Both Chase Bank and Capital One offer several checking account options, as well as reliable service and a steady reputation in today’s troubled economy. You may find yourself shopping for a new checking account due to bank mergers and closures, or just to simplify your own banking activities and needs. Compare each of the checking account options to choose the one that is best suited for your personal needs and banking style.
Capital One and Chase both include online banking, including statement access with all of their accounts. Online bill payment services are also incorporated into both basic and premium accounts. All checking and savings options are FDIC insured. Direct deposit is available at both banks. Each bank also provides a debit card at no additional cost.
|Many people need nothing more than a basic entry level checking account. Chase Checking is the most basic option offered by Chase Bank. Capital One’s Completely Free Checking is the comparable choice. Both accounts have no minimum balance required; however, Chase does require either 5 or more debit card purchases per month or direct deposit to waive a $6.00 monthly fee. Capital One has no associated fees.
If you live near a Capital One branch bank, you may be eligible for a Rewards checking account. The Rewards account offers cashback rewards, with no additional costs or fees and no minimum balance requirement. Capital One also offers an account to customers over 50 that offers no minimum balance, no monthly fees and a .05 APR interest rate.
Premium accounts at each have some additional advantages. These accounts do have minimum balances, with monthly fees if the account balance drops below that minimum. Capital One’s Tower Gold checking is an interest earning checking account, with a $5000 balance requirement. The Chase Better Banking account requires that you maintain other accounts, such as a money market account, mortgage or credit cards with Chase bank. The required minimum balance to avoid a $12.00 monthly fee is $1500.00 in this account or $5000 combined in Chase bank accounts.
Premier checking at Chase is an interest earning account with a $15,000 minimum balance required to avoid fees. These funds can be deposited in your checking account or investment accounts with Chase. The Chase Premier Platinum also allows you to earn on your checking, but the minimums are higher, with a $75,000 minimum balance in total deposits and investments to avoid fees.
Both banks offer a variety of good checking options. Look for an account that allows you to avoid additional fees and costs, depending upon your usual account and investment balance. If you do not maintain investment accounts, Capital One may be a better choice; however, Chase has excellent account options for those with other accounts held there.
Read about how you can save 2% cash back if you are in the military and a Chase banking customer.