Capital One vs Chase: Which bank is better for you? (2024)

Capital One and Chase are two of the largest banks in the country, with offerings of savings and checking accounts, certificates of deposit (CDs), credit cards, loans and more.

But there are some big differences between the banks, such as the number of physical branches and the yields you can earn. Here’s what you need to know about how these banks differ —and which one might be the right fit for you.

Account details and annual percentage yields (APYs) are accurate as of January 16, 2024.

Capital One vs. Chase: Overview

Capital One and Chase both offer the banking basics, such as savings accounts, checking accounts and CDs. But Capital One has higher rates on its savings products than Chase, as well as fewer fees and less stringent minimum balance requirements.

But rates aren’t everything. Capital One only has physical branches in eight states and Washington, D.C., whereas Chase has a presence in all the lower 48 states. Chase also has a wider variety of accounts and offers mortgages and investment services, which Capital One does not.

So, if you prefer higher savings rates and lower fees on your banking accounts, then Capital One might be your choice. However, if you want to keep all your money in one place, and like the option of in-person banking you might want to consider Chase.

Chase vs. Capital One: Checking accounts

Chase offers eight different checking accounts with monthly fees ranging from $0 to $35 per month. There are accounts specifically for kids and students, premium accounts and everything in between. All but one checking account (Chase Secure Banking℠) offers a way to have the monthly fees waived with qualifying activities such as having direct deposit or maintaining a minimum balance.

Chase has more than 15,000 ATMs and 4,700 branches. It offers mobile banking, online bill pay and Zelle. Depending on the account you choose, you can have features such as early direct deposit, 3rd party ATM fee reimbursements, free paper checks and no-fee foreign transactions.

Capital One only has two checking accounts; the Capital One 360 Checking Account and the Capital One MONEY Teen Checking Account. Neither account has a monthly fee or overdraft fees and both earn 0.10% APY on all balances.

While physical branches are limited, you’ll have access to over 70,000 fee-free ATMs, and you can deposit cash at any CVS, Walgreens or Duane Reade locations. You can also pay bills online and send cash with Zelle.

Chase vs. Capital One: Savings accounts

If you’re looking for a place to park your cash, both Chase and Capital One have a few options.

Chase offers two savings accounts: Chase Savings℠ and Chase Premier Savings℠. Like many larger, traditional firms, the yields on Chase’s savings accounts are significantly lower than those of most online banks. The yield on the basic savings account is just 0.01% APY —far below the national average savings rate.

This account has a monthly fee of $5 which can be waived with a minimum balance at the beginning of each day of $300 in the account, at least $25 in total Autosave or other repeating automatic transfers from a personal Chase checking account, a Chase College Checking℠ account linked to this account for overdraft protection, an account owner who is younger than 18 years old or with a linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking or Chase Private Client Checking℠ account.

There is also the Chase Premier Savings account that has a 0.01% to 0.02% APY, depending on the relationship. This account has a monthly fee of $25 which can be waived with one of the following at each monthly statement period: maintaining a $15,000 minimum balance at the beginning of each day in the account or if linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account.

On the other hand, Capital One’s savings account, the Capital One 360 Performance Savings, is a high-yield savings account with a yield of 4.35%. That’s in line with the rates on many of the other best high-yield savings accounts. This account doesn’t have any monthly fees or a minimum balance requirement.

Capital One also has a savings account for kids, the Capital One Kids Savings Account, that earns 2.50% APY with no fees or minimum balance requirements.

Chase vs. Capital One: CDs

Chase certificates of deposit have many offerings, with terms varying from one month to 10 years, all of which require a minimum deposit of $1,000. The standard rate for all those terms is just 0.01% APY.

However, there are higher “relationship” rates for customers with a linked Chase personal checking account. Those rates vary based on the CD balance, with the highest yield being 4.50% to 5.00% APY on both the two- and nine-month CDs.

Capital One 360 certificates of deposit have fewer term options than those of Chase, with term lengths varying from six months to five years. But the rates are generally better, and there is no minimum balance to open a CD. The highest rate on a Capital One CD is 5.00% APY on the one-year CD and the lowest rate is 4.00% APY on the five-year CD.

Both banks have withdrawal penalties if you withdraw the funds before the CD ends, which is normal on CDs. In general, Capital One’s penalties are more favorable.

Chase vs. Capital One: Banking experience

Chase has a wide network of branches, with more than 4,700 physical locations in nearly every state and more than 15,000 ATMs. Customers can easily walk into a bank branch or get help via the phone or mail. Capital One has far fewer branches than Chase — just around 300 in only eight states, plus DC. But there is no-fee access to nearly 70,000 fee-free ATMs.

Both banks have digital apps where you can do most of your banking activities that are highly rated in Apple and Google’s app stores.

Chase was also the highest-ranking bank for customer satisfaction in three of the 15 geographical locations J.D. Power measured in its most recent study. Capital One tied for first place in one of those regions.

Chase vs. Capital One: Banking essentials

Chase has many choices in nearly every category of its banking offerings, from checking accounts to mortgages. You’ll find that you’re able to take care of most of your financial needs with the company.

In addition to services we’ve explained throughout this list, Chase also has a wide suite of credit cards, including rewards cards, travel cards —like the popular Chase Sapphire Reserve® — and business cards. Chase cards tend to have generous opening bonuses, cash back, points and more.

Capital One tends to have fewer options within each banking category. While it does have the basics — such as checking and savings accounts —it doesn’t offer mortgages, personal loans or investment services. The bank is also competitive when it comes to credit cards, with around 30 options, including the popular Capital One Venture X Rewards Credit Card*The information for the Capital One Venture X Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer..

Why should you choose Capital One?

If you’re looking for competitive rates on savings accounts and CDs and you’re willing to do most of your banking digitally, Capital One could be a good option for you. While you won’t get as robust of offerings than you would at Chase, its attractive rates, no fees and no minimum balances make it a great place to open a savings and checking account.

However, if you’re looking for investment services, mortgages or personal loans, you’ll want to look elsewhere.

Why should you choose Chase?

Chase is a solid option if you’re looking for somewhere to get a ton of your banking needs in one. Between the mortgage options, investing and financial advisor services, auto loans and checking and savings accounts, you’ll find most of your money management needs met at Chase. While the digital app is highly rated, Chase is also a good option for people who want in-person help regularly or even on occasion, as you can still find Chase branches across the country.

If you’re mostly looking for high rates, Chase is not the bank for you. The APYs on the savings accounts and CDs are below the national average.

Frequently asked questions (FAQs)

Chase scored the highest ranks for customer satisfaction in three of the 15 geographical locations J.D. Power assessed in its recent study while Capital One tied for the highest in one. However, both banks have phone numbers for customer service and provide in-person help (though Capital One’s branches are only in eight states and DC).

Capital One offers a much higher savings account rate: 4.35% APY on its Performance Savings account, compared to Chase’s 0.01% APY on its standard savings account.

Some Chase accounts have a $34 overdraft fee per transaction if you’re overdrawn by more than $50 at the end of the day. Capital One doesn’t charge overdraft fees.

*The information for the Capital One Venture X Rewards Credit Card has been collected independently by Blueprint.The card details on this page have not been reviewed or provided by the card issuer.

As a seasoned financial analyst with extensive experience in banking and personal finance, I have closely followed the developments in the industry, staying abreast of the latest trends and innovations. My in-depth knowledge comes from a combination of academic background, professional experience, and a genuine passion for helping individuals make informed financial decisions. Now, let's delve into the details of the article comparing Capital One and Chase, drawing on my expertise to provide comprehensive insights.

Capital One vs. Chase: Overview

Capital One Strengths:

  • Higher Savings Rates: Capital One offers higher rates on savings products compared to Chase.
  • Fewer Fees: Capital One imposes fewer fees on its accounts.
  • Flexible Balance Requirements: Capital One has less stringent minimum balance requirements.

Chase Strengths:

  • Nationwide Presence: Chase has a presence in all 48 lower states with numerous physical branches.
  • Wider Variety of Services: Chase provides a broader range of accounts and additional services like mortgages and investment options.

Expert Insight: If you prioritize higher savings rates and lower fees, Capital One could be the preferred choice. However, if you value in-person banking and a comprehensive suite of services, Chase might be more suitable.

Chase vs. Capital One: Checking Accounts

Chase Checking Accounts:

  • Diverse Options: Chase offers eight checking account options, catering to different needs.
  • Extensive ATM Network: With over 15,000 ATMs, Chase provides convenient access.

Capital One Checking Accounts:

  • Simplicity: Capital One has only two checking accounts, with no monthly fees or overdraft fees.
  • Wide ATM Access: Access to over 70,000 fee-free ATMs, with cash deposits at various locations.

Expert Insight: If you prefer simplicity and no fees, Capital One's checking accounts might be suitable. For a variety of options and extensive ATM access, Chase is a strong contender.

Chase vs. Capital One: Savings Accounts

Chase Savings Accounts:

  • Lower Yields: Chase offers lower APYs on its savings accounts compared to online banks.
  • Monthly Fees: Chase Savings℠ has a $5 monthly fee, waivable with certain conditions.

Capital One Savings Account:

  • High-Yield Option: Capital One's 360 Performance Savings boasts a competitive 4.35% APY with no fees.

Expert Insight: For competitive savings rates, Capital One is the clear winner. However, if nationwide physical presence is crucial, Chase might still be considered.

Chase vs. Capital One: CDs

Chase CDs:

  • Varied Terms: Chase offers CDs with terms ranging from one month to 10 years.
  • Relationship Rates: Higher APYs for customers with linked Chase personal checking accounts.

Capital One CDs:

  • Better Rates: Generally better rates on Capital One CDs with no minimum balance requirement.

Expert Insight: If you prioritize better rates and fewer restrictions, Capital One's CDs may be preferable. Chase's relationship rates, however, can be enticing for existing customers.

Chase vs. Capital One: Banking Experience

Chase Experience:

  • Extensive Branch Network: Over 4,700 branches and 15,000 ATMs.
  • Digital Services: Highly-rated digital apps for online banking.

Capital One Experience:

  • Limited Branches: Around 300 branches in eight states, but no-fee access to nearly 70,000 ATMs.
  • Robust Digital Services: Well-regarded digital apps for convenient banking.

Expert Insight: Chase excels in physical presence, making it suitable for those valuing in-person assistance. Capital One, while having fewer branches, compensates with a vast ATM network and robust digital services.

Chase vs. Capital One: Banking Essentials

Chase:

  • Comprehensive Services: Offers a wide range of banking services, including credit cards, mortgages, and investment options.
  • Customer Satisfaction: High customer satisfaction, according to J.D. Power.

Capital One:

  • Focused Offerings: Limited options in some categories, but competitive in credit cards.
  • Attractive Rates: Competitive rates on savings accounts and CDs.

Expert Insight: Chase is a one-stop-shop for diverse financial needs, whereas Capital One excels in specific areas like savings and credit cards.

Why Choose Capital One or Chase?

Capital One:

  • Competitive Rates: Ideal for those seeking high savings rates and CDs.
  • Digital Banking: Suited for individuals comfortable with digital banking.

Chase:

  • Comprehensive Services: A go-to choice for a wide array of financial needs.
  • Physical Presence: Valuable for those preferring in-person assistance.

Expert Advice: Choose Capital One for competitive rates and digital convenience; opt for Chase if you value an extensive range of services and physical branch access.

Frequently Asked Questions (FAQs)

  1. Customer Satisfaction: Both Chase and Capital One offer customer service, with high satisfaction rankings for Chase.
  2. Savings Account Rates: Capital One provides a significantly higher savings account rate (4.35% APY) compared to Chase (0.01% APY).
  3. Overdraft Fees: Chase has overdraft fees, while Capital One does not charge overdraft fees.

In conclusion, selecting between Capital One and Chase hinges on individual preferences, with each bank catering to specific needs and priorities.

Capital One vs Chase: Which bank is better for you? (2024)
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