Bottom line: Bank of America and Capital One are two notable big-name banks, each with branch locations, numerous ATMs, and all kinds of consumer financial products, including bank accounts, credit cards, and loans.
Bank of America vs. Capital One: Account options
Bank of America and Capital One both offer a slew of deposit accounts. Let's take a closer look at both banks' options for savings, checking, and CDs.
Savings accounts
Let's start with Bank of America. Its Bank of America Advantage Savings offers perks like mobile check deposit (through the stellar Bank of America app; more on that below) and access to a large network of fee-free ATMs. But the APY is shockingly low.
Capital One has a much better offer for people seeking a savings account. Its Capital One 360 Performance Savings pays an APY that matches some of our favorite picks for high-yield savings accounts.
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Rates asof Apr 11, 2024
Offer | ||
---|---|---|
Account | Bank of America Advantage Savings | Capital One 360 Performance Savings |
Rating | Rating image, 2.50 out of 5 stars. 2.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
APY | Up to 0.04% | 4.25%Rate infoSee Capital One website for most up-to-date rates |
Min. to earn APY | — | $0 |
Next Steps | Read Review | Open Account for Capital One 360 Performance Savings Read full review |
Checking accounts
Turning to checking accounts, you'll find a lot of versatility in Bank of America's Advantage Banking. You can pick from multiple settings and monthly fees for your checking account, ranging from no-frills if you're new to banking, to beaucoup relationship benefits if you've got a large balance or are a Bank of America Preferred Rewards program member.
Capital One has a few options for personal checking accounts. The Capital One 360 Checking account is a winner that comes with no monthly fees and an APY that isn't bad for a checking account. For the younger set, you can open a Capital One MONEY Teen Checking Account. It has no fees and includes parental monitoring features.
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Rates asof Apr 11, 2024
Offer | ||||
---|---|---|---|---|
Account | Bank of America Advantage SafeBalance Banking | Bank of America Advantage Plus Banking | Capital One 360 Checking | Capital One MONEY Teen Checking Account |
Rating | Rating image, 3.50 out of 5 stars. 3.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 3.00 out of 5 stars. 3.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
APY | 0% | N/A | 0.10% | 0.10% |
Min. to earn APY | N/A | N/A | $1 | $0 |
Next Steps | Read Review | Read Review | Read Review | Read Review |
CDs
Bank of America's APYs on certificates of deposit range from extremely low to comparable to the best CD rates, but this hinges on how much your deposit is (it must be at least $1,000 to open a Bank of America CD) and what term you're choosing. Bank of America CD terms range from 28 days to 10 years.
Capital One CDs offer competitive APYs across the board, and terms available are the usual suspects (three months to five years). Best of all, there is no minimum deposit required to open one.
Rates as of April 11, 2024
APY = Annual Percentage Yield
Offer | Member FDIC. | Member FDIC. |
---|---|---|
Account | Bank of America Standard CD | Capital One 360 CD |
6 Mo. | 0.03% | 4.25% |
9 Mo. | -- | 4.25% |
10 Mo. | -- | 5.10% |
1 Yr. | 0.03% | 4.80% |
1.5 Yr. | 0.03% | 4.45% |
2 Yr. | 0.03% | 4.00% |
3 Yr. | 0.03% | 4.00% |
4 Yr. | 0.03% | 3.95% |
5 Yr. | 0.03% | 3.90% |
Min. Deposit | $1,000 | $0 |
Early Withdrawal Penalty | Yes | Yes |
Next Steps | Read Review | Read Review |
Bank of America vs. Capital One: APYs
Annual percentage yield (APY) is a place of major difference between Bank of America and Capital One. Capital One pays consistently higher APYs on savings account and CD products, more like an online-only bank would, plus its checking accounts earn interest, too. The difference is especially stark when you compare the Bank of America Advantage Savings account and the Capital One 360 Performance Savings; the APY for Capital One's account is more than 100 times that of Bank of America.
For CDs, the rates offered by each bank are more comparable, but only if you choose a specific term offered by Bank of America; for Capital One, CD rates across the board are fairly high. Plus, you don't need a minimum deposit to open a CD with a high rate at Capital One.
Bank of America vs. Capital One: Customer service
You can reach customer service at Bank of America via both X (formerly Twitter) and Facebook, as well as by mail and by phone. Representatives are available Monday-Friday from 8 a.m. to 9 p.m. ET, Saturdays 8 a.m. to 8 p.m. ET, and Sundays 8 a.m. to 5 p.m. ET. Or you can visit a branch when it's open.
If you need to reach Capital One, representatives are available by phone from 8 a.m. to 11 p.m. ET seven days a week. You can also visit a branch or Capital One Cafe if you have one in your area.
Bank of America vs. Capital One: Mobile apps
Bank of America's mobile app is stellar. You can keep track of all your accounts, send and receive money, and get help from Erica, a virtual financial assistant. The Bank of America mobile app is popular with users, scoring a rating of 4.8 out of 5 on the App Store and 4.6 out of 5 with Google Play.
Capital One's mobile app also lets customers see all their accounts in one place, pay bills, and even monitor their credit. It's got the same high ratings on both the App Store (4.8 out of 5) and Google Play (4.6 out of 5) as Bank of America's app. So you really can't go wrong with either bank if you're deciding based on mobile banking experience.
Bank of America vs. Capital One: Which is right for you?
With all the products and accounts offered by both Bank of America and Capital One, you could certainly have bank accounts, credit cards, and loans with each of them and keep the bulk of your financial activities under one roof. If higher APYs on savings accounts and CDs are important to you, Capital One is likely the better fit for you. But if in-person banking is your jam and you live near a Bank of America branch (of which there are many more than Capital One locations), that might be your pick.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Open Account for CIT Platinum Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.05% APY for balances of $5,000 or more Rate info5.05% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings |
Open Account for Synchrony Bank High Yield Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.75% Rate infoOur Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDICMin. to earn: $0 | N/A | Open Account for Synchrony Bank High Yield Savings |
Open Account for Bask Interest Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.10% Min. to earn: $0 | N/A | Open Account for Bask Interest Savings |
FAQs
Bank of America could be right for anyone who wants access to multiple financial products offered by a big national bank. If you like in-person banking services, Bank of America has nearly 4,000 branches you can visit. If you're hoping for a high APY on your savings, however, Bank of America is likely not for you.
Capital One offers some branch access if you live near one, so you can still access in-person services. But in exchange for digging in with online banking, you can be rewarded with high APYs, easy terms on CDs, and a great mobile app. If this sounds good to you, consider Capital One.
Our Banking Experts
By:Ashley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact CheckedEric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.