Top News
Newsletter Friday, November 15
Market Data
Banking

Capital One vs. Chase

By 0 ViewsNo Comments7 Mins Read
Capital One vs. Chase

Logos by CapitalOne and Chase; Illustration by Hunter Newton/Bankrate

Measured by total assets, Chase and Capital One are among the largest banks in the U.S., with Chase taking the number one spot and Capital One taking number nine. Both banks offer a variety of deposit products, including certificates of deposit (CDs) as well as checking and savings accounts. Neither offers a money market account.

Chase has more branches to boast of, but Capital One makes up for its lack of branches with top-notch deposit accounts that offer high yields and no monthly fees. Here’s a comparison of Chase and Capital One, including by account type.

Chase vs. Capital One: Overview

Chase Capital One
Overall Bankrate score 3.5 4.7
Overview Chase conveniently has a banking presence in nearly every state. You can also use Chase’s app and website to easily send anyone money, pay bills, create a budget and more. But if you’re looking for the highest savings rates, better options are available elsewhere. Capital One is a strong choice for consumers looking to earn competitive rates and pay no monthly fees. It offers access to a vast no-fee ATM network as well as branch locations in select states.
Pros
  • Chase offers more than 4,700 branches and 16,000 ATMs.
  • Chase’s mobile app is highly rated.
  • New customers can often earn welcome bonuses.
  • You’ll earn competitive rates on Capital One’s savings accounts and CDs.
  • Checking and savings accounts have no minimum balance requirements.
  • Customers have no-fee access to more than 70,000 ATMs.
  • The mobile app is highly rated by iPhone and Android users.
Cons
  • Yields are generally very low.
  • Basic accounts don’t reimburse out-of-network ATM fees.
  • Chase doesn’t offer a money market account.
  • Bank branches are limited to just a handful of states.
  • Capital One no longer offers money market accounts to new customers.

Chase vs. Capital One: Savings accounts

Capital One offers just one savings account. Chase offers two main savings accounts: Chase Savings and Chase Premier Savings.

The bottom line: When it comes to savings accounts that earn a high annual percentage yield (APY) and no monthly fees, Capital One’s 360 Performance Savings blows Chase’s accounts out of the water.

Chase Savings Capital One 360 Performance Savings
Bankrate score 2.9 4.4
APY 0.01% 4.25%
Monthly fees $5 or $0 when requirements are met $0
Minimum deposit to open $0 $0
Features
  • Make automatic transfers from select Chase checking accounts.
  • There are various ways to waive the monthly fee.
  • Overdraft protection is offered.
  • No outgoing domestic wire fee is charged when this account is linked to a Chase Private Client Checking account.
  • You can create separate accounts for each financial goal.
  • Mobile check deposit is available.
  • Make automatic transfers into your savings account from other accounts.
  • The Capital One mobile app is highly rated.
What to watch for
  • The account earns a rock-bottom APY.
  • Chase charges $5 for each withdrawal or transfer from the account, after you exceed six in a month.
  • Overdraft protection is available, but you may not overdraw the savings account itself.
  • Withdrawals are limited to six per month.

Note: Annual percentage yields (APYs) shown are as of June 24, and may vary by region for some products.

Chase vs. Capital One: CDs

Both Chase and Capital One offer a wide range of CDs with various terms and yields. Chase offers a wider range of terms, but Capital One doesn’t require a minimum deposit, making its CDs much more accessible. Moreover, while Chase requires a hefty deposit amount to earn top yields, Capital One offers top rates regardless of how much money you deposit into the CD.

Chase CDs Capital One 360 CDs
Bankrate score 2.8 4.9
Term lengths One month to 10 years Six months to five years
Minimum deposit to open $1,000 $0
APY for one year 2.00% 5.00%
APY for three years 2.00% 4.00%
APY for five years 2.50% 3.90%
IRA CDs None available None available
Specialty CDs None available None available
Featured CDs Available: 3.00% – 4.75% APY* None available

*To earn the highest APY for some terms, you must have a linked eligible Chase checking account and $100,000 in deposits.
Note: Annual percentage yields (APYs) shown are as of June 24, and may vary by region for some products.

Chase vs. Capital One: Checking accounts

Chase offers a variety of checking accounts that will appeal to a wide range of consumers, and the best one for you will depend on your individual needs. In contrast, Capital One offers just one checking account. For this comparison, we’ve reviewed Chase Total Checking and Capital One 360 Checking.

In general, many consumers will find Capital One’s account more favorable, as it comes without fees and even earns a decent yield for a checking account.

Chase Total Checking Capital One 360 Checking
Bankrate score 3.8 5.0
Monthly fees $12 or $0 when requirements are met $0
Minimum deposit to open $0 $0
APY None 0.10%
Overdraft fee $34 None
Features
  • Chase’s mobile app allows you to manage your account, pay bills, deposit checks, transfer money and send and receive money via Zelle.
  • There are three ways to waive the monthly fee.
  • Overdraft protection is offered.
  • Chase features Zero Liability Protection, which will reimburse you for unauthorized debit card transactions.
  • Capital One has three overdraft options, but whichever you go with, you won’t pay a fee.
  • Capital One offers early direct deposit, up to two days sooner than payday.
  • Capital One’s top-rated app has all the bells and whistles of digital banking, including access to Zelle and Bill Pay.
  • You can add cash to your account at any CVS.
  • You can get help in person at a Capital One branch or cafe.
  • Capital One doesn’t charge fees for using an out-of-network ATM.
What to watch for
  • Overdrawn transactions not covered by Chase Overdraft Assist come with a hefty $34 fee per transaction.
  • There’s a $3 fee for using out-of-network ATMs and a $5 fee per withdrawal at ATMs outside of the U.S., Puerto Rico and the U.S. Virgin Islands.
  • While the first order is free, there’s a fee per 50-quantity checkbook.
  • Domestic outgoing wire transfers cost up to $30.

Chase vs. Capital One: Banking experience

Being the largest bank in the country, Chase offers branches in nearly every state in the U.S. In contrast, Capital One has a much more limited geographic footprint, being available in only nine states. As such, you’ll find Chase branches to be more easily accessible. But it’s worth noting that Capital One helps offset its lack of branch presence with a large ATM network. Moreover, both banks have highly rated mobile apps that help you track and manage your money.

Chase Capital One
Branches Approximately 4,700 Approximately 300
Customer service Available by phone, mail and in person. Customer service hours over the phone are not prominently listed on Chase’s website. Available by phone, e-mail and mail. Phone customer service hours are every day from 8 a.m. to 8 p.m. ET.
ATM network Approximately 16,000 ATMs Approximately 70,000 ATMs
Mobile app rating iOS: 4.8
Android: 4.4		 iOS: 4.8
Android: 4.5
Philanthropy JPMorgan Chase Foundation Capital One Foundation. Also part of the Change Capital Fund.

— Bankrate’s Karen Bennett contributed to an update of this story.

Read the full article here

Share.

Related Articles

Leave A Reply

© 2024 Brilliance Financials. All Rights Reserved.
Exit mobile version