2017 Review: What You Need to Know about Capital One's Spark Business Banking
This Capital One business banking review will provide you with an in-depth look at the benefits of opening a Capital One business checking account or savings account.
We will include negative aspects that you should be aware of so you can make an informed decision about opening a Capital One small business account.
AdvisoryHQ will provide you with an overview of the Capital One business checking and savings options, with particular attention paid to the different account requirements and features.
In addition, we will go over how to deposit checks into your Capital One business account as well as Capital One small business credit card options.
Important Points to Consider Before Opening Any Business Account
Before we look directly at the Capital One business checking and savings accounts, let’s review a few things you should take note of when choosing a bank account. As a small business owner, flexibility is important. You also want to reduce fees wherever possible.
If you use check transactions frequently, low or no-fee checks will matter to you. If you do most of your banking electronically, an efficient app or web banking portal is key.
Another thing to consider is ATM access and fees. Those can really add up and are an unnecessary business expense.
The Capital One business savings and checking accounts are geared toward small business owners, so the bank has taken these things into account.
Now that we have gone over a brief overview of business accounts, AdvisoryHQ will go into more detail about these features and more as they relate to Capital One business checking and savings.
About Capital One
Image Source: Capital One
Capital One is the 8th largest bank in the United States, with its headquarters in McLean, Virginia. It is a Fortune 500 company with an estimated 45 million accounts. Capital One offers a wide selection of financial products that it offers to customers, including small businesses.
The bank continues to grow its assets, including a recent acquisition of the credit card operations for sporting goods giant Cabela’s. Capital One provides its services mainly in the District of Columbia, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.
Individuals with a Capital One business checking account have a customer service team prepared to assist individuals with any questions they may have. The team is geared to do business online but also has a system in place to help with any of the usual tasks you typically visit a teller to complete.
Capital One Spark Business Checking Account No-Fee Features
To clarify, we are discussing the Capital One Spark Business Checking accounts and not the Capital One 360 business checking accounts which are for personal use.
Free is good, right? That’s always true, but it’s even more valuable with business accounts since most businesses process a higher number of transactions than personal accounts. More transactions mean more fees – unless you’re careful in considering all of the small details when you choose your bank.
Unlike other options, there is no monthly transaction fee or limit associated with a Capital One business checking account. In fact, there are no monthly fees at all. No minimum balance is required to earn these no-fee features – they’re yours for the taking.
The icing on the cake is that you’ll enjoy fee-free withdrawals from Capital One or Allpoint ATMs. This allows you free access to your money whenever you need funds – and that’s exactly how it should be.
Capital One business accounts also allow you to take advantage of free electronic invoicing right through your online banking access. This is a service you would typically pay for from a third-party vendor, making it a pretty nice benefit.
To review, Capital One business checking has:
- Zero monthly transaction fees
- No monthly fees at all
- No minimum balance required
- Zero fees to withdraw funds from Capital One or Allpoint ATMs – a network of 40,000 ATMs nationwide
- A free debit card linked to your Capital One business accounts
- Free online bill pay
- Free electronic invoicing
There are no monthly transaction limits, service fees or minimum balances needed with the Spark Business Checking Account.
If you do need to access an ATM that is outside the Capital One or Allpoint network, the bank will hit you with a $2 fee per transaction. This could be a big downside if there are no network ATMs in your local area. Check into this before making your final decision about Capital One business accounts.
Other Attractive Benefits with Capital One Business Checking
The Capital One business account option is an online-based account. This means it has to have a robust mobile and online banking setup.
You can earn cash back on your business purchases through the Capital One business checking account. Depending on your personal situation, this could cancel out a few out of the network ATM fees.
Capital One Business Savings Account No-Fee Features
Just like the Capital One Spark Business Checking account, the savings account has no monthly fees. That’s really good news because there won’t be any funds coming out of the account that offset your interest earned. In fact, this is another no-fee account overall.
Other Attractive Benefits with Capital One Business Savings
With a Capital One business savings account, you earn 1.00% APY for 12 whole months. After that time, the funds in your Capital One business savings account will earn 0.40% interest. That’s the one of the highest interest rates in the United States.
Additionally, you have total account access at any time of the day or night through the Capital One Spark Business mobile app. You can review your balance, make transfers, and feel secure about your overall activity.
It’s easy to link your Capital One small business checking with your savings account. This affords you overdraft protection and results in fewer fees yet again. These accounts let you keep more of your money in your business which will help it grow over time.
No minimum balance is required in your savings account to earn access to these features. They’re the same for everyone, no matter how large or small your business is.
One important thing to note about this account is that you are limited to 6 transactions per month. This is standard with savings accounts, so while this may not be ideal, it is not specific to the Capital One business savings account.
Depositing Funds into Your Capital One Business Accounts
To make a deposit into either your Capital One business savings or checking account, you have two convenient options. Either take a photograph of the check you want to deposit with the Spark Business mobile app and let the app process the deposit electronically or deposit the check at any Capital One ATM using your debit card and PIN.
Deposits are processed quickly and available the next business day.
Capital One Business Accounts – Everywhere You Are
Your Capital One business banking debit card is a MasterCard. You can use it anywhere MasterCard is accepted. Your transactions are secured and backed by this major company in addition to the security that comes with banking with the financial giant Capital One.
Capital One Small Business Credit Cards
You have more options when it comes to Capital One small business credit cards. Depending on your credit situation, you can choose from either the Spark Cash For Business account or the Spark Cash Select For Business account. Let’s briefly compare the two.
Spark Cash For Business Credit Card Through Capital One Business Accounts
Spark Cash Select For Business Credit Card Through Capital One Business Accounts
Earn 2% cash back on all purchases
Earn 1.5% cash back on all purchases
Receive a one-time bonus of $500 after you spend $4,500 on purchases within the first three months of opening your account
Receive a one-time bonus of $200 after you spend $3,000 within the first three months of opening your account
17.24 variable APR
0% intro APR for 9 months, then 13.24%m–21.24% thereafter
Zero transfer fees
Zero transfer fees
0% annual fee for the first year and $59 thereafter
No annual fee ever
If earning frequent flyer miles is important to you, there are two more credit card options through the Capital One business accounts system. Both the Capital One Spark Miles for Business and the Capital One Spark Miles Select for Business let you earn miles while you spend.
Image Source: Capital One Business Accounts System
The differences between these two credit cards relate to APR and the way miles are earned. Neither has an annual fee associated with them.
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Capital One Business Checking Conclusion
We hope this article has helped you to better understand the features of Capital One small business accounts. Having the appropriate account that fits your unique business requirements can help you manage your finances more efficiently as well as support your business while it grows and flourishes.
If you are interested in opening an account with Capital One or have further questions, you can contact the bank directly and also take advantage of their simple online signup process.
AdvisoryHQ (AHQ) Disclaimer: Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.