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How to Open a Capital One Bank Account

Review Updated
Matt Frankel, CFP®
Matt Frankel, CFP®
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Capital One is best known for its credit card products, but it also offers some highly competitive checking accounts, savings accounts, and CDs. In this article, we'll discuss the step-by-step process to open a Capital One bank account -- and it's easier than you might think.

Ratings Methodology
Rates as of Apr 17, 2025

Capital One 360 Checking

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.10%
Min. To Earn APY
$0
  • Branches and Capital One Cafes in some states
  • Variety of accounts
  • Robust digital platform and app
  • Great customer service
  • Higher APY available at other financial institutions

Capital One boasts a top-rated mobile app and has over 70,000 fee-free Capital One, MoneyPass, and Allpoint ATM locations. For those looking for face-to-face interaction, Capital One has over 450 locations and 50 Capital One Cafes, where customers can bank, get a cup of coffee, and ask for advice from a certified money coach. However the APY is lower than other online banks.

What you'll need to open a Capital One bank account

The details and documents you'll need to open an account can vary, depending on your personal situation, the type of your account you plan to open, and how you plan to make your initial deposit. But here's the general list of information and documentation you should gather before applying.

  • Two forms of ID: Typically, this can be satisfied with a driver's license and Social Security card, but other forms of ID including a passport and/or birth certificate can work.
  • Proof of address: If you're using a driver's license, this also proves where you live. Or, you might want to bring a current utility bill, mortgage statement, or something else with your address on it.
  • Personal contact information: A good email address, phone number, etc.

That's it! The Capital One online application can be completed quickly and easily with this information. If you're opening a new account jointly with another person, be sure to gather all of this documentation for them, as well.

How much does it cost to open a Capital One bank account?

There is no cost (fee) to open a Capital One bank account, and unlike many of its competitors, Capital One has no account minimums for checking accounts, savings accounts, or even CDs.

How to open a Capital One bank account

The exact account opening procedure varies depending on the type of account you're opening, how you plan to make your opening deposit, and whether you're applying individually or with a co-applicant. But here are the three basic steps.

1. Decide which Capital One bank account you want to open

Capital One offers several different types of bank accounts, including checking, savings, and CD accounts. You can read our Capital One Bank review for a more thorough explanation of what the bank offers, but here are the main account types, with links to our individual reviews (where available).

2. Complete the online application (or apply in person)

To open an account online, the next step is to complete the new account application, which can be found on Capital One's account overview page next to each account choice. If you already have a Capital One login and password (say, for a credit card), you can use it to open a bank account, and this will automatically fill in certain parts of the application. But even if you don't, Capital One claims the account application will take about five minutes.

Alternatively, if you live near a Capital One banking branch, or one of its excellent Capital One Cafes, you can open an account in person. Just be aware that some of Capital One's accounts are designed to be online-only, so you might be limited in which accounts you can open.

3. Make your initial deposit and start using your account

Finally, all that is left to do is make your initial deposit. You can do this from another Capital One account or from another bank account you have. You can make your opening deposit over the phone if you'd prefer. Or, if you live near a branch, you can deposit cash, checks, or money orders in person to fund your new account.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You 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!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

FAQs

  • Yes, in fact many of Capital One's bank accounts are designed to be exclusively online products. There's a quick and easy application for all of Capital One's checking, savings, and CD accounts. Alternatively, Capital One does have hundreds of branches, and an account can be opened in person if that would be preferable (although not all account types can be opened in a branch).

  • Yes, Capital One offers joint bank accounts with checking, savings, and CD accounts. It offers two specific types of accounts (one checking account and one savings) that are designed to be jointly held by parents and their children.

  • Yes, unlike those of many of its competitors, all of Capital One's bank accounts pay interest. It offers competitive APYs on all of its bank accounts, and its interest rates are especially high for a bank with hundreds of branch locations.