If you need a business savings account from a provider that offers both digital banking and in-person branch services, Capital One is a great option. The Capital One Business Advantage Savings account offers a six-month introductory interest rate that varies based on your balances:
- First $10,000 account balance earns a 1.0% annual percentage yield (APY)
- Next $10,001 to $5 million earn an additional 4.1%
- Balances over $5 million earn an additional standard 0.1%
You can waive the account’s $3 monthly fee easily by maintaining a minimum average monthly balance of $300.
Pros
- Highly-rated mobile app
- 70,000 fee-free ATMs
- Up to 4.1% promo rate for six months
Cons
- No branches outside Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
- Low standard APY after promo term
Features
- Promotional interest rate based on balances
- Six free withdrawals per monthly statement cycle
- Free Capital One ATM usage
- Overdraft coverage
- Mobile app
- $10,000 fee-free monthly cash deposits
- Business checking and certificates of deposit (CDs) available
- Credit cards, lines of credit, real estate term loans, and small business administration (SBA) loans
How Capital One Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Business Advantage Savings | $3; waivable | None at Capital One ATMs; $2 for out-of-network ATMs | $250 | |
 Business Savings | 3.80% | None | No ATM card for savings accounts | None |
 Business Savings | 3.85% to 4.25%, based on balance | None | N/A; no debit card issued for savings | None |
When Capital One Is a Good Fit
- You seek to maximize promo rewards: Capital One offers new business savings accounts with a six-month promo rate of 1.0% APY for the first $10,000 balance and an additional 4.1% APY for succeeding balances from $10,001 to $5 million.
- You rely on in-person banking: As the eighth-largest consumer bank, Capital One has several branches across the country, with most locations concentrated in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
- Your business works with cash regularly: With 70,000 ATMs across the country, Capital One is a good fit for businesses that frequently withdraw cash. Additionally, the Capital One Business Savings account has a free monthly cash deposit limit of $10,000.
- You want access to full-service business banking: Capital One offers tiered business checking accounts, credit cards, lending products—including real estate term loans, Small Business Administration (SBA) loans, and lines of credit—escrow accounts, and small business services.
When To Consider Capital One Alternatives
- You want to earn interest at competitive rates: Although Capital One’s promo rate for new business savings accounts is competitive, the term lasts only six months. After that, the account earns the standard 0.1% APY. Consider Live Oak Bank, our top choice for the best savings accounts for small businesses because it offers a non-promo APY of 3.80%. Our Live Oak Bank Business Savings review provides more product details.
- You require in-person banking and are located far from a Capital One branch: Capital One branch locations are in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. If you live outside Capital One’s service areas, we recommend Chase for its nationwide branch access. Check out our Chase Platinum Business Checking review to see the bank’s available business savings products.
- You want fee-free wire transfers: For businesses receiving wire transfers regularly, Capital One’s $15 fee for incoming wire transfers can quickly add up. Outbound wire transfers cost even more—$25 for domestic and $40 for international transactions. Under the financial technology (fintech) solution Mercury, all wire transfers are free. Read our Mercury Business Checking review to learn more about the account’s fee-free features.
If your small business meets these scenarios, see our guides to the best banks for small businesses, top banks for small businesses in New York, and leading banks for small businesses in Texas for additional recommendations.
Capital One Business Savings Overview
Capital One Business Savings Requirements
One of the main Capital One business savings requirements is that only legal US residents aged 18 or over can apply for a Capital One business savings account. Capital One reviews the applicant’s past account handling and verifies the information submitted.
You can start your application by filling out a form on the website. The bank will inform you if there’s a need to visit a branch to complete the account opening process, and it will require the following information:
- Personal information, such as name, date of birth, and Social Security number
- Email address and phone number
- US address and owner establishment date — not a post office box
- Legal name of business and type of business
- Business establishment date with signer’s full name
- Tax identification number (TIN), ownership structure and number of employees
- Percent of ownership and annual gross revenue
Capital One may request additional information and documentation, depending on business ownership structure and other factors.
Click on your business type for a list of additional requirements.
Certified articles of incorporation or certificate of good standing or certificate of incorporation/formation/registration and IRS Form SS-4/ CP 575A or IRS Letter 147C
Certified articles of incorporation or certificate of good standing and IRS Form SS-4/ CP575A or IRS Letter 147C
Certified articles of incorporation or certificate of formation/registration or certificate of good standing or signed and dated operating agreement and IRS Form SS-4/ CP575A or IRS Letter 147C
Operating agreement for the series LLC and certified certificate of formation (managing LLC) and IRS Form SS-4/ CP575A or IRS Letter 147C
Certified certificate of organization and IRS Form SS-4/ CP575A or IRS Letter 147C
Signed and dated partnership agreement or certified evidence of registration with secretary of state and IRS Form SS-4/ CP575A or IRS Letter 147C
Signed and dated partnership agreement or certified evidence of registration with secretary of state and IRS Form SS-4/ CP575A or IRS Letter 147C
Certified certificate of limited partnership (secretary of state) or signed and dated partnership agreement or certified evidence of registration with secretary of state or certified certificate of good standing and IRS Form SS-4/ CP575A or IRS Letter 147C
No additional business documentation required
Certified articles of organization or charter letter from national organization authorizing a local chapter (on organization’s letterhead) or recent meeting minutes (on organization’s letterhead) or signed and dated formal written agreement or bylaws and IRS Form SS-4/ CP575A or IRS Letter 147C
Certified articles of incorporation or certificate of good standing and IRS Form SS-4/ CP575A or IRS Letter 147C
Not-for-profit articles of incorporation (if incorporated) or recent meeting minutes (on organization’s letterhead) and IRS Form SS-4/ CP575A or IRS Letter 147C and IRS Determination Letter 501(c)(3) or Letter of tax-exempt
Documents based on entity type and certificate of trust
For a downloadable checklist of documents banks typically require, refer to our guide on how to open a business bank account.
Capital One Business Savings Features
Promotional Interest Rate
For the first six months, Capital One will pay you a high-yield introductory interest rate on balances under $5 million. The promotional rate expires 183 days after an account is opened. After which, standard variable APY rates will apply to the account’s entire balance. Rates can vary by region and change at any time without notice.
Currently, the promo rates are:
The interest compounds and credits every month. The promotional interest rate is available only to new accounts and doesn’t apply to converted accounts.
Waivable Monthly Fee
Capital One charges business savings accounts a $3 monthly fee. It can be waived by maintaining a $300 average monthly balance.
Digital Banking
You can bank digitally through the Capital One website and the Capital One mobile app, available on iOS and Android. Through digital banking, you can:
- View balances
- Export statements
- Pay bills and loans
- Redeem rewards
- Activate credit and debit cards
- Send and receive money through Zelle
- Perform mobile check deposits
- Enroll in text and email alerts
- Manage online user access
The Capital One mobile app earned an outstanding rating of 4.8 on App Store[1] and Google Play[2] from millions of reviews. Reviewers praised the app for being user-friendly, reliable, and functional. Many also appreciated the responsive customer service team that fixed their reported app issues. Meanwhile, a few complained about the occasional login issues they encountered.
Overdraft Coverage
You can link your savings account to your Capital One checking for free to protect yourself from overdraft fees. If you overdraft your checking account, Capital One will pull funds automatically from your savings account to cover the cost.
Small Business Services
- ACH payments and wire transfers
- Electronic debit protection
- Positive pay and reverse positive pay (fraud protection)
- Remote deposit
- Lockbox services
- Check return services
- Vault services
- Stripe payment processing
Other Capital One Business Products
Capital One’s business banking products include checking accounts, CDs, credit cards, and business loans.
Capital One offers two business checking accounts: Capital One Basic Checking for everyday businesses and Capital One Unlimited Checking for businesses with higher balances and larger transaction needs. Both come with free debit cards, overdraft coverage, digital banking, and online bill pay.
In our list of the best checking accounts for small businesses, we named Capital One Basic Checking as the best choice for unlimited everyday transactions. There are no fees or limits for digital transactions. Check out our Capital One business checking review to learn more about the bank’s business checking products.
Capital One also offers business CDs. However, applicants can only access CD information by speaking to a Branch Ambassador at a Capital One branch.
Capital One business credit cards are protected under the $0 Liability Policy. They come with a number of account management and business management features. The bank lets you pick your own monthly due dates and set up automatic payments. You can also issue employee cards and customize transaction limits to control spending.
See our roundup of the best Capital One business credit cards to find one that fits your business needs.
Capital One offers real estate term loans, SBA loans, and lines of credit, all with flexible lending terms.
- Real Estate Term Loans: These are fixed-term loans for purchasing, refinancing, or improving property; loans can be worth up to $5 million and term lengths can last as long as 20 years
- SBA Loans: Businesses that need longer terms, lower equity requirements, or fixed terms can connect with Capital One for SBA 504 and SBA 7(a) loans. If you plan to apply for an SBA loan, read our guide on how to get an SBA loan.
- Lines of Credit: Capital One provides revolving lines of credit worth up to $5 million. Learn about what a business line of credit is and how it works. Our article also covers who should consider it, its pros and cons, and how to choose one.
If you want to manage risk and ensure due diligence in business transactions, you can use Capital One’s Escrow Express sub-account to manage transaction funds. It offers three types of escrow accounts:
- Tenant Security manages tenant security deposits for property managers and landlords.
- Attorney Trust manages client funds for attorneys and law firms.
- Escrow Standard provides sub-accounting functionality for escrow agents and other businesses.
Capital One’s Intellix Platform gives you 24/7 access to your Escrow Express account. Through digital banking, you can pay interest, customize disbursement schedules, submit W-9s, and more. Capital One also provides account summaries and statements for in-depth account reporting.
Through Trade Credit, Capital One’s business-to-business (B2B) credit program, you can give your B2B customers buy-now-pay-later (BNPL) options. These solutions give your clients more time to pay while keeping your access to profit. Trade Credit improves the predictability of cash flow and reduces non-payment and fraud risks.
Capital One Business Savings Reviews From Users
Capital One Business Savings account reviews are unavailable on third-party sites. Still, the bank earned low to average ratings. Customers appreciate its smooth credit card application process, easy-to-use online banking platform, competitive rates, and helpful customer service representatives.
However, some reviewers shared negative feedback and complained about unresolved fraudulent charge disputes, account closures without notice, and late arrivals of replacement cards. Others also claimed that they experienced long wait times when they called the bank.
Here are the bank’s scores on third-party sites:
- Trustpilot[3]: 1.3 out of 5 with over 2,100 reviews
- DepositAccounts[4]: 3 out of 5 from more than 500 reviews
- WalletHub[5]: 3.7 out of 5 from about 920 reviews
Frequently Asked Questions (FAQs)
No. You can fill out an online application form first. The bank will contact you if you need to drop by a branch to complete the account opening procedure.
Yes, but this is short-term. Capital One offers a six-month promotional rate for new business savings accounts. The first $10,000 balance earns 1.0% APY, while succeeding balances from $10,001 to $5 million earn an additional 4.1%. After six months, the account earns the bank’s standard rate of 0.1%.
Yes. You need to visit a local branch to open a Capital One CD account.
Bottom Line
If you want a bank that provides both in-person branch access and reliable digital banking services, Capital One is a good place to put your savings. New business savings accounts can earn 1.0% and 4.1% APY, depending on your balances. However, this is only a six-month promo rate. The bank’s standard business savings rate of 0.1% falls short compared to other online banks.
[1]App Store
[2]Google Play
[3]Trustpilot
[4]DepositAccounts
[5]WalletHub
