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Join For FreeCapital One Business Banking Review
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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WRITTEN & RESEARCHED BY
Expert Contributor
Last updated onUpdated
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REVIEWED BY
Editor & Senior Staff Writer
Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
Capital One Business Banking
| Total Rating | 3.6 |
|---|---|
| Fees & Rates2.9 | |
| Services5.0 | |
| Rewards2.7 | |
| Features4.4 | |
| Eligibility Requirements4.6 | |
| Application Process1.1 | |
| Sales & Advertising Transparency4.1 | |
| Customer Service4.6 | |
| User Reviews2.7 | |
Monthly Fee Range
$3-$35/month (waivable)APY Range
up to 4.20%Account Types Offered
Checking and savings accountsCapital One At A Glance
- FDIC-insured business checking & savings
- Waivable fees
- Quick application & approval
Pros
- No minimum balance requirements
- Cash deposits allowed
- Unlimited free digital transactions
- Free overdraft protection
Cons
- High APY on savings expires after 12 months
- Withdrawal limits on savings accounts
- High balance requirement to waive monthly fees on Unlimited Checking
Table of Contents
- What Is Capital One Business Banking?
- Services Offered By Capital One Business Banking
- Capital One Business Banking Rewards & Perks
- Capital One Business Banking Account Fees
- Capital One Business Banking Eligibility Requirements
- Capital One Business Banking Account Application Process
- Capital One Business Banking Features
- Capital One Sales & Advertising Transparency
- Capital One Business Banking Customer Service
- Capital One Business Banking Customer Reviews
- Is Capital One Business Banking Safe?
- Final Verdict: Is Capital One Business Banking Worth It?
What Is Capital One Business Banking?
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.
Services Offered By Capital One Business Banking
| Services5.0 |
|---|
| Banking Services 5.0 |
| Online Portal & Mobile App 5.0 |
With two types of checking accounts available, Basic Checking and Enhanced, Capital One Spark aims to serve businesses of all sizes and needs. There is also a “tailored business checking accounts” option for large and complex businesses. 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, earning it a perfect 5.0/5 star rating for this section.
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
Capital One Business Banking Rewards & Perks
| Rewards2.7 |
|---|
| Quality & Value Of Earned Rewards 2.7 |
Capital One Business Banking offers some reward options but is lacking compared to other top online business banks in this area.
When you open a savings account with Capital One, you can unlock a 6-month promotional high-yield interest option of up to 4.20% APY. While we’re slightly disappointed that this rate went from a 12-month offering to 6 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.
Capital One Business Banking Account Fees
| Fees & Rates2.9 |
|---|
| Pricing 2.4 |
| 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, which is reflected in the 2.9/5 star rating for this section. 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
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
$3-$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
$0
Outgoing Domestic Wire Transfer Fee
$40
Incoming International Wire Transfer Fee
$15
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0-$40
Cash Deposit Fee
Varies
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
$15
Capital One Business Banking Eligibility Requirements
| Eligibility Requirements4.6 |
|---|
| Eligibility Qualifications 4.7 |
| 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 and earns it a 4.6/5 star rating for being an accessible banking option for many 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.
Capital One Business Banking Account Application Process
| 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 with was a much-needed improvement that opened Capital One Business Banking up as a viable option for more businesses.
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.
Capital One Business Banking Features
| 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 generally available 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.
Capital One Sales & Advertising Transparency
| 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 sale-gimmicky.
Capital One Business Banking Customer Service
| Customer Service4.6 |
|---|
| Personal Support 3.5 |
| Self-Service 5.0 |
I found 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:
- Phone: Phone support is available.
- Digital Assistant: Access “Eno,” Capital One’s digital assistant, through chat, on the mobile app, via text message, through your browser, and more.
- Support Center: Visit the searchable online help center for answers to common questions.
- Social Media: Capital One maintains active accounts on Instagram, Twitter, Facebook, and LinkedIn. Not all posts are related specifically to business banking.
- Videos: Visit Capital One’s YouTube channel for promotional and informational videos.
- Postal Mail: General correspondence and specific requests can be sent via mail to various post office boxes in Salt Lake City.
Capital One Business Banking Customer Reviews
| 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.
Negative Capital One Business Banking Reviews
- Unhelpful customer service
- Problems with direct deposits
- Buggy app
Positive Capital One Business Banking Reviews
- Friendly customer service
- Easy to use mobile app
- High APY
Is Capital One Business Banking Safe?
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.
Final Verdict: Is Capital One Business Banking Worth It?
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 an above-average APY, low fees, unlimited fee-free digital transactions, and access to credit this could be a good choice for your business needs.
If you are 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 minimum balance of $25k, Capital One’s banking fees could get really expensive really 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.
Content Featuring Capital One Business Banking
Business Banking Review Methodology
Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business banking products.
When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.
Chelsea Krause
Expert Contributor
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
View Chelsea Krause's professional experience on LinkedIn.
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