The Capital One Business savings account is a unique product specifically designed for businesses. It offers a promotional APY that is guaranteed for six months, allowing accountholders to earn a competitive 4.10% APY on balances ranging from $10,000 to $5 million. With a promotional rate of 1.00% for the first $10,000, businesses with larger funds can still earn competitive yields even during the promotional period.
One of the key features of this account is its ability to handle large cash deposits. Capital One limits monthly cash deposits to $10,000 before applying additional fees, making it reasonable for companies that regularly deposit significant sums. While some competitors may offer higher limits, this fee structure is fair and reasonable for most businesses.
There are also some fees associated with the account, including a $3 monthly service fee that can be waived by maintaining a $300 collected balance. This makes it easy for businesses to manage their expenses and keep their costs down while still benefiting from the high interest rates offered by Capital One.
In addition to its competitive interest rates and flexible deposit limits, Capital One also offers fee-free access to over 70,000 ATMs throughout the United States. This makes it easy for businesses to find cash or make purchases without incurring extra fees or charges. The account can also serve as overdraft protection for Capital One’s business checking account, providing an added layer of financial security and stability for businesses of all sizes and industries.
Overall, the Capital One Business savings account is a great choice for any business looking to grow their savings quickly and efficiently while still having access to convenient services like ATM access and overdraft protection.
