The Capital One Business Savings Account is the bank’s only business savings account. It comes with a guaranteed promotional APY for six months. Account holders can earn a competitive 4.10% APY on amounts between $10,000 and $5 million, with a promotional rate of 1.00% on the first $10,000. The standard rate applicable on balances over $5 million, even during the promotional period, is 0.10% APY.
Despite reserving its best yields to well-funded businesses, Capital One limits cash deposits to $10,000 per month before it starts charging extra fees, though that limit is higher than some competitors and may be reasonable for businesses that make large deposits on a regular basis.
Capital One charges a $3 monthly service fee, but it’s easily waived by maintaining a $300 balance.
Capital One also offers fee-free access to over 70,000 ATMs, making its business savings account an ideal choice for businesses who want easy access to cash in combination with a business checking account. A business savings account acts as overdraft protection for the bank’s business checking account.
Like many savings accounts, Capital One limits monthly withdrawals to six. The bank also offers several regional branches, although in limited geographic areas.
