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When choosing the best bank or financial institution for you, you need to assess your short-term and long-term banking needs and savings goals. Find the features that best suit your needs, whether it is a convenient checking account, high interest rates on savings, rewards card options or a preferred mobile app.
Though there are many banking options available, here is a closer look at how Capital One and Chase compare to one another.
Capital One vs. Chase: Quick Take
| Capital One | Chase | |
|---|---|---|
| Basic checking account | No monthly fee | $12 monthly fee — waivable |
| Basic savings account | APY* | APY |
| 12-month CD | APY | relationship APY |
| Out-of-network ATM fees | $2 | $3 |
Capital One Overview
Established in 1994, Capital One is a relatively recent addition to the banking world. It is the ninth-largest U.S.-chartered commercial bank and is the offshoot of the financial services holding company and credit card issuer Capital One Financial Corp. As such, it offers a full-service banking experience complete with a strong mobile banking experience and services that go beyond your day-to-day bank accounts.
Capital One’s cash-back and travel rewards credit cards, such as the Capital One Venture Rewards credit card, have made it popular among consumers. However, Capital One has also taken advantage of its strong financial position to offer online checking, savings and CD accounts with no monthly service charges or minimum balance requirements, which can be appealing to anyone looking to open a new account.
Capital One Pros
- Higher interest rates than leading competitors
- No minimum balance requirements
- No monthly service fees
Capital One Cons
- No money market accounts
- Few account options
Chase Overview
Chase is America’s largest bank and is part of the consumer and commercial banking division of JPMorgan Chase & Co. — it merged with the firm in 2000. Today, the financial institution has over $3.9 trillion in assets,as well as a vast network of over 4,700 branches and 15,000 ATMs.
Chase is best for those who value quality checking and savings account options. Chase’s wide reach and incredible depth of products — including Chase credit cards, like the Chase Sapphire Preferred card — are a highlight for many customers.This banking powerhouse also boasts eight checking options for different types of clients and outstanding customer service.
Chase Pros
- Sign-up bonus offer for some new accounts
- User-friendly mobile app and interface
- Good variety of account options
Chase Cons
- High transaction fees for out-of-network ATMs
Capital One vs. Chase: Savings Accounts
For many people, saving money is one of the most important banking features. Here is how Capital One and Chase savings account offerings compare.
Capital One Savings Accounts
Capital One offers two online savings accounts: 360 Performance Savings for adults and the Kids Savings Account for children and teens. Capital One’s 360 Performance Savings offers a competitive interest rate, no monthly fees and no minimum deposit requirements.
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However, the biggest drawback with a Capital One savings account is making withdrawals. A debit card is not available for this account, which restricts your ATM options. Though you can always transfer funds to another account, there is a limit of six transfers per month, although Capital One is currently not enforcing that limit, according to its account disclosure. You can also withdraw money by visiting a branch location.
Chase Savings Accounts
Chase has two main savings account options: the basic Chase Savings and Chase Premier Savings. Both accounts offer relatively low APYs.
- Chase Savings: This account earns interest across all balance tiers and has a $5 monthly service fee, waivable if you maintain a $300 daily balance, have $25 or more in autosave transfers or link the account to a Chase College Checking, Premier Plus Checking, Sapphire Checking or Private Client Checking account.
- Chase Premier Savings: Though the standard interest rate is the same as the regular savings account, the Premier account is eligible for a higher relationship rate when you link it to a Chase Premier Plus or Sapphire Checking account and make at least five customer-initiated transactions each month using a linked Chase checking account. The $25 monthly service fee is waivable with a $15,000 beginning day balance.
Is Chase or Capital One Better?
Capital One and Chase are well-respected financial institutions and both ranked among GOBankingRates’ Best Banks of 2024. Where Chase offers a sign-up bonus for certain checking accounts and many account options, Capital One comes through with no fees for your bank accounts as well as high interest rates.
Choosing the best bank for you boils down to what features you value the most — if you want your choice from a multitude of accounts for every stage of life, Chase is your bank. But if you prefer higher rates to more choices, you’d probably prefer Capital One.
FAQ
- Does Capital One own Chase?
- No, Chase is owned by JPMorgan Chase & Co.
- Is Capital One a good bank to bank with?
- Capital One has many banking benefits to offer, such as no monthly fees for any accounts, no minimum balance requirements and also higher-than-average interest rates, which can make it a good banking option for you.
- What does the Capital One Venture Rewards credit card offer?
- Here are some of the perks offered by the Capital One Venture Rewards card:
- 5x miles for booking rental cars or hotels via Capital One Travel
- 2x miles on all other purchases
- Travel benefits and protection
- No foreign transaction fees
- Here are some of the perks offered by the Capital One Venture Rewards card:
- Is the Chase Sapphire Preferred card a good card to have?
- The Chase Sapphire Preferred card can be a good card to have if you are looking for the following:
- Competitive welcome bonus for new cardholders
- 25% more value out of your points when you redeem through the Chase Travel portal
- Includes premium primary rental car coverage
- Bonus point options in certain categories
- The Chase Sapphire Preferred card can be a good card to have if you are looking for the following:
- Are Chase or Capital One points worth more?
- Points with the Chase Sapphire Preferred card may be worth slightly more if you use them through Chase Travel – they're generally worth 25% more when you redeem them for travel through Chase.
- The Capital One Venture Rewards credit card does stand out for its user-friendliness, though, and Chase loses its edge if you don't plan to use the Chase Travel portal.
- Is a Chase card better than a Capital One card?
- Both banks have an extensive selection of credit cards in a number of categories, such as credit-building, cash back, dining and entertainment, and travel. Each card has its own benefits and rates, so it's a good idea to compare similar cards from both banks to see which is the best for you.
More on Capital One
- Capital One Bank Review
- Capital One Bank Promotions
- How To Open a Capital One Account
- Capital One Interest Rates
- Capital One vs. Ally Bank
Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 20, 2024.
*Capital One interest rates accurate as of May 9, 2024. See website for all current rates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase accounts and credit cards was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products/cards. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
