Bank of America vs. Capital One: Which Bank Is Right for You?
Review
Updated
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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 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.
| Offer |
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|---|---|---|
| Account |
Capital One 360 Performance Savings
On Capital One's Secure Website. |
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| Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
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, 2.50 out of 5 stars.
2.50/5
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 |
| APY | 3.60% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening. | 0.01% Rate info Preferred Rewards members are eligible for higher APY. Gold tier earns 0.02%, Platinum earns 0.03%, and Platinum Honors earns 0.04%. |
| Min. to earn APY | $0 | — |
| Next Steps |
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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.
| Offer |
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|---|---|---|
| Account | ||
| Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
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, 3.50 out of 5 stars.
3.50/5
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 |
| APY | 0.10% | 0% |
| Min. to earn APY | $0 | N/A |
| Next Steps |
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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.
APY = Annual Percentage Yield
| Offer |
|
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|---|---|---|
| Account | Capital One 360 CD | Bank of America Standard CD |
| 6 Mo. | 3.80% | 0.03% |
| 9 Mo. | 3.80% | -- |
| 1 Yr. | 4.00% | 0.03% |
| 1.5 Yr. | 3.70% | 0.03% |
| 2 Yr. | 3.50% | 0.03% |
| 30 Mo. | 3.50% | -- |
| 3 Yr. | 3.50% | 0.03% |
| 4 Yr. | 3.50% | 0.03% |
| 5 Yr. | 3.50% | 0.03% |
| Min. Deposit | $0 | $1,000 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
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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.
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.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 3.80%²
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.10% APY for balances of $5,000 or more
Rate info
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
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Earn a bonus of at least $225 after a one-time deposit of $25,000+.
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.
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Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
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Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
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.
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'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.
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.
On Capital One's Secure Website.
Member FDIC.
2025 Award Winner
Capital One 360 Performance Savings
On Capital One's Secure Website.
On Capital One's Secure Website.
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Bank of America Advantage Savings
Bank of America Advantage Savings does not earn a competitive APY, even for Preferred Rewards members, and it carries a monthly fee except for minor and college students under 25 years of age. Still, the savings account is a viable option for those wanting in-person local banking or an account with an established big bank.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
