Explore Your Capital One Business Checking Account Options

You’ve probably heard of Capital One’s business suite—Spark for Business—as one of the most small-business-friendly business suites in the industry. From Spark Cards to Capital One Lines of Credit, the Spark for Business offers a variety of small business financing solutions.

You likely have a general idea of what Capital One can offer your small business in the form of financing, but did you know that Capital One business checking accounts could prove to be the perfect home base for your small business’s finances?

Indeed, Capital One business checking accounts follow suit when it comes to the Spark Suite’s aptitude for small business finances. They come in two versions that both offer some pretty stellar features.

Read on to see if one of your two Capital One business checking account options could be a fit for your business:

The Fundamentals of Capital One Business Checking Accounts

The Spark Suite includes two Capital One business checking accounts—the Spark Business Basic Checking and the Spark Business Unlimited Checking. In the process of forming these two checking account options, Capital One consulted real, live small business owners. As a result, these business checking account options, along with the rest of the products the Spark Suite boasts, are extremely small business friendly.

Though the two Capital One business checking account options differ in the details, they have some essential similarities.

For one, to state the obvious, when you sign on to either of the two checking account options, you’re signing on to work with Capital One. At the end of the day, whichever business checking account you choose determines who you’re entrusting your small business’s money to. And Capital One is one of the most trusted banks in the game.

Plus, the Capital One business checking accounts stand out from the crowd with unlimited fee-free transactions, no matter which one you opt for.

Additionally, with both of the Capital One business checking account options, you’ll gain access to Capital One’s online and mobile banking, mobile deposit feature, and online bill pay feature.

Finally, both of the Capital One business checking accounts come with a monthly service fee that will be waived once you reach a certain average balance or you acquire two additional Spark products for your business.

Beyond these general similarities, the details on the Capital One business checking account options diverge.

Let’s take a look at the intricacies of the Spark Basic and the Spark Unlimited checking accounts:

Capital One Business Checking Account Option #1: Spark Business Basic Checking

To start, the Capital One Spark Business Basic Checking is your most straightforward and affordable Capital One business checking account option.

The Spark Basic business checking account is one of the best starter business checking accounts out there—with a low balance threshold to waive the (already low) monthly fee plus unlimited transactions, this business checking account could be the perfect option for new and growing businesses.

Here are the details on this Capital One business checking account option:

Transactions

As a reminder, the Capital One Spark Business Basic Checking comes with unlimited fee-free transactions. This is pretty rare for a business checking account and especially rare for one targeted toward new or growing businesses.

When you’re spending from your Spark Basic account, you can rest easy that transaction fees won’t get tacked on, no matter how many times you spend per month.

Cash Deposits

With the Spark Basic business checking account, you’ll be able to make cash deposits worth up to $5,000 per month. Beyond that cash deposit cap, you’ll have to pay $1 per $1,000 you deposit in cash.

Wires

Admittedly, this is where you might hesitate on this Capital One business checking account option. It can be quite pricey to wire money, even domestically, with a Spark Business Basic account.

In fact, you can only wire money domestically with the Spark Basic account. And for every outgoing domestic wire you make, you’ll have to pay a flat-rate fee of $25. For every domestic wire you receive, you’ll have to pay a flat-rate fee of $15.

Put simply, if your business needs to perform a lot of wires through its business checking account, then you could rack up a lot of fees with this Capital One business checking account.

Service Fee

The Spark Basic checking account comes with a monthly service fee of $15. However, if you reach an average balance of $2,000 or more, then Capital One will waive this service fee.

Not to mention, if you have an active account with two or more other Spark products—like a Spark card or Spark Pay, among many other options—then your service fee will be waived, no matter where your balance average rounds in.

Capital One Business Checking Account Option #2: Spark Business Unlimited Checking

The Capital One Spark Business Unlimited Checking is the second and last Capital One business checking account option available to business owners. With fewer limits but a higher fee-waiving threshold (along with a higher fee), this Capital One business checking account is a great option for well-established, high-volume businesses.

Let’s take a moment to focus on the details of what the Spark Business Unlimited Checking account has to offer:

Transactions

Like the Spark Basic account, the Spark Unlimited allows unlimited transactions every month. This means you won’t have to worry about consolidating purchases or moving transactions from month-to-month—no limit on free monthly transactions means no worrying about being charged for frequently investing in your business.

Cash Deposits

This is where the Spark Unlimited account begins to differ with the Spark Basic account. With this Capital One business checking account option, you’ll be able to make unlimited cash deposits every month for no fee at all.

With no monthly limit on fee-free cash deposits, if your business gets a big cash payday, it won’t be hampered with looming cash deposit fees.

Wires

Wires are another feature where the Spark Unlimited excels beyond the Spark Basic. With this Capital One business checking account, you can perform five domestic wires for free each month. Beyond that monthly limit, outgoing domestic wires will cost you $25 and incoming domestic wires will cost you $15.

Additionally, unlike with the Spark Basic account, you can perform international wires with the Spark Unlimited account. For foreign wires, you’ll have to pay $15 per incoming wire, $40 per outgoing wire in a foreign currency, and $50 per outgoing wire in U.S. dollars.

If your business needs flexibility for performing wires, the Spark Unlimited account is a better option than the Spark Basic account.

Service Fee

Another place where the Spark Unlimited differs from the Spark Cash—this time, arguably for the worse—is its monthly service fee.

This Capital One business checking account comes with a $35 monthly service fee that will be waived if you reach an average account balance of $25,000. That’s a pretty huge jump from the Spark Basic’s threshold of a $2,000 average account balance.

That said, if you have two other active accounts within the Spark suite, then the fee will be waived no matter how your average account balance adds up.

The Pros and Cons of the Capital One Business Checking Accounts

So, now that we know all the logistics of the Capital One business checking accounts, let’s take a moment to consider the advantages and disadvantages of choosing one of them as your business’s financial home base.

The main advantage to choosing a Capital One business checking account is their unlimited monthly transaction allowance—this feature is pretty rare, even among the most premium business checking accounts.

Additionally, having access to unlimited cash deposits through the Spark Unlimited account will allow some pretty unheard-of wiggle room for businesses that deal with a lot of cash.

Finally, the opportunity to waive your monthly service fee by having two other products is another convenient feature for business owners trying to avoid paying service fees. Especially if you’re just starting up, having the opportunity to waive this fee without worrying about your balance average can be a huge relief.

That said, Capital One business checking accounts also come with their downsides. One in particular—their wire fees—could really end up costing you and your business. Even with the Spark Unlimited account, you’ll have to pay a fair amount in wire fees beyond your five free monthly wires. And if you’re wiring internationally, then you’ll be accumulating wire fees at an arguably unsustainable rate with the Spark Unlimited. Not to mention, the Spark Basic account will charge you every time you send or receive a wire, and it won’t allow you to wire internationally.

All in all, despite all the perks they offer, neither of the Capital One business checking accounts is the best option for businesses that rely heavily on money wires.

The Verdict on the Capital One Business Checking Accounts

With all of the necessary information on Capital One business checking accounts at your fingertips, what’s the takeaway?

Well, that depends on how you run your business.

Does your small business require a no-nonsense, low-fee business checking account? Then the Capital One Spark Business Basic could be the best bet for your situation.

Are you and your employees making lots of transactions and cash deposits every month? Then the Capital One Spark Business Unlimited could be the perfect option for you.

With all that said, if you’re frequently sending and receiving money wires for your business, then neither of the two Capital One business checking accounts would be a very prudent choice. If this sounds like you, check in on your options, and keep an eye out for steep money wire fees.

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