Last Updated 03 July 2017 | By:

Spark Business By Capital One Review

Is It Actually Right For You?

Capital One Business Checking ReviewDo you need a business checking account, but you’re not sure which of the many options is the best? How do you know who has the most convenience and won’t nickel and dime you on fees? Let’s explore why Capital One is worthy of consideration.

In this Spark Business by Capital One business checking review, we’ll address pros and cons, pricing, features, customer reviews and more. By the time we’re through, you’ll know whether they’re a good fit for your company, or if you should explore other options. Enjoy!

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 – 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 compatible and well-designed for both Android and iOS and their digital platform is incredibly convenient.

Cons

  1. If your business deals heavily in physical cash, or needs to conduct regular cash drops, then you may want to consider a checking account that isn’t designed to be completely digital.

  2. Some customers have reported issues with the credit card swiping feature in the Spark Pay mobile app.

Capital One Pricing & Features

The 100% digital Spark Business Checking Account comes with no minimums or fees, including foreign transaction fees (another less common feature entrepreneurs love).

Capital One Business Checking Pricing

Compared to other traditional business banking options, the no-fees really adds up, reducing stress and freeing up capital. No more maintenance fees!

Whenever you’re starting and running a business, you need a clear head about what matters. Problem is, when you have all these different terms and conditions that other business bank accounts have, overall it can derail your focus.

Capital One Customer Reviews

Spark business checking has two apps. Spark Business is the general account management app, and Spark Pay is the app which specifically handles credit and debit card payments. Spark Business has fantastic 4.5 average scores out of 5-stars on both Google Play and iTunes. Here’s a couple examples of customers praising Spark Business.

Capital One Customer Reviews 1

In general, it’s clear that customers love Spark, and the Spark Business app falls right in line. The results are a bit more mixed when you talk about the Spark Pay app (which you may not require), scores a 3.5-star average on iTunes, and a 3.7-star score on Google Play. While most of those reviews are positive, there is also a fair amount of criticism regarding the reliability of Spark Pay’s credit card swiping feature.

Capital One Customer Reviews 2

Overall, most customers are more than happy with Spark, but if you’re in a situation where you need to handle a large volume of credit card transactions in a short time period, you might want to consider using a third-party payment processor like PayPal or Square.

How Does Capital One Compare?

Capital One ComparisonSpark Business from Capital One is one of top business checking accounts. We love their lack of fees, minimums and limits, and their apps are slickly-designed. There are many other business checking options though, so let’s look at Bank of America and Chase to see if one of them might better suit your company.

Bank of America

  • Their Business Advantage Checking allows you to operate multiple checking accounts, which you manage through QuickBooks. This top-shelf business checking account also includes access to their Small Business Priority Service Team.
  • Bank of America includes a savings account free of charge when you open any business checking account.

Chase

  • They give new business checking customers up to $350 in sign-up bonuses, which is nice.
  • Chase offers three service packages, tailored to small, mid-sized and large businesses. This level of customization is a convenient touch.

The ideal option in general for most of our readers is Capital One. That is unless your business has to deposit cash, in which case we recommend Bank of America because it has so many locations around the country.

HERE’S A QUICK VISUAL

Capital One
  • Service Fee Starts at
    $0

  • No minimum balance required

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

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

  • Maintain minimum balance of $3,000 daily & $5,000 monthly

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

Visit Website

Frequently Asked Questions

How Easy Is It to Get Set Up?

Yes, you can get setup online or over the phone, and the first step is choosing whether you want just checking or checking and savings. New customers then provide basic company and contact information and it’s a few clicks away.

What Perks Come with Checking Accounts?

As usual, you get next-day access to deposits, a free debit card, the typical overdraft protection options, along with free electronic invoicing. Many of these are common, but along with no-fees, really make an extra difference.

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 though, that because Capital One does so much business online, they only have about 700 brick and mortar branches nationwide.

Should You Use Capital One?

Spark Business from Capital One is clearly one of the top business checking accounts. The lack of fees, balance requirements and transaction limits is impressive, and their apps juggle a ton of features. Ready to get started with Spark Business from Capital One? Click their link below.

If you’d like to spend more time reviewing your options, take a look at our comprehensive comparison guide.

Visit Capital One Or Visit Other Options