonus for new accounts
- Waivable monthly fees
- Linked Chase Ink business credit cards
- Built-in merchant services
- Same-day deposits with QuickAccept payment processing
- Limited in-person transactions
- High fees for excess cash deposits
- No high APY options
With physical branch locations in 37 states, it’s hard to beat Chase business banking for easy access. And a Chase Business Complete Checking account includes a solid array of services, including FDIC-insured checking and savings accounts, CDs, debit and credit cards, and merchant services.
Chase’s merchant services, known as QuickAccept, are built into business bank accounts, and if you use QuickAccept to process debit and credit card payments, you can get access to your money sooner with same-day deposits.
Chase currently offers a welcome bonus, potentially giving up to $300 to new customers who meet certain conditions.
What’s The Difference Between Capital One & Chase Bank?
So far, our Capital One vs Chase comparison has shown more similarities than differences, with both Chase and Capital One offering complete business banking services.
Let’s break that down further with a list of the services and features they share, followed by a list of their differences.
Both Chase & Capital One Include …
- Business checking accounts
- Business savings accounts
- Cash deposits (with limits; fees may apply)
- Debit cards
- Bill pay
- FDIC insurance
- Online banking
- ATM network
- Credit cards
- Certificates of deposit
- Lines of credit
- Merchant services
- SBA loans
- Telephone support
Only Capital One Includes…
- Promotion APY rate
- Unlimited free digital transactions
- Xero integration
Chase Also Includes…
- Cash bonus for new accounts
- Limits on free transactions
- No minimum opening deposit
- Same-day payouts from in-house POS
- Personal finance management software integrations (with added fees)
How Chase VS Capital One Rates & Fees Compare
|Savings||Limited time promotional rate||Low APY on savings|
|Cash Deposits||Free up to $5K-$40K/month||Free up to $20K/month|
|Mobile App||Android & iOS||Android & iOS|
|Bill Pay||Fee-free online||Fee-free via app|
|Access To Credit||
|Merchant Services||Through Clover POS||In-house via QuickAccept|
Clearly, our Chase vs Capital One and Chase isn’t a knockout battle. Both offer the basic features small businesses look for in a business banking partner. That includes checking and savings accounts, a strong mobile app, merchant services, and access to the credit your business may need as you grow.
However, each bank includes a couple of items that the other lacks. And that’s the information you might be looking for as you decide on the Chase vs Capital One business banking competition.
Same-Day Access To Cash
Fast access to cash might be one of those differences for your business. While both Chase and Capital One offer merchant services, only Chase offers same-day access to cash from sales made using its POS system, QuickAccept.
Most payments processed, approved, and completed by 5 PM Pacific Time each day Sunday-Friday are eligible. Payments made outside those time limits will be subject to next-day availability. And there are no added charges for this fast access.
Capital One customers can use Clover POS to access the bank’s merchant services, but there’s no special access to cash from sales.
Free Deposit Limits
While both Chase and Capital One allow business customers to deposit cash, each bank applies limits to the amount you can deposit for free and attaches fees to excess transactions. If your sales are cash-heavy, you may appreciate that Capital One allows business customers to deposit up to $5,000 in cash each month (on the Basic Checking account) or up to $40,000/month (on the Unlimited Checking account).
Chase Business Complete Checking accounts allow up to $20,000/month in cash deposits, with no fees. After these limits, both banks will charge fees for cash deposits.
Each of these banks has monthly fees attached to business bank accounts, and each bank sets conditions under which those fees can be waived.
Capital One offers two types of business checking in addition to business savings. These accounts come with monthly fees of $15 or $35, which can be waived with minimum balances of $2,000 or $25,000, respectively.
Chase offers three business checking accounts, and they come with monthly fees from $15-$95 that can be waived if you keep a minimum daily balance of at least $2,000-$100,000, depending on your account level.
Other Capital One Products & Services
Capital One may be best known for its consumer credit cards, but it’s building a strong presence in business banking as well. That presence begins with a line of business credit cards that come with travel and cash-back rewards.
At Merchant Maverick, we consider some of these Capital One business credit cards to be among the best available to small businesses because they come with no extra fees and offer stellar rewards and reasonable interest rates.
You’ll even find a Capital One secured card for small businesses just starting to build their credit ratings or trying to repair a poor rating. You can read our roundup, linked above, of some of Capital One’s business credit card offerings.
Capital One also offers business loans, providing working capital to growing businesses.
Other Chase Products & Services
Chase offers an array of credit cards, including a couple that landed on our list of the best business credit cards for small businesses. These cards offer excellent rewards, including cash back and generous welcome offers to new customers. Chase also offers business loans, including specialized loans for equipment purchases.
Chase’s merchant services are highly rated, and there is a digital payment app, Chase Pay, which includes digital wallet and online payment options.
Do Users Like Capital One Or Chase More?
Although Chase Bank is not accredited with the Better Business Bureau, the BBB does maintain a Chase profile, with a C- rating and a composite score of 1.1/5 stars based on 448 user reviews. Capital One fares better with the BBB, as an accredited business with an A- rating.
Consumer Affairs shows a composite rating of 3/5 stars for Chase Bank, based on 782 reviews. Capital One again fares better, but less markedly so in this case, with a 3.8/5 star rating from Consumer Affairs, based on 2,051 user reviews.
It’s important to note that not all reviews and complaints about either Capital One or Chase refer specifically to business banking services. In fact, the majority seem to refer to credit cards in both cases. Both banks garner their fair share of complaints about customer service and fraudulent transactions. That follows a pattern we’ve seen in reviews for online banking. Beyond this, we did not spot any red flags that raised serious concerns about either Capital One or Chase business banking. Still, it’s worth looking to see what users complain about with both of these institutions.
Chase Bank Complaints & Common Problems
JPMorgan Chase is the largest bank in the US, the biggest of the “top four” within the banking industry, with$ 3.6 trillion in assets. With a long history and a massive customer base that big, it’s unsurprising to find a certain number of complaints. Here’s what Chase banking customers have to say:
- Poor customer service
- Poor response to fraud claims
- Delayed availability of funds
- Difficulties with international transactions
Capital One Complaints & Common Problems
Capital One users often seem to report varying experiences with the same aspects of dealing with Capital One. For every complaint about customer service, for example, it’s possible to find one praising the customer service rep who helped a customer in one specific instance. It’s possible that individual experiences really do vary that much. With that in mind, here are some common complaints we found about Capital One:
- Unhelpful customer service
- Buggy app
- Problems with direct deposit
- Poor fraud response
How To Choose Between Chase Bank & Capital One
There’s no clear winner in this Capital One vs Chase matchup. Both Chase and Capital One have much to offer small business customers, and your decision probably will come down to your personal preferences and location.
Choose Chase If …
- You want to apply online or at a branch near you
- You’d like same-day access to funds from sales.
- You want a bank with nearly nationwide reach
- Your business is not heavy on cash sales (less than $20,000/month).
- You want to link your banking with whatever accounting system you use, and you don’t mind paying to do so.
Choose Capital One If …
- You live in or can visit one of the eight states plus Washington, D.C., where Capital One maintains physical branches.
- You want to link your business bank account to some of the best business credit cards available.
- You’re looking for a savings option with a high APY (at least for a promotional period).
- You need to be able to deposit large amounts of cash (up to $40,000/month) and want to avoid paying fees.
- You use Xero for your business accounting and want to integrate accounting and banking.
Which Bank Is Better For Your Business, Chase or Capital One?
Let us repeat it: Both Chase and Capital One are good options for business banking. Each one has its strengths, and the two are fairly similar in many ways.
For us, the biggest factor in this decision is location. Because Capital One does not allow online applications, you’ll need to visit a branch office in person, and unless you’re in one of the eight states plus Washington, D.C., where Capital One operates, you likely will find it easier to open an account with Chase.
Whichever way your decision leads you, we hope this Capital One and Chase comparison has helped you decide between two high-reputation banks offering a full range of business services. Either Capital One or Chase can be a good choice for a small business looking to start or improve its relationship with a business bank.
Still not convinced either of these business banking options is right for you? Check out our picks for the best business bank accounts. In particular, if you’re self-employed, look for a bank account for freelancers and independent contractors.
If you’re choosing your first business banking partner, you can make sure you’re ready to open a bank account by gathering the documents needed to open a business bank account. That way, once you’ve made up your mind, you’ll be ready to set up your account and start enjoying the benefits that come from working with a solid business bank.