Chase and Capital One are two of the largest banks in the US. When it comes to services, both provide customer accounts, loans as well as credit/debit cards.
However, Capital One is miles ahead in terms of services and software when compared to Chase. Moreover, you can almost do anything from its mobile app.
It has more ATMs, better customer support, higher interest rates in their savings, checking, and CD accounts. Also, there are no overdraft fees and $0 minimum deposit fees in all accounts.
But, Chase has a slight edge in terms of more branches (almost 4,700+) and lower domestic wire transfer fees.
Let’s look at their comparison at a glance in the table below.
Capital One vs Chase: Overview
|Checking Monthly Fee||$0||$12|
|Checking Minimum Deposit||$0||$0|
|Savings Monthly Fee||$0||$5|
|Savings Return||0.40% Annually||0.01%|
|CD Earning||1 Year 0.60%, 5 Year 1.00%||1 Year 0.01%, 5 Year 0.01%|
|CD Minimum Deposit||$0||$1,000|
|Phone Hours||24 Hours||8:00-12:00 ET (Mon-Fri)|
|Overdraft Fee||Overdraft Fee $0||$34, limit 3 per day|
Capital One is a far better bank in almost every way when compared to Chase. However, there are a few tidbits where it lacks.
For example, Capital One has only 325 branches in the US as compared to Chase which has over 4,700 branches. Moreover, the domestic wire transfer fees are a bit on the higher side.
As far as other aspects are concerned, the annual rates in checking, savings, and CD accounts are way higher in Capital One. Moreover, they have a $0 minimum deposit in every account and a superior online banking experience.
Who is Capital One for?
Capital One is for those customers who prefer an online banking experience, high return on their investments, zero monthly maintenance fees, and minimum overdraft fees.
Pros of being a Capital One Customer:
- A vast number of ATMs (70,000+)
- Higher APY rates
- $0 minimum deposit amounts
- 24/7 customer support
- No overdraft fees
- Zero account maintenance fees
Cons of being a Capital One Customer:
- A limited number of branches in the US (320+)
- High domestic wire transfer fees ($30)
Who is Chase for?
Customers who want better offline support and the convenience of more branches can choose Chase for opening their accounts.
Also, with Chase, the domestic wire transfer fee (for both incoming and outgoing) are a bit on the lower side.
Pros of being a Chase Customer:
- More number of branches (4700+)
- Low domestic wire transfer fees
Cons of being a Chase Customer:
- Low APY rates, both in Savings as well as CD accounts
- Average Customer Support
- The minimum deposit amounts are high
- High overdraft fees
- High account maintenance fees
Capital One vs Chase: Checking Account Comparison
|Checking Account||Capital One||Chase|
|Minimum Opening Deposit||$0||$0|
Capital One not only has $0 account maintenance fees, but it also provides an APY rate of 0.10 even at a $0 minimum account opening deposit.
This is crazy good when compared to the $0 APY rate and high $12 maintenance fees of Chase.
Capital One vs Chase: Savings Account Comparison
|Savings Account||Capital One||Chase|
|Monthly Maintenance Fee||$0||$5|
As we can see that the monthly maintenance fee of Capital One is $0. Moreover, the APY rates are mind-boggling, almost 40x when compared to Chase.
However, the minimum deposit fee is $0 in both these banks while opening a savings account.
Capital One vs Chase: Certificate of Deposit Comparison
|Certificate of Deposit||Capital One||Chase|
|APY- 1 Year||0.60%||0.01%|
|APY- 3 Years||0.75%||0.01%|
|APY- 5 Years||1.00%||0.01%|
Opening a Certificates of Deposit account in Chase is pointless. You will get far attractive returns in Capital One. Moreover, the minimum deposit to open a CD is $0.
Capital One vs Chase Fees Comparison
|Return Deposit||$25- Flat||$12|
|Wire Transfer||Domestic: $0 (incoming)|
Domestic: $30 (outgoing)
International: $0 (incoming)
Here we can see that if you compare ATM fees and Overdraft fees, Capital One has a complete advantage as it charges $0.
However for the stop payment fees, return deposit fees, and wire transfer fees, both of them charge more or less the same amount.
Capital One vs Chase: Verdict
Overall, Capital One is the clear winner. It has zero account maintenance and overdraft fees, zero minimum deposit value, and higher APY returns.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.