Banking » Compare Banks » Capital One vs Credit One: Which Bank Account Is Better?
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Capital One vs Credit One: Which Bank Account Is Better?

It is hard to find the areas where Credit One has the edge. While it has better CD rates, you do need a minimum deposit of $100k. Additionally, Credit One does not have a conventional savings or checking account, loans or mortgages.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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Table Of Content

When Capital One Bank Wins?

Capital One established its reputation as a credit card company, but in recent years, it has established a decent banking product line that rivals a traditional bank. While there are checking and savings accounts, Capital One also offers loan refinancing, kids’ accounts, and auto finance.

Capital One

Capital One can be a better choice than Credit One if:

  • You want savings, checking and loan products
  • You want a CD with no minimum deposit
  • You want a massive choice of credit card options
Capital One

When Credit One Bank Wins?

Credit One is still primarily a credit card company, but it does offer limited banking products including CDs.

Credit One can be a better choice than Capital one if:

  • You don’t need a checking account
  • You have $100k to invest in a CD
  • You are looking for credit rebuilding cards with rewards and incentives.
Capital One
Credit One
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

Savings Account

There is no comparison here, as Credit One does not have any conventional savings accounts. This is in contrast to the fee free high yield savings offered by Capital One. This account offers up to 0.40%.

However, you are limited to only six or fewer withdrawals in any month. You may incur a fee if you exceed this withdrawal restriction.

Capital one
APY
3.40%
Fees
$0
Minimum Deposit
$0
Checking Needed?
No
Main Benefits
  • Up to 6 transfers or withdrawals per month
  • Digital Savings Tools including mobile check deposit, auto saving plans and savings goals

Checking Account

Again, there is no comparison here. Capital One has an interest bearing checking account offering 0.1%, while Credit One does not offer a checking account.

Capital one
APY
0.10%
Fees
$0
Minimum Deposit
$50
Main Benefits
  • Early Paycheck allows you to access your money up to 2 days sooner.
  • Next Day Grace in case of overdraft
  • Mobile banking with the app that allows you to freeze your card, deposit funds, and receive instant alerts on your transactions.

CDs

This is an area where a comparison is possible and it doesn’t necessarily favor Credit One. Although Capital One only offers 0.20% on a one year CD, there is the potential to earn up to 0.80% with no minimum deposit.

On the other hand, Credit One does offer the potential to earn up to 0.90%, but you need to have a minimum of $100k to invest.

Capital one
American Express
Minimum Deposit
$0
$100,000
APY Range
3.30% – 4.30%
4.30% – 5.10%

Credit Cards

Capital One offers a wide range of credit cards. On its website, you can sort the cards by category, rate, and credit rating. If you have excellent credit, the Venture Rewards program offers an unlimited 2x miles per dollar spent on any purchase, with no annual fee. If you prefer cash back, the Quicksilver Rewards program provides an unlimited 1.5 percent cash back on all purchases.

If you have fair credit, you can earn 1.5% cash back unlimited with the QuicksilverOne Rewards. There are also student card options, such as the SavorOne Rewards that has a tiered reward structure offering up to 3%.  The Capital One Savor card, offers an increased 4% rate on dining and entertainment, 2% at grocery stores and 1% on all other purchases. 

Credit One has 13 credit card options. While many of the cards are for those with average to excellent credit, the bank does have four rebuilding cards that allow you to earn rewards as you improve your credit. This includes Vegas Born that offers 1% cash back and exclusive deals, experiences, and discounts for Vegas Golden Knights fans. There is also a Nascar card and WWE card, so you can enjoy rewards, participation, and merch. Credit One also partners with Best Friends, Six Flags, and National Parks to earn greater rewards with your favorite activities.

If you want to maximize your rewards, the Platinum Rewards Visa offers 5% cash back for your first $5,000 of eligible purchases and unlimited 1% thereafter. You’ll also get up to 10% more cash back automatically with participating merchants. 

Customer Service

Capital One's customer service is a little complicated. The bank has dedicated phone lines for your specific problem. You can also go to the Capital One website's support page and click on the appropriate link to get the phone number and information about when the service team is available. There is also a mailing address available, as well as @AskCapitalOne on Twitter.

Credit One has an automated phone service that is available 24/7, but if you want to speak to an agent, the lines are available from 5 am to 9 pm on weekdays and 6.30 pm to 5 pm on the weekend.

Unfortunately, when we look at the consumer review ratings, it is hard to see that the banks offer good service. Capital One has a paltry 1.3 out of 5 rating on Trustpilot, while Credit One is only marginally better at 1.4 out of 5.

Online/Digital Experience

Both Capital One and Credit One have apps to enhance the customer’s digital experience. The Capital One mobile app is rated 4.8/5 and 4.9/5 on Apple and Google respectively, while Credit One’s app is rated 4.7/5 on the Apple Store and 4.5/5 on Google Play.

Both apps allow you more control over your account, with 24/7 access to manage your transactions, make transfers, lock your card and receive notifications.

As we touched on above, Capital One has a great website that allows you to not only compare cards and account options but also access resources to help you improve your finances and discover the best products for your specific needs and circumstances.

Which Bank is The Winner?

With both banks having a similar core, we need to look a little more closely at which bank is better.

It is hard to find the areas where Credit One has the edge. While it has better CD rates, you do need a minimum deposit of $100k. Additionally, Credit One does not have a conventional savings or checking account, loans or mortgages.

However, both banks have a decent selection of credit card options to find one that perfectly suits your needs.

Credit_One_Bank_logo

Capital One
The Smart Investor Logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
0.40 – 0.50%
3.40%
Up to 5.02%
Checking Fee The monthly fee on checking account
Not Available
$0
Compare Banking
Mobile App Rating
4.7/5 on iOS
4.5/5 on Android
4.8/5 on iOS
4.7/5 on Android
Various Banks
Open Account
on Credit One website
Open Account
on Capital One website
Compare
on our website

FAQs

As of March 2023, Capital One doesn't offer a checking or savings account bonus for new customers. If you're looking for a Capital One promotion, check out its credit cards. 

As of March 2023, Credit One bank doesn't offer a promotion for new accounts. If you're looking for a promotion, check out our top checking account promotions of March 2023

You can add another account holder to almost any Capital One account, making it into a joint product. This process can be done online if you have a mobile phone number that can receive a one time security code. If not, you’ll need to complete this request in your local branch.

There are also four credit card options for those with fair credit. The Platinum card has no annual fee, while the QuickSilver One Rewards card offers unlimited 1.5% cashback on every purchase on your purchases. However, there are also two secured card options.

The QuickSilver Secured Rewards card requires a $200 security deposit, but allows you to earn 1.5% cash back on your purchases, while the Platinum Secured allows you to choose a deposit from $49- $200 to secure your credit limit, which will be reviewed after six months.

You can accept a pre-approved credit card offer you received in the mail by going to our Accept Mail Offer page, or you can find out if you are pre-qualified by going to our See If You Pre-Qualify page. These links are also available on our CreditOneBank.com homepage.

Online Account Access is a service that allows Credit One Bank credit card holders to manage their accounts online 24 hours a day, seven days a week.

Posted Activity; Pending Activity; Pay Bill; Offers; Credit Score; Documents & Statements; Customer Service; and Settings are some of the key features.

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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?

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?

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?

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.