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How to Open a Capital One Bank Account

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
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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. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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 Dec 20, 2024

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

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.