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Today we are definitely contrasting 2 of the leaders of the American Banking System, Capital One and also Bank of America. They give comparable financial solutions like down payment accounts, lendings, as well as credit history centers, one is method in advance of the various other.
Capital One has even more ATMs, far better consumer assistance, greater rate of interest in their financial savings, inspecting, and also CD accounts. There are no overdraft account costs as well as $0 minimum down payment charges in all accounts.
But, Bank of America has a small side in regards to even more variety of branches (virtually 4,200+) as well as reduced return down payment charges.
Let’s take a look at their contrast at a look in the table listed below.
Capital One vs Bank of America Overview
| Bank of America | Capital One | |
| Checking Monthly Fee | $12 monthly | $ 0 |
| Checking Minimum Deposit | $100 | $ 0 |
| Savings Monthly Fee | Monthly Fee- $8 | Monthly Fee- $0 |
| Savings Return | Annual Return- 0.04% | Annual Return- 0.40% |
| CD Earning | 1 Year 0.03%, 5 Year 0.03% | 1 Year 0.60%, 5 Year 1.00% |
| CD Minimum Deposit | $ 1,00 0 | $ 0 |
| Locations | 4,200+ | 320+ |
| Phone Hours | 8: 00-23: 00 ET (Mon-Fri) 8: 00-20: 00 (Sat-Sun) |
24 Hours |
| ATMs | 16,00 0+ | 70,00 0+ |
| Overdraft Fee | Overdraft Fee- $35, restriction 4 each day | Overdraft Fee- $0 |
Capital One is a much better financial institution in virtually every method when contrasted to Bank of America. There are a couple of details where it delays.
For instance, Capital One has just 320+ branches in the United States as contrasted to Bank of America which has more than 4,200+ branches. The return down payment costs are a little bit on the greater side.
As much as various other facets are worried, the yearly prices in monitoring, cost savings, and also CD accounts are way greater in Capital One. They have a $0 minimum down payment in every account as well as a remarkable on the internet financial experience.
Who is Capital One for?
Capital One is for those clients that like an electronic banking experience, high return on their financial investments, no regular monthly upkeep charges, as well as minimal overdraft account charges.
Pros of being a Capital One Customer:
- A huge variety of ATMs (70,00 0+)
- Higher APY prices
- $ 0 minimum down payment quantities
- 24/ 7 client assistance
- No over-limit costs
- Zero account upkeep charges
Cons of being a Capital One Customer:
- A restricted variety of branches in the United States (320+)
- High return down payment costs ($30)
Who is Bank of America for?
Customers that desire much better offline assistance and also the benefit of even more branches can select Bank of America for opening their accounts.
Also, with Bank of America, the return down payment charge (for both residential and also worldwide transfers) is a little bit on the reduced side.
Pros of being a Bank of America Customer:
- More variety of branches (4700+)
- Low return down payment charges
Cons of being a Bank of America Customer:
- Low APY prices, both in Savings along with CD accounts
- The minimal down payment quantities are high
- High overdraft account charges
- High account upkeep costs
Capital One vs Bank of America Checking Account Comparison
| Bank of America | Capital One | |
| Monthly Maintenance Fee | $12 | $0 |
| Minimum Account Opening Deposit | $100 | $0 |
| APY Rate | 0.01% | 0.10% |
Capital One not just has $0 account upkeep costs, however it additionally supplies an APY price of 0.10 also at a $0 minimum account opening up down payment.
This is insane great when contrasted to the 0.01% APY price and also high $12 upkeep costs of Bank of America. You can forgo off this cost with straight down payments of at the very least $250 each month or by preserving a day-to-day equilibrium of $1,500 or a lot more.
Capital One vs Bank of America Savings Account Comparison
| Bank of America | Capital One | |
| APY | 0.04% | 0.40% |
| Monthly Maintenance Fee | $8 (Can be forgoed) | $0 |
| Minimum Deposit Fee | $100 | $0 |
As we can see that the month-to-month upkeep cost of Capital One is $0. The APY prices are practically 10 x when contrasted to Bank of America. Financial institution of America likewise bills $8 as an account upkeep charge.
However, the minimal down payment charge is likewise $0 when it comes to Capital One account owners.
Capital One vs Bank of America Certificate of Deposit Comparison
| Bank of America | Capital One | |
| APY- 1 Year | 0.03% | 0.60% |
| APY- 3 Years | 0.03% | 0.75% |
| APY- 5 Years | 0.03% | 1.00% |
| Minimum Deposit | $1,00 0 | $0 |
Opening a Certificates of Deposit account in Bank of America is meaningless. You will certainly obtain much appealing returns in Capital One. The minimal down payment to open up a CD is $0.
Capital One vs Bank of America Fees Comparison
| Bank of America | Capital One | |
| ATM | $ 2.50 | Free |
| Overdraft | $35 | $ 0 |
| Stop Payment | $30 | $25 |
| Return Deposit | Domestic- $12 Foreign- $15 | $25- Flat |
| Wire Transfer | Domestic: $30 International: $35-45 |
Domestic: $0 (inbound) Domestic: $30(outward bound) International- $0 (inbound) |
Here we can see that if you contrast ATM costs as well as Overdraft charges, Capital One has a full benefit as it bills $0.
However, for the quit settlement as well as cable transfer charge, both of them bill essentially the very same quantity. Financial institution of America has a mild benefit on the return down payment charge as it bills up to $10 much less.
Capital One vs Bank of America: Verdict
So, in general we would certainly state that Capital One is the clear victor. It has absolutely no account upkeep and also over-limit charges, absolutely no minimal down payment worth, as well as greater APY returns.
We Recommend Capital One For:
- High APY Rates
- Zero Fees when contrasted to Bank of America
- Zero minimum down payment worths
- More variety of ATMs
- And far better general consumer assistance.
We Recommend Bank of America For:
- More variety of branches
- Great advantages for account owners 65 and also over
- Low return down payment costs.
The message Capital One vs Bank of America (Which One is Better?) showed up initially on Frugal Answers.