Table Of Content
When Capital One Bank Wins?
Capital One began as a credit card company, but has developed its line of banking products to create a product line to rival a traditional bank.
In addition to checking and saving accounts, you can access loan refinancing, auto finance, and kids’ accounts.
Capital One can be a better choice than Wells Fargo if:
You want to deposit large sum of money on savings
- You want a larger choice of credit card options
- You're ready for an online bank
When Wells Fargo Bank Wins?
Wells Fargo has an even more comprehensive product line. There is a choice of checking accounts, two savings accounts, and investment options including IRAs and 401ks. You can also access a variety of loans and mortgages, along with wealth management services. This makes Wells Fargo a highly comparable alternative to the traditional high street bank.
Wells Fargo can be a better choice than Capital one if:
You want mortgage and personal loans options
You can easily meet the fee waiver requirements
You want access to 24/7 support
Capital One | Wells Fargo | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Capital One has an impressive savings account offering 4.25%, which far outweighs the 0.26% – 2.51% offered by Wells Fargo.
Another area where Capital One has the edge is that it is fee free, while Wells Fargo has a $5 (or $12 in the case of Platinum savings) fee. While it is possible to have this fee waived in a number of ways, with Capital One you don’t have to worry about any such conditions.
However, the Capital One account is classified as high yield savings. This means that there are a few account restrictions including a maximum of six withdrawals per month. If you exceed this withdrawal number, there could be a fee.
Capital One | Wells Fargo | |
|---|---|---|
APY | 4.25% | 0.26% – 2.51% |
Fees | $0 | $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
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Minimum Deposit | $0 | $25 |
Checking Needed? | No | No |
Main Benefits |
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Checking Account
There are even more differences between the Capital One and Wells Fargo checking accounts. Firstly, Capital One pays interest on your checking account balance, while the Wells Fargo checking accounts, (with the exception of Portfolio) are not interest bearing.
Wells Fargo appears to market their account as a standard checking account. If you open an account with Wells Fargo, You can access overdraft facilities or set up overdraft protection with your savings account. Capital One’s checking account appears to have more features and functionality. You can choose your overdraft options and there is early access to your paycheck by up to two days.
Another key area where Capital One has the edge is the account fees. Capital One checking is fee free, while all the Wells Fargo checking accounts carry a fee.
Although it is possible to have the fees waived, you do need to meet one of several conditions, which is something you don’t need to consider with Capital One.
Capital One | Wells Fargo | |
|---|---|---|
APY | 0.10% | 0.05% – 0.10% |
Fees | $0 | $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
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Minimum Deposit | $50 | $25 |
Main Benefits |
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CDs
Where Capital One really has the edge is with its CDs. While Wells Fargo has a $2,500 minimum deposit, Capital One doesn’t have any minimums.
As of September 2024, Capital One’s rates are also superior – 3.90% – 4.50% APY on CD, while Wells Fargo only offers lower rates. Lastly, Wells Fargo doesn't offer so many terms as Capital One, and there is a differentiation in rates based on your deposit.
Capital One | Wells Fargo | |
|---|---|---|
Minimum Deposit | $0 | $2,500 |
APY Range | 3.90% – 4.50% | 4.25%- 4.50% |
APY 6 months | 4.25% | 4.16% – 4.51% (7 months) |
APY 12 months | 4.50% | (13 months) |
APY 24 months | 4.00% | / |
APY 36 months | 3.75% | / |
No Penalty CD | / | / |
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Mortgage Options
There is no comparison here, as Capital One does not currently offer mortgages or home loans.
Wells Fargo offers a variety of mortgage products. This includes conventional fixed rate loans, FHA loans and VA loans. However, what makes this bank stand apart is the low down payments. You can secure a conventional fixed rate loan with just 3%, while the FHA loans are available with a downpayment of 3.5% or more.
There are also home equity financing options that allow you to borrow up to 80% of your home’s value less any outstanding mortgages, secured loans or liens on the property. This is available from $25,000 up to $500,000.
You can manage your mortgage account online and there are several payment methods including auto pay from your Wells Fargo checking or savings account.
Loan Options
Capital One has limited loan options. There is no conventional personal loan option, but you can refinance loans or obtain an auto loan through Capital One. There are also business lending products.
Wells Fargo has a far more impressive choice of loan products. In addition to auto loans and student loans, you can apply for a personal loan of $3,000 to $100,000 with a term of up to 84 months.
The attractive thing about the Wells Fargo personal loan is that there are fixed interest rates with relationship discounts for qualified customers. Additionally, you don’t need to worry about unexpected fees. There are no closing fees, origination fees, or prepayment penalties.
Wells Fargo | |
|---|---|
APR | 5.74% – 19.99% |
Loan Amount | $3,000 – $100,000 |
Terms | 12 – 84 months |
Credit Cards
Capital One has an extensive choice of credit card options. You can browse the cards on its website according to category, rate, and credit rating. If you have excellent credit, the VentureOne Rewards offers an unlimited 1.25 miles per dollar on any purchase with no annual fee. However, if you prefer cash back, the Quicksilver Rewards offers an unlimited 1.5% cash back on all your purchases.
If you don’t mind paying annual fees, the Spark Cash Plus provides 2% unlimited cash back with no spending limits with an annual fee of $150.
Even if you have fair credit, you can still earn 1.5% cash back unlimited with the QuicksilverOne Rewards. There are also student card options, such as the SavorOne Rewards with a tiered reward structure offering up to 3% or if you need to rebuild your credit, the Platinum Secured card provides a $200 initial credit line with a deposit of $49+, and consideration for a higher credit limit within the first 6 months.
Wells Fargo has three main credit card options. The Active Cash card offers 2% cash reward on unlimited purchases. However, there is also a $200 welcome bonus if you spend $1,000 in your first three months and 0% APR for the first 15 months with no annual fee.
The Reflect card offers Wells Fargo’s lowest and longest introductory APR. There is 0% for the first 18 months on purchases and balance transfers, but you can get a 3 month rate extension if you make the minimum payments on time during this intro period. This card also has no annual fee.
Finally, there is the Wells Fargo Hotels.com card. This is a rewards card that pays stamps when you make purchases or stay at eligible properties. When you reach 10 stamps, you can claim one reward night. Additionally, as an introductory bonus, you can receive two reward nights if you spend $1,000 on purchases within the first three months. Again, there is no annual fee.
Customer Service
Capital One’s support is a little complex. There are dedicated phone lines according to your specific issue. If you have a credit card query, there is a different line to those who have a savings account issue. The support page on the Capital One website directs you to click on the appropriate link and access the phone number and availability details. There is also a mailing address or you can tweet @AskCapitalOne.
Wells Fargo also has a comprehensive support page on its website. However, if you want to speak to an agent, you can access a 24/7 general banking helpline.
Unfortunately, this is not reflected in the bank’s ratings. Capital One has a paltry 1.3 out of 5 rating on Trustpilot, Wells Fargo fairs a little better with a more average 2.3 out of 5.
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Online/Digital Experience
Both Capital One and Wells Fargo have apps to enhance the customer’s digital experience. The Capital One mobile app is rated 4.8/5 on Apple and 4.9/5 on Google, while Wells Fargo’s app is rated 4.8/5 on both platforms.
Both apps allow you more control over your account, with 24/7 access for transaction management, making transfers, locking your debit card and receiving notifications.
As we touched on above, both banks also have an impressive website that allows you to not only compare account and card options but also access resources to help you improve your finances and discover the best products for your particular needs and circumstances.
Which Bank is The Winner?
With both banks offering similar products, we need to look a little more closely at which bank is better.
While Wells Fargo does offer more banking products, if you’re after the basics of savings account, CD and checking account, Capital One has the edge with better terms and rates. Capital One also has more credit card options, while Wells Fargo just has three.
Additionally, Wells Fargo does have account maintenance fees. Although it is possible to have these fees waived, this is simply not an issue with Capital One. Additionally, Wells Fargo does have barriers to entry with minimum deposits.
FAQs
What promotion does Wells Fargo offer?
If you open a new bank account, Wells Fargo offers up to $300, as of September 2024. Learn more about the Wells Fargo new account bonus promotions.
What promotion does Capital One offer?
Capital One banking promotions are quite limited since they are more focused on credit cards. However, from time to time there are checking accounts bonuses for new accounts.
Does Wells Fargo offer a free checking account?
While there are several Wells Fargo checking account options, all of them attract a monthly service fee. However, it is possible to have the service fee waived by meeting the criteria. This includes activities such as maintaining a minimum daily balance of $500, having $500+ in qualifying direct deposits, linking a Wells Fargo Campus Debit Card, or being aged under 24.
Is Capital One ready for recession?
Capital One has experienced difficulty throughout prior recessions. The stock price dropped by about 70% during the 2001 recession, and the bank saw a similar share issue during the 2007 crisis.
Capital One does, however, appear to be taking the possibility of a new recession seriously. The bank has a variety of resources to assist its clients, especially small businesses, in preparing for a recession. After all, the bank should fare well if its clients can maintain their financial stability throughout a downturn.
Can I open a Capital One checking account online?
Yes, in fact, the Capital One 360 checking account is an online account, which requires online access. Capital One states that you can open most of its accounts online and generally, the process takes less than five minutes. If you already have a Capital One account login, the process will be even quicker.
Do Capital One Offers Car Loans?
Yes, Capital One has loans for purchasing or refinancing a vehicle. The rate is determined by your creditworthiness, the loan amount and term. You can borrow the sum for up to six years, with a fixed rate. Capital One also has Auto Navigator, which allows you to prequalify for your financing and know the estimated terms before you go to a participating dealer.
Can I open a Wells Fargo checking account online?
You can open a Wells Fargo bank account by phone, in person, or online. The Wells Fargo Online platform allows you to open a checking account in only a few minutes. You can also use the portal to check on the status of your account application or finish your application if you could not finish it in one session.
Capital One vs Wells Fargo: Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked at Capital One and Wells Fargo 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 Wells Fargo With Other Banks
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?
Wells Fargo offers a diverse range of products, including checking accounts, savings accounts, loans, mortgages, and investments such as 401ks, IRAs, and wealth management options.
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.
Read Full Comparison: Wells Fargo vs US Bank: Which Bank Account Is Better?
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
Read Full Comparison: Ally vs Wells Fargo: Which Bank Account Is Better For You?
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.
Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Wells Fargo offers a diverse range of banking services. Checking accounts, savings accounts, loans, mortgages, wealth management solutions, and investment options such as 401ks and IRAs are all available. Flagstar also offers a diverse product portfolio that includes a variety of checking and savings accounts, investments, home loans, and loans and investments.
It is important to note, however, that Flagstar does not operate in all states. This bank only operates in Michigan, California, Ohio, Indiana, and Wisconsin, where it has 150 branches. As a result, if you live outside of these areas, you may be unable to use Flagstar's banking services.
Read Full Comparison: Wells Fargo vs Flagstar: Which Bank Is Better For You?
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?
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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 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?
Bank of America has an impressive product lineup, as one would expect from a large banking institution. There are various checking and savings accounts, as well as numerous credit card options, auto loans, home loans, and investments. This makes switching from your current bank a breeze.
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Read Full Comparison: Bank of America vs Capital One: Which Bank Wins?
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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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