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Thursday, November 21
Banking

Capital One vs. Chase

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When it comes to the largest banks in the U.S. by total assets, Chase and Capital One are at the top of the list. Chase holds the number one spot, while Capital One comes in at number nine. Both banks offer a range of deposit products, including certificates of deposit (CDs), checking accounts, and savings accounts. However, neither bank offers a money market account.

While Chase has a larger number of branches compared to Capital One, Capital One stands out with its high-yield deposit accounts that come with no monthly fees. In this comparison of Chase and Capital One, we will explore their offerings across different account types.

Chase vs. Capital One: Overview

Chase Capital One
Overall Bankrate score 3.5 4.7
Overview Chase has a widespread banking presence across nearly every state, offering convenient services through its app and website. However, for those seeking the highest savings rates, other options may be more competitive. Capital One is a solid choice for individuals looking to earn competitive rates and avoid monthly fees. It provides access to a large no-fee ATM network and has branch locations in select states.
Pros

  • Chase has over 4,700 branches and 16,000 ATMs.

  • Highly rated mobile app.

  • Potential welcome bonuses for new customers.

  • Competitive rates on savings accounts and CDs.

  • No minimum balance requirements for checking and savings accounts.

  • Access to over 70,000 no-fee ATMs.

  • Highly rated mobile app for both iPhone and Android users.
Cons

  • Low yields in general.

  • No reimbursement for out-of-network ATM fees on basic accounts.

  • No money market account offered.

  • Limited bank branches in only a few states.

  • No new money market accounts available.

Chase vs. Capital One: Savings accounts

When it comes to savings accounts offering high annual percentage yields (APY) and no monthly fees, Capital One’s 360 Performance Savings surpasses Chase’s savings accounts.

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

  • Automatic transfers from select Chase checking accounts.

  • Various ways to waive the monthly fee.

  • Overdraft protection available.

  • No outgoing domestic wire fee when linked to a Chase Private Client Checking account.

  • Create separate accounts for different financial goals.

  • Mobile check deposit feature.

  • Automatic transfers from other accounts to savings.

  • Highly rated Capital One mobile app.
What to watch for

  • Low APY with Chase Savings.

  • $5 fee for each withdrawal or transfer exceeding six per month.

  • Overdraft protection available, but savings account cannot be overdrawn.

  • Limit of six withdrawals per month.

Note: APYs as of June 24, subject to regional variations for some products.

Chase vs. Capital One: CDs

Both Chase and Capital One offer a variety of CDs with different terms and yields. While Chase offers a wider range of terms, Capital One stands out for not requiring a minimum deposit, making its CDs more accessible. Additionally, Capital One offers top rates regardless of the deposit amount, unlike Chase, which requires a significant deposit for top yields.

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 Not available Not available
Specialty CDs Not available Not available
Featured CDs Available: 3.00% – 4.75% APY* Not available

*To earn the highest APY for some terms, you must have a linked eligible Chase checking account and $100,000 in deposits.

Note: APYs as of June 24, subject to regional variations for some products.

Chase vs. Capital One: Checking accounts

Chase offers a range of checking accounts catering to diverse consumer needs, with Chase Total Checking being a popular choice. On the other hand, Capital One offers a single checking account, the Capital One 360 Checking, which may appeal to many customers due to its fee-free structure and decent yield.

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

  • Manage account, pay bills, deposit checks, transfer money, and send/receive money via Zelle using Chase’s mobile app.

  • Multiple ways to waive monthly fee.

  • Overdraft protection available.

  • Zero Liability Protection for unauthorized debit card transactions.

  • Three overdraft options with no fees.

  • Early direct deposit up to two days before payday.

  • Full-featured mobile app with Zelle and Bill Pay.

  • Cash deposits at CVS locations.

  • In-person assistance at branches or cafes.

  • No fees for using out-of-network ATMs.
What to watch for

  • $34 fee for overdrawn transactions not covered by Chase Overdraft Assist.

  • Additional fees for out-of-network ATM usage and international withdrawals.

  • Fee for subsequent checkbook orders.

  • Domestic outgoing wire transfer fees up to $30.

Chase vs. Capital One: Banking experience

Chase, as the largest bank in the U.S., boasts branches in almost every state, providing easy access to banking services. In contrast, Capital One has a more limited presence, available in only nine states. Despite this, Capital One compensates for its branch shortage with a vast ATM network. Both banks offer highly rated mobile apps for convenient money management.

Chase Capital One
Branches Approximately 4,700 Approximately 300
Customer service Available via phone, mail, and in-person. Phone service hours not prominently displayed on Chase’s website. Available via phone, email, and mail. Phone customer service hours daily 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, part of the Change Capital Fund.

— Contribution by Karen Bennett to this article update.

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