Capital One Business Savings Account Review
Whether you're starting a new business or just in the market for a new savings account, you've likely encountered dozens of options that all seem equally appealing. We've rounded up a list of some of the best small business savings accounts, and here's a closer look at the Capital One Business Savings Account. Below, we dive into what you need to know about account fees, accessing your cash and how this account compares to others on the market.
Earn a promotional interest rate for the first 3 months. Visit a Capital One location or contact a banker for details.
$250 to open account
$3, with option to waive
None
Up to 6 free withdrawals or transfers per statement cycle
$10
$35
Yes
Yes, if account holders also have a Capital One business checking account
Terms apply.
The Capital One Business Savings Account currently offers a strong APY well above the national average. New account holders can earn a fixed promotional rate for the first three months from account opening. After that, you'll earn a variable rate. The promotional rate you receive depends on your account balance.
You can access your savings online or through Capital One's mobile banking app. You can also link external accounts to make transfers. Account holders are allowed up to six free withdrawals per month.
This account offers overdraft protection free of charge. With Capital One's overdraft protection program, you can link a checking account to your savings account so if you don't have enough money for a transaction, it will automatically transfer funds from your linked account so you don't get hit with a fee.
Other than that, though, the Capital One Business Savings Account is a fairly bare-bones account and doesn't offer many perks.
This account comes with a $3 monthly service fee, which is waived as long as you keep a minimum monthly balance of at least $300. This is a fairly attainable minimum for a business bank account, so it could be a good choice if your business is just starting out or isn't earning a ton of money just yet.
There are several other business savings account options on the market. For instance, the Axos Bank Business Premium Savings account also provides a straightforward experience. Like the Capital One account, the Axos account offers an APY and a checking account option. However, the Axos Bank account doesn't charge a monthly maintenance fee or overdraft fee.
While the Capital One account does have an option to waive the monthly fee, it's nice to have an account that doesn't require you to maintain a minimum balance to avoid fees.
One huge plus for the Capital One account is that you can bank in-person since there are Capital One branches across the country. Axos Bank doesn't offer this option, so this might be a drawback for those who want to build an in-person business banking relationship.
3.80%
None
None
Up to 6 free withdrawals or transfers per statement cycle
None
Yes
Yes, if the account holder has an Axos business checking account
Terms apply.
The Live Oak Business Savings account also doesn't charge a monthly maintenance fee, but it does have a $25 overdraft fee and no overdraft protection. This account doesn't offer a companion checking account and there are no in-person branches, but if you're comfortable with an online-only account, the Live Oak Business Savings might be a solid option for you thanks to its solid APY.
3.50%
None
None
None
Up to 6 free withdrawals or transfers per statement cycle
$10
$25
No
No
Terms apply.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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