Capital One Pros & Cons

Pros of Capital One

  • There are no monthly fees, transaction limits or minimum balances with Spark Business.
  • You can use any Capital One or Allpoint ATMs free of charge. That’s over 40,000 fee-free ATMs in the US.
  • 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.
  • 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.
  • 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 of Capital One

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