When I opened my first bank account, naturally, I used the same bank as my parents. Sixteen-year-old me had no clue what I wanted in a bank, let alone what the options even were. It’s not like we were taught it in school.
I was with my local credit union for ten years, and during that time, my account was hacked, random fees popped up, and transferring money to other accounts took days, if I was lucky — and weeks if I wasn’t.
Finally, I was done. I wanted to enter the modern age and use a bank that could help me manage my money instead of losing it or taking it with dubious fees.
After spending too long researching options, I eventually landed on what seemed to be the best choice: Capital One. I already had a credit card with them, so I gave it a shot. And I haven’t looked back.
Today, I’ll give you the lowdown on how Capital One became my favorite checking/savings option and why I’d wholeheartedly recommend them to anyone looking to take control of their money.
The Short Version
- Capital One provides a beautifully designed, easy-to-use banking experience, offering checking, savings accounts, and other accounts.
- This is a saver's dream bank with the ability to open your choice of 25 savings accounts in minutes.
- The CreditWise feature allows you to see and understand what affects your credit score.
- Capital one says it has no fees or minimums, and they truly mean it. I haven’t come across a single hidden cost.
✅ I Can Save for Literally All My Savings Goals
You can open 25 savings accounts with Capital One. Twenty-Five! Am I the only one surprised by this fact? That alone nearly sold Capital One to me as a bank.
At first, I honestly wondered who could have that many savings goals. The answer, apparently, is me.
Currently, I have almost 20 separate savings accounts for various savings goals. They range from the all-important emergency fund to a fund to visit the Grand Canyon in the next few years to an aptly named “F*** You” fund if I have to leave a bad client (hey, I’m a freelancer and things happen). And the best part is these accounts aren’t difficult to manage. Most of them are on autosave, where a portion of the money in my checking account automatically gets moved at the beginning of each month to each savings goal. I can even quickly see what I have and where from my dashboard on my mobile phone or laptop.
Oh, and one more convenient fact about Capital One checking and savings accounts: it takes minutes to set up an account. I set up most of my savings accounts from my couch while on my phone. And once you’ve opened one savings or checking account, the process just gets easier because Capital One remembers most of your information.
Read more >>> Best Microsavings & Automatic Saving Apps
✅ There Are Truly Zero Fees
Paying fees just to keep your money in a worthwhile bank has always seemed silly. It’s my money, why should I have to pay just to store it somewhere? Many banks and credit unions do not share this opinion, unfortunately.
Capital One, on the other hand, really doesn’t charge any fees. They don’t even have a minimum opening deposit. I’ve been a customer for close to seven years and haven’t faced one fee.
The closest I got was a sternly-worded email informing me that I had withdrawn from my savings accounts more than six times. But that’s a federal regulation nearly all banks abide by. I wasn’t charged a fee or anything. Capital One just asked me not to let it happen again.
✅ CreditWise Actually Helps Me Track My Credit Score
I’ll admit that sometimes I don’t take my own advice. I constantly tell people how important it is to check your credit score. But in my early 20s I didn't follow that advice and I paid for it. I was denied a loan because I didn’t have the right credit profile.
Thankfully, Capital One makes it so easy to check my score. At the bottom of my Capital One dashboard is a handy little feature called CreditWise.
CreditWise neatly displays my credit score (via TransUnion), a description of what’s affecting my score, and how I’m doing in each of those areas.
These descriptions have saved me more than once. Credit usage is the section I pay the closest attention to because it allows me to see how my loans and credit cards affect my score. The more I spend on credit cards, the more my score drops because my credit usage goes up.
Additionally, I’ve used the credit simulator multiple times to discover how much paying a credit off would affect my score. And based on the changes I’ve seen, it’s fairly accurate.
Read more >>> How to Improve Your Credit Score in One Month
✅ The Mobile App is Beautifully Designed
I was sick of using a bank whose app had a cluttered UI and always crashed. The Capital One mobile app is so well designed that I find myself checking it like I would my social media. At a glance, I can see all my savings and checking accounts, my credit score, any credit card balances I have, and the rewards associated with those cards.
It’s also easy to see the locations of the free ATMs near me. While 70,000 ATMs across the country are free, there are only a few near me (the downside of living out in the woods). So it’s especially helpful that I can see where fee-free ATMs are, or else I’d be stuck paying $4.50 at most ATMs every time I want cash.
My Takeaway: Capital One Is Awesome
I honestly can’t say enough positive things about Capital One. After the banks I’ve tried, it's like a breath of fresh air. Setting up a checking and savings account is a simple, truly fee-free process. Plus, their banking system works so well that I’ve never needed to speak with a customer service rep in the seven years I’ve been with the company.
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