Capital One Business Savings Review 2024

Capital One Business savings account is the bank’s sole savings account for businesses. It comes with a promotional APY guaranteed for six months. Accountholders earn a competitive 4.10% APY on amounts from $10,000 to $5 million, while the promotional rate for the first $10,000 is 1.00%. The standard rate, applicable to balances over $5 million even during the promotional period, is 0.10% APY.

Despite restricting the best yields to companies with ample funds, Capital One limits the cash deposit amount to $10,000 monthly before assessing extra fees. However, this limit is higher than some competitors, so companies that regularly deposit large sums may find this to be reasonable.

While Capital One does charge a $3 monthly service fee, this can be easily waived by maintaining a $300 collected balance.

Capital One also provides fee-free access to more than 70,000 ATMs, making the Business Savings account an ideal choice for companies that want to pair it with a business checking account and maintain easy access to cash. The business savings account can serve as overdraft protection for the bank’s business checking account.

Like many savings accounts, Capital One also limits you to six withdrawals monthly. The bank does offer some local branches as well, although in limited geographic areas.