The Capital One Business Savings account is designed specifically for businesses and offers a promotional APY that is guaranteed for six months. Accountholders can 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. The standard rate for balances over $5 million, even during the promotional period, is 0.10% APY.
While Capital One restricts the highest yields to businesses with significant funds, they do limit cash deposits to $10,000 per month before additional fees apply. This limit is higher than some competitors, which may be reasonable for companies that frequently deposit large sums of cash.
To waive the $3 monthly service fee, businesses simply need to maintain a $300 collected balance in the account. Capital One also 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.