Monday, 30 November 2020

Capital Bank Review: Checking, Savings, CD and Money Market Accounts

Capital Bank Review: Checking, Savings, CD and Money Market Accounts
08 Dec
7:41

Capital Bank (NC)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Capital Bank (NC) Traditional Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.10%

CD Rates

Capital Bank (NC) 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.30%

CD Rates

Capital Bank (NC) 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.55%

CD Rates

Capital Bank (NC) 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Capital Bank’s checking account options

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How Capital Bank’s checking accounts compare

Capital Bank offers a wide range of checking account options for every type of customer. However, when compared to online checking accounts, Capital Bank falls short. All of their checking accounts come with a monthly service fee, and most of them don’t offer any interest at all.

Options that do bear interest and offer extra benefits like free checks and free ATMs come with service fees and require very high balances to get the monthly service fee waived. Checking account interest rates vary and aren’t published online, but if the interest rates on their other products listed below are any indication, Capital Bank’s checking Premier checking options probably don’t offer a competitive APY.

Not only do the best online checking accounts offer high APYs, but many of them come with no monthly service fee and free ATMs nationwide for all customers. Plenty of these accounts have no minimum opening deposit requirement.

Capital Bank’s savings account options

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How Capital Bank’s savings accounts compare

Ultimately, there’s nothing special about Capital Bank’s savings account. It offers the basic services to be expected of a savings account, with low interest and a quarterly maintenance fee. While the quarterly maintenance fee is easy to waive, it is something you’ll have to keep in mind.

On the other hand, the best online savings accounts come with high APYs and, often, no monthly or quarterly maintenance fee. It’s not hard to find options that don’t have minimum balance requirements either.

Capital Bank’s CD rates

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How Capital Bank’s CD rates compare

Unfortunately, the rates offered by Capital Bank’s CDs just can’t compete, even when compared to national averages. If you take a look at the best CD rates available, they blow Capital Bank’s rates out of the water, offering rates as much as 10 times higher on CDs with terms of at least 12 months.

Capital Bank fares a little better when it comes to flexibility and short-term CDs, and they’re one of few banks to offer CD terms as short as 30 days and 60 days. They also have fairly low minimum deposit requirements, although a number of banks with the far better CD rates also offer CDs with low minimum opening deposits. Also, it’s worth noting that when we called customer service, the representative offered us a promotional rate on CDs that is actually competitive with some of the best rates available. So, if you plan to open a CD with Capital Bank, you should call them first to see if you qualify for any promotional rates.

Capital Bank’s money market account options

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How Capital Bank’s money market accounts compare

In terms of rates, Capital Bank’s money market accounts fall short of the competition by a significant margin. Most of the best money market account rates are more than two times higher than what Capital Bank’s highest tiers offer, and many of these accounts require much lower balances to start earning good interest rates. On top of that, this money market account charges a monthly service fee, while many others don’t.

Capital Bank’s minimum opening deposit requirement is very low, so it might be a good option if you’re just getting started with your savings and don’t have a lot to deposit. That being said, several of the best money market accounts have no minimum balance amount at all. At the low rates offered by Capital Bank, even online savings accounts have more to offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Source: https://www.magnifymoney.com/blog/reviews/capital-bank/

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