The Capital One Business Savings account offers a unique solution for businesses looking to grow their savings. This account is designed specifically with the needs of businesses in mind, offering 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. Even during the promotional period, balances over $5 million are guaranteed a standard rate of 0.10% APY.
One thing to keep in mind is that Capital One limits cash deposits to $10,000 per month before additional fees apply. While this may seem restrictive compared to some competitors, it may be reasonable for companies that frequently deposit large sums of cash. To waive the monthly service fee, businesses simply need to maintain a minimum balance of $300 in the account. Additionally, Capital One offers fee-free access to over 70,000 ATMs, making it an attractive option for businesses looking to pair it with a business checking account and have easy access to cash.
The business savings account can also serve as overdraft protection for the bank’s business checking account. Similar to many savings accounts, Capital One limits withdrawals to six per month. While the bank does have some local branches available, they are limited in geographic areas.
Overall, the Capital One Business Savings account is an excellent option for businesses looking for a competitive interest rate and easy access to cash while still maintaining their financial stability through limits on cash deposits and withdrawals.
