Table Of Content
When Bank of America Wins?
As you would expect from a large banking institution, Bank of America has an impressive product line. There are different checking and saving accounts, multiple credit card options, auto loans, home loans, and investments. This makes it quite simple to switch from your existing bank.
Bank of America can be a better choice than Capital one if:
You can meet the requirements to waive maintenance fees
You’re looking for mortgage or investing options
- you want a welcome bonus
When Capital One Bank Wins?
Capital One started out as a credit company, but it has expanded its product line in recent years. Now, in addition to an impressive selection of credit cards, you can access checking and savings accounts, auto finance, refinancing and kids’ accounts.
Open a bank account on Capital One can be a better choice than Bank of America if:
You want multiple credit card options
You Plan to deposit a large sum of money in a savings account/CDs
- You're ready for an online bank
Bank of America | Capital One | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
The Capital One savings account certainly has the edge over Bank of America when it comes to savings rates. While Bank of America offers up to 0.01% – 0.04% depending on your Preferred Rewards status and balance, you can earn 4.25% with Capital One with no minimum balance requirements at all.
Additionally, while the Capital One account is free of monthly charges, the Bank of America account carries a monthly fee. Although it is possible to have this fee waived by linking the account to your checking account or maintaining a minimum balance of $500, this is simply not something you need to worry about with Capital One.
However, there is a possible drawback, as the Capital One account only permits a maximum of six withdrawals each month. So, if you plan to move your money around frequently, this may not be the right account for you.
Bank of America | Capital One | |
|---|---|---|
APY | 0.01% – 0.04% | 4.25% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $0 |
Minimum Deposit | $100 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
At first glance, the Capital One checking account appears to have the edge over the Bank of America option. Firstly, the Capital One account is interest bearing, so you can earn 0.10% on your balance and there are no account fees. The Bank of America account does not offer interest and there is a $12 per month fee that requires you to maintain an account balance or have qualifying deposits to waive.
Managing direct deposit through the Capital One app streamlines the process of receiving your paychecks.
However, the Bank of America account does have some nice features. Like the Capital One account, you can choose your overdraft options, but Bank of America also offers Smart Money Management. This provides tools such as custom alerts, savings goals, and customized rewards.
Bank of America | Capital One | |
|---|---|---|
APY | 0.01% – 0.02% | 0.10% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $0 |
Minimum Deposit | $25 – $100 | $50 |
Main Benefits |
|
|
Compare CDs
The CD comparison is far more straightforward and Capital One does have a clear edge. While Bank of America has a $1,000 minimum deposit, there is no minimum with Capital One. Additionally, Bank of America’s rates is lower.
Bank Of America only offer “featured” terms to get higher rates, which are different than the standard CD rates. If you choose, and still lower compared to Capital One:
Capital One | Bank of America | |
|---|---|---|
Minimum Deposit | $0 | $1,000 |
APY Range | 3.90% – 4.50% | 0.05% – 4.80%
|
APY 6 months | 4.25% | 4.70% (7 months) |
APY 12 months | 4.50% | 3.93% (13 months) |
APY 24 months | 4.00% | 2.96% (25 months) |
APY 36 months | 3.75% | 0.03% |
No Penalty CD | / | / |
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Credit Cards
Bank of America has an excellent variety of credit cards. If you’re looking for simplicity, the Unlimited Rewards card provides 1.5% cash back on all of your purchases without needing to think about spending categories.
However, Customized Rewards allows you to set your own cash back tiers. If you want to transfer a balance, there is the BankAmericard which has 0% APR for the first 18 months or travelers may enjoy the Travel card that offers miles.
The Bank of America credit card selection also includes student cards, partnership cards with brands such as Amtrak, Alaska Airlines, and Free Spirit. There is even a secured card if you want to earn rewards as you build your credit.
Card | Rewards | Bonus | Annual Fee |
| Bank of America® Customized Cash Rewards credit card
| 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
|---|---|---|---|---|
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard® credit card | N/A |
N/A
N/A
| $0 |
| Bank of America® Premium Rewards® credit card | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
|
60,000 points
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account. | $95 |
| Bank of America Unlimited Cash Rewards credit card | 1.5%
unlimited 1.5% cash back on all purchases
|
$200
$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $95 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
With its credit card history, it is no surprise that Capital One has an impressive array of card options. If you have fair credit, you can still earn great rewards. The QuickSilver One Rewards card offers unlimited 1.5% cash back.
There is also the Platinum Secured Card that can help you to rebuild your credit. With a security deposit of $49+, you could have a credit limit of up to $200. Capital One will consider increasing your credit limit after six months of responsible activity.
The Walmart Credit Card offers 5% cash back at Walmart.com and the Walmart app. This includes both online orders and products picked up at local stores. In addition, the card earns cash back at Walmart stores, restaurants, travel, and gas stations. This can only happen at Walmart or Murphy USA gas stations.
The great thing about Capital One is that the site allows you to browse all the card options. You can select your credit rating or preferred category to find the card that best suits your needs.
Mortgage
Bank of America has a great selection of mortgage products. You can access ARMs, fixed rates, and home equity lines of credit. Bank of America also offers FHA and VA loans. Preferred Rewards members may qualify for discounts on mortgage origination fees of up to $600. The bank website also has some nice tools and calculators, so you can estimate your home loan costs.
Unfortunately, this is one area where the Capital One line is lacking options, as this bank does not currently have any mortgage products.
Loans
Bank of America does not have a conventional personal loan option, but you can access auto loans with no origination fees. You can lock in your Bank of America rate and comparison shop, and you’ll get an approval decision in approximately one minute.
Like Bank of America, Capital One does not have a personal loan option, but there are loan refinancing, auto loans, and business lending products.
Customer Service
Capital One has designated phone lines for specific issues. This makes it a little more complicated, as you need to find the appropriate phone number, but it does eliminate the need to be put on hold while the agent transfers you to the relevant department. You can find all the phone numbers on the Capital One website. The support page has clickable links to access the relevant phone number and when the lines are open.
Generally speaking, while banks may advertise great customer service, this is rarely reflected in its consumer review ratings. However, both Bank of America and Capital One are exceptions to this. Bank of America has a more impressive 3.5 out of 5 and Capital One has an even better 3.6/5 score.
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Online/Digital Experience
As we touched on above, both banks have a great website that allows you to browse the products to find one that suits your needs. There are also help sections to help you to navigate a potentially confusing minefield of financial products. This creates a solid online experience, particularly if you are unsure which product would work best for you.
The banks also have an app that facilitates managing your accounts on the move. Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while the Capital One app is rated 4.8/5 and 4.9/5 on Apple and Google respectively.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, depending on what you’re looking for.
Both banks have a decent selection of banking products, but there are some gaps in each line up. if you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates. Additionally, both banks have a decent selection of credit card options. In terms of loans, neither bank has a conventional personal loan, but there are other types of loans on offer.
FAQs
What promotion does Bank of America offer?
Bank of America offers a welcome bonus of $200 for new personal checking customers who open an account online.
Many of the cards have a decent welcome bonus (or points equivalent) if you meet the spending criteria within the time limit. For example, with the Bank of America Customized Cash Rewards card, you can get a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.
What promotion does Capital One offer?
Currently, there is no Capital One bonus for new customers. If you're looking for a promotion, here you can find the best banking promotion as of September 2024.
Whats' the biggest benefit of Capital One compared to Bank of America?
The high rates offered on Capital One's savings products are the main advantage of having a bank account with them.
If you're looking for a savings account, CD, or money market account, Capital One has substantially better rates than what Chase has to offer.
Will Bank of America Ever Collapse?
Throughout 2020, Bank of America remained profitable, so if the coronavirus pandemic does lead to a recession, the bank is in quite a strong position to weather the potential storm.
Even if there were loan defaults, Bank of America could sustain the losses and still be in a well capitalized position to continue to lend. Although the share price may fluctuate, Bank of America customers would continue to enjoy FDIC insurance.
Does Capital One offer a free checking account?
Yes, the Capital One 360 checking account is a fee free account. There are no account minimums or monthly maintenance fees.
There is even a choice of overdraft options in case you inadvertently overspend, which includes Next Day Grace, so there are no fees if you can bring your account balance back up within one full business day.
Can you buy/invest in gold products via Bank of America ?
Bank of America has partnered with Merrill Edge to offer investment choices. As a Bank of America customer, you can enjoy flat rate, simple pricing with no trade minimums. You can access a variety of investment choices including gold stocks.
You can open your Merrill Edge online and it is possible to link your investment account to your Bank of America account, so you can transfer money between the accounts more easily without needing to sign out and sign into different sites.
Can you buy/invest in Crypto via Capital One ?
No, Capital One does not have an investment platform, so it is not possible to buy or trade in stocks, shares, or cryptocurrencies.
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The Smart Investor Banking Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Truist Bank vs. Bank Of America: Which Bank Account Is Better?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
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BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America vs. BMO Bank
There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank
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Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?
We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
Compare Capital One With Other Banks
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
Capital One began as a credit card company, but it has grown to offer a diverse range of traditional banking services over the years. In addition to credit cards, it offers checking and savings accounts, loan refinancing, auto finance, and children's accounts. As a result, Capital One is more appealing to those seeking a traditional banking experience.
Read Full Comparison: Discover vs Capital One: Which Bank Account Wins?
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.
Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.
Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Capital One made its name as a credit card company, but in recent years, it has developed a decent banking product line that rivals that of a traditional bank. Capital One offers loan refinancing, kids' accounts, and auto finance in addition to checking and savings accounts.
Credit One remains primarily a credit card company, but it does offer a limited range of banking products, including CDs.
Read Full Comparison: Capital One vs Credit One: Which Bank Account Is Better?
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
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Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One
Capital One is our winner with a full banking package, including a decent checking option, high savings rates, and great credit cards.
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