Capital One Business Account: 2023 Review

Q: What do you need to open a business bank account at Capital One?

To open a business bank account, you may be asked for at least the following: Personal information (name, date of birth, Social Security Number, etc.) Email 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 Documentation for your business structure

Q: Can I open a Capital One business account online?

No, you cannot open a Capital One business account online. Capital One generally requires prospective customers to visit a Capital One banking branch to begin the process of opening a business account.

Q: How much money do I need to open a Capital One bank account?

You may need at least $250 to open a Capital One business bank account. That’s the minimum balance you may need to deposit upfront to get started.

Q: What are the benefits and drawbacks to a Capital One business bank account?

Capital One business checking accounts offer unlimited digital transactions and the ability to waive the monthly fee if you meet certain requirements. However, there are only two types of checking accounts to choose from.

Check Your Rate

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Susan GuilloryUpdated July 7, 2023

If you’re looking for a business checking account, one of the Capital One 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, Capital One Spark credit cards, and business services as well.

Pros and Cons of Capital One Business Account

Pros	Cons
Monthly fees waivable when certain requirements are met	Not available everywhere in the United States
Unlimited monthly transactions on checking accounts	Fees can be high if you don’t qualify to have them waived
Merchant services and cash flow management available	Not as much variety in checking options as other banks

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

Capital One 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 Business Checking

Fees:

Basic Business Checking: $15 monthly service fee (waivable with minimum balance)
Unlimited Business Checking: $35 monthly service fee (waivable with minimum balance)

Minimum 30- or 90-day balance to waive monthly fee:

Basic Business Checking: $2,000
Unlimited Business Checking: $25,000

Free monthly transactions: Unlimited digital transactions

Capital One Business Savings Account

Interest rates: Standard annual percentage yield (APY) is variable Monthly service fee: $3 monthly service fee (waivable with minimum balance)Minimum balance to waive service fee: $300Free monthly withdrawals: 6

Capital One Business CDs

Capital One offers business certificates of deposit (CDs). Interest on the business CD accrues daily and compounds monthly. Interested parties can inquire about the business CDs at a local Capital One Bank branch.

Capital One Spark Business Credit Cards

Here are some top small business credit cards issued by Capital One:

Capital One Spark Miles for Business
Capital One Spark Cash Select for Good Credit
Capital One Spark Cash Select for Excellent Credit

Capital One Business Loans and Lines of Credit

Here are some additional business account products offered by Capital One:

Alternatives to Capital One 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 U.S. Bank business account or the Truist Bank business account (formerly SunTrust).

What Types of Business Accounts Does Capital One Offer?

Capital One business services provide a full range of products for your business needs. These include:

Business checking accounts
Business savings accounts
Business CDs
Business credit cards
Business loans and lines of credit

Capital One Business Checking

If you’re interested in opening a Capital One business checking account, you’ll have two to choose from:

Business Basic Checking
Unlimited Business Checking

As mentioned earlier, the unlimited business checking account has a higher monthly service fee than the basic checking account. Capital One may waive the monthly service fee if you maintain a certain minimum balance.You get free incoming domestic wires and five free domestic outgoing wires each month with the unlimited checking account, whereas the basic checking account charges $15 per incoming domestic wire and $25 per outgoing wire.

Capital One 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.

Capital One Business CDs

If you have money you’d like to invest to earn more than you might from a savings account, Capital One has business CDs available with different terms.

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 earn rewards with the purchases you make on the card.Recommended: Guide to Redeeming Credit Card Rewards

Capital One Business Loans and Lines of Credit

As mentioned earlier, Capital One offers business loans and lines of credit. These include SBA 504, SBA7(a), and SBA Express loans.

Capital One Business Merchant Services

Capital One also offers merchant payment processing services through Worldpay. They can accommodate multiple payment methods, including contactless payments.

Why Choose Capital One?

It’s not every bank that offers unlimited transactions, but Capital One business banking does with unlimited digital transactions. If that matters to your business, Capital One might be a good fit.

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. Capital One Bank branches are primarily located across New York, Louisiana, Texas, Maryland, and Virginia.

Opening a Capital One Business Account

If you’re looking to open an online business bank account, Capital One 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:

Capital One Business Account Requirements

To open an account with Capital One, you generally 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 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.)
Email 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 Takeaway

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.Lantern by SoFi can help you find the right financing for your business. Just fill out a simple form and see today’s rates for small business loans.Fast funding for your business: Loans up to $2 million.

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 business bank account?

About the Author

Susan GuillorySu Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

: LCSB0523023U