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Capital One Spark Business Account: 2021 Review

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Susan Guillory

Susan Guillory

Updated February 6, 2021
If you’re looking for a business checking account, one of the Capital One Spark business accounts may be a good fit, depending on your needs and location. But the bank offers businesses more than just checking, with savings, financing products, credit cards, and business services, as well.
Pros and cons

Pros

  • Monthly fees waivable when certain requirements are met
  • Unlimited monthly transactions on checking accounts
  • Merchant services and cash flow management available

Cons

  • Not available everywhere in the U.S.
  • Fees can be high if you don’t qualify to have them waived
  • Not as much variety in checking options as other banks

Capital One Spark Business Account Rates, Fees, Types, and More

Capital One Spark offers business checking and saving accounts, as well as loans, credit cards, merchant services, and lines of credit. Read on for fees, rates, and requirements for these account types.

Capital One Spark Business Checking

Fees: 
  • Spark Business Basic Checking®: $15/month; waivable with minimum balance
  • Spark Business Unlimited Checking®: $35/month; waivable with minimum balance
Minimum 30- or 90-day balance to waive monthly fee:
  • Spark Business Basic Checking®: $2,000
  • Spark Business Unlimited Checking®: $25,000
Free monthly transactions: unlimited

Capital One Spark Business Advantage Savings

Interest rates: .0.20% up to $5 million; 0.10-0.20% above $5 million (introductory rate effective for 12 months)Monthly service fee: $3/mo; waivable with minimum balanceMinimum balance to waive service fee: $300Free monthly withdrawals: 6

Capital One Spark Business CDs

Interest rates: 0.10%-0.15% (call company for rate for 4 or 5 year terms, where available)Opening deposit: $1,000Terms: 1-5 years

Capital One Spark Business Credit Cards

Interest rates:
  • Spark® 2% Cash: 20.99% variable
  • Spark® 2X Miles: 20.99% variable
  • Spark® 1.5% Cash Select: 0% intro APR for 9 months; 13.99% - 23.99% variable after
  • Spark® 1.5X Miles Select: 0% intro APR for 9 months; 13.99% - 23.99% variable after
  • Spark® 1% Classic: 26.99% variable 
Annual fee: 
  • Spark® 2% Cash: $0 intro for the first year, $95 after that
  • Spark® 2X Miles: $0 intro for the first year, $95 after that
  • Spark® 1.5% Cash Select: $0
  • Spark® 1.5X Miles Select: $0
  • Spark® 1% Classic: $0
Sign-up bonus: 
  • Spark® 2% Cash: Earn a $500 cash bonus after spending $4,500 in the first 3 months
  • Spark® 2X Miles: Earn a bonus of 50,000 miles after spending $4,500 in the first 3 months
  • Spark® 1.5% Cash Select: Earn a $200 cash bonus after spending $3,000 in the first 3 months
  • Spark® 1.5X Miles Select: Earn a bonus of 20,000 miles after spending $3,000 in the first 3 months
  • Spark® 1% Classic: none

Capital One Spark Business Loans and Lines of Credit

Interest rates:
  • Lines of Credit: varies, contact company
  • Equipment & Vehicle Loans: contact company
  • Real Estate Term Loans: contact company
  • Business Installment Loans: contact company
  • SBA 7(a) & 504 Loans: contact company
Fees: 
  • Lines of Credit: contact company
  • Equipment & Vehicle Loans: contact company
  • Real Estate Term Loans: contact company
  • Business Installment Loans: contact company
  • SBA 7(a) & 504 Loans: contact company

Alternatives to Capital One Spark Business Account

Not sure you’ve found the right fit? Do your banking research by looking at other small business banking options, which might include the Suntrust business account and the U.S. Bank business account.

What Types of Spark Business Accounts Does Capital One Offer?

Capital One Spark business services provide  a full range of products for your business needs. These include:
  • Business checking accounts
  • Business savings accounts
  • Business certificates of deposit (CDs)
  • Business credit cards
  • Business loans and lines of credit

Capital One Spark Business Checking

If you’re interested in opening a Capital One Spark Business checking account, you’ll have two to choose from:
  • Spark Business Basic Checking®
  • Spark Business Unlimited Checking®
The Basic Checking account may work best for businesses that keep less in their account and that deposit $5,000 a month or less (after that, the bank charges $1 for every $1,000 deposited). The Unlimited Checking account is best for businesses that make more transactions and might need wire transfer service. (It includes 5 free domestic wire transfers per month.)

Capital One Spark Business Savings

In addition to your business checking account, it can be helpful to have a business savings account where you can set aside money for a rainy day. As well as the Capital One Business Advantage savings account, the bank also offers business Certificates of Deposit (CDs).

Capital One Spark Business CDs

If you have money you’d like to invest to earn more than you might from a savings account, Capital One has CDs available, with terms that can range from one to five years. 

Capital One Spark Business Credit Cards

Having a business credit card can provide access to capital when you need it. With Capital One Spark credit cards, you can also earn rewards you can redeem for cash back or airline miles:
  • Spark® 2% Cash. Get 2% cash back on all purchases.
  • Spark® 2X Miles. Get 2X miles on all purchases.
  • Spark® 1.5% Cash Select. Get 1.5% cash back on all purchases.
  • Spark® 1.5X Miles Select. Get 1.5X miles on all purchases.
  • Spark® 1% Classic. Get 1% back on all purchases.

Capital One Spark Business Loans and Lines of Credit<1% back on

For businesses seeking financing, Capital One Spark has several lending products, including:

Capital One Spark Business Merchant Services

Capital One Spark also offers merchant payment processing services through Worldpay®. They can accommodate multiple payment methods, including swipe, contactless, EMB, keyed-in, phone, PayPal® and email invoicing, among others, and accept payments from gift or loyalty cards as well as standard major credit cards. 

Why Choose Capital One Spark

It’s not every bank that offers unlimited transactions, but Capital One business banking does. If that matters to your business, Capital One Spark might be a good fit.Also if you have multiple banking needs, such as a savings account, loan, or credit card, you can get competitive offers on all of them under one umbrella.

Important to Keep in Mind

Capital One business bank accounts aren’t open to everyone. You’ll need to input your address to find out whether there are branches in your area.

Opening a Capital One Spark Business Account

If you’re looking to open an online business bank account, Capital One Spark business accounts may not be the right fit, since you are required to visit a branch to open your account. Still, if going to a branch is an option, here’s what you need to do so.

Capital One Spark Business Account Requirements

To open an account with Capital One, you must be 18 years of age or older. The bank reserves the right to review how you have managed other financial accounts in the past as part of the review process.

Opening a Capital One Spark Business Account

You’ll need to set up an appointment with a banker at a local branch and have the following information readily available:
  • Personal information (name, date of birth, Social Security number, etc.)
  • E-mail address and phone number
  • U.S. address and owner establishment date (not a P.O. box)
  • Legal name of business and type of business
  • Business establishment date with signer's full name
  • Tax ID number, ownership structure, number of employees
  • Percent of ownership and annual gross revenue
While the documentation you need may vary by location, if your business structure isn’t a sole proprietorship, you may also have to provide more documents, which may include :
  • Articles of Incorporation (corporations)
  • Articles of Organization or Certificate of Registration (LLCs or LLPs)
  • Partnership agreement (for partnerships)
  • Organizational Document, Bylaws, Charter, Letter from National Organization authorizing a local chapter (for nonprofits)

The Bottom Line

Capital One small business accounts can be a good fit for businesses that need multiple business products and that can maintain the daily balance requirement to waive the monthly fee.

Frequently Asked Questions

What do you need to open a business bank account at Capital One?
Can I open a Capital One business account online?
How much money do I need to open a Capital One bank account?
What are the benefits and drawbacks to a Capital One Spark business bank account?

About the Author

Susan Guillory

Susan Guillory

Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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