Last Updated 20 August 2017 | By:

Spark Business By Capital One Review

Is It Actually Right For You?

Capital One Business Checking ReviewDo you need to open a business bank account? Looking for the perfect combination of a convenient bank that won’t nickel and dime you on fees? There are so many options these days that it can be difficult to figure out which is the best for you.

To complement your own research, my team and I spent countless hours examining the details of every popular bank for business. My goal with this review is to give you the info you need to make the right decision for your company.

In this Spark Business by Capital One Review, I’ll go over the pros and cons, pricing and features, customer feedback and much more. Read on to find out if they’re a good fit for your business!

Capital One Pros & Cons

Pros

  1. There are no monthly fees, transaction limits or minimum balances with Spark Business.

  2. You can use any Capital One or Allpoint ATMs free of charge. That’s over 40,000 fee-free ATMs in the US.

  3. Your deposits are available within 24 hours and you can link your savings account to protect against overdrafts. Throw in free electronic invoicing and bill paying, and you’ve got a fully featured bank.

  4. If you add a savings account, Spark Business has a 1.00% introductory APY that lasts for 12 months. After that you return to their standard rate of .40%, which is substantially higher than other top banks for business.

  5. Their apps are very easy to use and smartly designed for both Android and iOS, and their user interface is incredibly convenient, as you would expect from an entirely digital banking option.

Cons

  1. If your business deals with cash on a regular basis, then you may want to consider bank accounts that aren’t designed to be completely digital.

  2. Some customers have reported inconsistency issues with their mobile deposit system.

Spark Business Pricing & Features

The 100% digital Spark Business Checking Account comes with no minimums or fees, including foreign transaction fees which most competitors charge. Take a look at what Spark Business has to offer your company:

Capital One Business Checking Pricing

Considering how many fees you can rack up with other business checking accounts, the amount of money you can save on just banking fees alone is significant. I will say that if you anticipate needing to visit physical bank branches, you should probably look elsewhere. As a digital platform, Spark Business lacks some of the advantages of brick-and-mortar banks, like the ability to deposit cash.

Spark Business also has savings accounts, which have some nice perks as well:

  • 1.00% APY for 12 months, 0.40% APY after that
  • No service fees or minimum balances
  • Link to your checking account to protect against overdrafts

Customer Reviews

Customer ReviewsI’ve found that banking app reviews are the most consistent source for customer feedback on financial institutions, and that’s doubly true for a fully digital bank like Spark Business by Capital One.

On both Google Play and iTunes, their customers rave about how simple it is to use the platform, and how much money they’re saving on fees compared to their previous banks. Some customers do have complaints about difficulties with making deposits, but that’s the only issue we found that seemed to be even somewhat common.

Customer Reviews Last Updated 8-16-17

Conclusion: The vast majority of their customers have nothing but good things to say about them. I’ve spent a lot of time researching banks for business — trust me when I say that nearly universal praise from customers is far from normal. Big points to Spark Business.

How Spark Business Compares

Capital One ComparisonWith as much time as I’ve spent poring over the details of the best business banks, I’ve determined that some of them offer better options for business customers than others. Still, our goal is to figure out which one has the convenience and features that you need.

Spark Business by Capital One is a top business bank due to their lack of fees and the convenience of digital banking. Of course, it’s always a good idea to see what the competition has to offer, so let’s also take a look at the most popular small business bank, Bank of America.

Quick Note: I have personally used and tested both banks.

Pricing: Depending on which of their business checking products you choose, Bank of America charges a monthly fee of $14-$29.95 which can be avoided with a $3,000-$15,000 minimum balance. Spark Business has no fees or minimums. 

Features: Bank of America has 16,000 ATMs and 4,600 branches in the US, whereas Spark Business gives you access to 40,000 ATMs but no physical branches. Bank of America’s business savings accounts have APY of 0.02-0.06%, but Spark Business has APY of 0.40%-1.00%. 

Customer Support: These are both huge financial institutions with equally large support teams. As is prone to happen in these situations, a few unsatisfied customers will slip through the cracks. In addition, know that you might not always get immediate answers to your questions. That said, for the most part I’ve found that both Bank of America and Spark Business reps are quite friendly and willing to help. As far as wait time goes, they’re about equal. 

Experience: Bank of America is the 2nd largest bank in America, and they’ve been offering business banking solutions since 1904. Capital One is the 8th biggest bank in the country, in business since 1988.

HERE’S A QUICK VISUAL

Capital One
  • Service Fee Starts at
    $0

  • In Business Since 1988

  • Perfect for:
    Anyone looking for a startup-friendly, cost-effective bank for business

Visit Website
Bank of America
  • Service Fee Starts at
    $16/month

  • In Business Since 1904

  • Perfect for:
    Anyone looking for business banking with the most number of locations

Visit Website

Common Questions

How Easy Is It to Get Set Up?

You can get set up online or over the phone. New customers simply need to provide basic company and contact information and you’re on your way. It’s quite simple to open your new business bank account.

What Perks Come with Checking Accounts?

You get next-day access to deposits, a free debit card, overdraft protection options and free electronic invoicing. Many of these are common features, but they make a nice bonus when you consider you’re already not paying any fees.

How Are Deposits Made?

You can either deposit through a photo via the mobile app, or deposit a check at a Capital One or Allpoint ATM. Do keep in mind that because Capital One does so much business online, they only have about 700 brick and mortar branches nationwide, and digital Spark Business customers don’t really benefit from them anyway.

Should You Use Spark Business?

Spark Business by Capital One gets a 4.7/5 score in my book. I appreciate their lack of fees and minimums, and their digital banking platform is quite convenient. Overall, I highly recommend and use them myself.

Ready to get started with Spark Business? Need some time to check out our guide to the best business banks? Either way, use the buttons below and you’re on your way.

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