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Capital One vs. Chase: Which bank is best for you?
Capital One and Chase are both big names in banking. Both banks offer a range of financial products and services such as checking and savings accounts, certificates of deposit, lending products, and more. Here’s how these two banks stack up against each other.
Capital One vs. Chase Bank: General overview
About Capital One
Capital One is a Virginia-based credit card company founded in 1994. Over the years, Capital One has expanded its offerings to include a full suite of financial products and services for consumers and businesses, including savings accounts, checking accounts, loans, and more, which are available online. Capital One also gives customers access to an extensive library of educational resources and credit tools.
Read our full review of Capital One here
About Chase Bank
JPMorgan Chase Bank, more commonly known as Chase, is a national bank headquartered in New York City that offers personal, business, and commercial banking products. Its offerings include checking accounts, savings accounts, CDs, credit cards, home and auto loans, and more.
Capital One vs. Chase Bank: Deposit account options
Checking accounts
Capital One’s most basic checking account — the 360 Checking Account — offers 0.10% APY with no monthly fees and no overdraft fees. Capital One also offers a significantly larger ATM network than Chase with more than 70,000+ fee-free ATMs (versus 15,000 for Chase).
Capital One’s 360 checking account made our list of the 10 best free checking accounts available today.
Chase Bank’s most basic checking account is free to open. However, it does not earn interest, and there is a $12 monthly fee unless you meet certain requirements to have it waived. This account also imposes a $34 fee for overdrafts. Its ATM network includes about 15,000 ATMs.
Savings accounts
When comparing each bank’s savings accounts, Capital One’s 360 Performance Savings outperforms Chase’s Savings Account in a few key ways.
With 4.10% APY, Capital One’s savings interest rate is more than eight times the national average. The 360 Performance Savings account is also free to open and has no monthly fees or minimum balance requirements.
Chase’s savings account, on the other hand, only offers 0.01% APY for its savings account and does not currently offer a high-yield savings account option. There is no minimum opening deposit or minimum balance requirement, but there is a $5 monthly fee unless you qualify to have it waived.
Certificates of deposit (CDs)
Capital One’s CDs range from 6-month to 60-month terms and offer up to 4.30% APY with no minimum opening deposit requirement.
Chase offers a wide range of terms from one month to 120 months. However, the minimum opening deposit for a Chase CD is $1,000 and these CDs only offer 0.01% APY, regardless of the term (relationship customers can earn 0.02% APY).
Read more: What is relationship banking, and is it worth it?
Capital One vs. Chase Bank: Additional products and services
In addition to deposit accounts, Capital One also offers a variety of credit cards, including travel rewards cards, cash-back cards, student cards, business credit cards, and more. It also offers auto loans and auto loan refinancing, as well as credit monitoring tools.
Chase Bank also offers personal and business credit cards, as well as home and auto loans, and investment products. Chase customers can also take advantage of Chase’s free credit score tool and online education center for more financial education resources.
Does Capital One or Chase Bank have better APYs?
Capital One offers significantly higher APYs on its deposit products than Chase Bank. While Capital One customers can earn as much as 4.50% APY on their balances, Chase’s accounts offer a maximum of 0.02% APY.
Read more: APY vs. interest rate: What's the difference, and why does it matter?
