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

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Updated on Tuesday, September 1, 2020

Capital Bank’s checking account options

Express Checking

This is a low-fee, no-frills checking account for people who are comfortable with online banking.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Express Checking account is designed for people who want the bare minimum of what a checking account can offer in exchange for lower fees. With this account, you won’t be earning interest or getting access to perks that other accounts have, such as free ATMs nationwide, free checks, savings bonuses, and overdraft fee refunds. You also don’t have the option to receive paper statements – only electronic.

If you won’t take advantage of those benefits, though, the minimum opening deposit required for this account is reasonable, and the relatively low monthly service fee can be easily waived with one direct deposit per monthly statement. Although you don’t get free ATMs nationwide, Capital Bank and the Allpoint Network does have plenty of ATMs throughout the country that won’t charge you.

We always prefer checking accounts with no monthly service fee so you don’t have to worry about meeting monthly requirements. They aren’t hard to find, and many of these no-fee checking accounts have lower or no minimum opening deposit. While the Express Checking account is one of Capital Bank’s best options for minimizing fees, there are better checking accounts out there.

How to get an Express Checking account

You can easily open an Express Checking account with Capital Bank online. Their application can be completed in less than 15 minutes and requires your social security number and date of birth, a form of identification, and contact information. You can then fund your account with a transfer from another bank account or a transfer from a debit or credit card.

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on Capital Bank (NC)’s secure website

Classic Checking

This account has a monthly service fee that can’t be waived and doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (cannot be waived)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

Capital Bank’s Classic Checking account is nearly identical to their Express Checking account with one major difference: the monthly service fee is slightly higher, and it can’t be waived. You won’t get interest, overdraft fee refunds, or ATM fee refunds for that monthly service fee, but you will get the option to receive paper statements for free and “QuickStatements” at an ATM for a $2.00 charge, as well as 24/7 access to your account information via their customer service line.

Essentially, this account is designed for people who aren’t comfortable enough with mobile and online banking to go for the cheaper Express Checking option. We don’t think services such as paper statements and a 24/7 customer service line merit paying a monthly service fee, especially because there are plenty of online banks that offer free accounts with no minimum opening deposit requirement.

However, we also realize that paying a monthly service fee might be worth it if you’re incapable of using online banking or are simply uncomfortable with the idea of relying on electronic statements. Keep in mind that the accounts below also paper statements too but have monthly service fees that can be waived if you qualify.

How to get a Classic Checking account

You can apply for a Classic Checking account online in about 15 minutes. The application will ask for basic information like your date of birth, social security number, and a form of identification, so have those ready. Once you’re approved, you’ll have to submit the minimum opening deposit by transferring money from another bank account or from a debit or credit card.

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on Capital Bank (NC)’s secure website

Select Checking

Select Checking offers a couple extra bells and whistles for a waivable monthly service fee but still doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free at Capital Bank ATMs and any ATM that is part of the Allpoint Network. For out-of-network ATMs, the fee is $3.00 for each transaction or balance inquiry.
  • ATM fee refund: None.
  • Overdraft fee: $37 for each item

While the Select Checking account charges a slightly higher monthly service fee than the previous two accounts, it’s not too difficult to get it waived it if your account is active. In order to get a rebate for the monthly fee on the Select Checking account, you’ll need to complete one direct deposit and at least 15 debit transaction each billing cycle.

This requirement is more than what’s needed to waive the fee on the Express Checking account, but the Select Checking account does come with extra benefits like the option to order paper statements for $2.00 to $3.00 per month and one overdraft fee refund per calendar year.

The Select Checking account attempts to offer a middle ground between Capital Bank’s minimal accounts and more comprehensive, interest-bearing checking options. In the end, though, there are plenty of checking accounts that don’t have monthly service fees at all. Even though this one can be waived, it requires tracking your transactions and ensuring a monthly direct deposits, which can be a pain.

How to get a Select Checking account

The application for the Select Checking account can be found online, and requires that you submit a form of identification along with standard personal information. It should only take about 15 minutes to apply. This account also requires a minimum opening deposit, which you can pay with a credit or debit card or by transferring money from another bank account.

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on Capital Bank (NC)’s secure website

Premier Checking

For folks who keep a higher balance, this interest-bearing account offers extra perks.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

This account is packed with benefits and fee waivers, but it comes at a cost: the sizeable monthly service fee. You can get that waived by maintaining a minimum monthly balance of $5,000 across all of your Capital Bank accounts.

As a Premier Checking member, you’ll get free ATMs everywhere in the U.S., and Capital Bank will even refund you for ATM surcharges imposed by other institutions. You’ll also get free checks, a 50% discount on a safe deposit box, and two overdraft fee refunds per calendar year. Finally, this account bears interest. The interest rate is variable, meaning that it can change at any time, so call Capital Bank to receive the latest rates. It’s also tiered, which means that you may be able to earn more interest by maintaining a higher balance.

Overall, the fee waivers and interest make this one of Capital Bank’s better checking accounts if you’re certain you’ll be able to maintain a balance high enough to get the monthly service fee waived every month.

How to get a Premier Checking account

Fill out an application online in order to apply for the Premier Checking account. Make sure to have a form of identification and your social security number handy. You’ll need to make the minimum opening deposit upon opening the account, and you can do this with a debit or credit card or a transfer from another bank account.

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on Capital Bank (NC)’s secure website

Premier Plus

Premier Plus is Capital Bank’s most comprehensive checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs everywhere in the U.S.
  • ATM fee refund: ATM fees charged by the owner of any out-of-network ATM in the U.S. are refunded.
  • Overdraft fee: $37 for each item

The monthly account maintenance fee on this account is steep, and although it can be waived, you’ll have to keep a large amount of cash in your accounts to do so.  In order to qualify for a Premier Plus account, you must have an existing Premier Checking account. Upgrading to a Premier Plus account adds an additional $6 on top of the typical $12 monthly fee on the Premier Checking account. You can get the $12 fee waived by maintaining a $5,000 balance across your Capital Bank accounts. You can get the $6 fee waived by maintaining $25,000 across your accounts.

You’ll get all of the benefits that come with Premier Checking, including free ATMs nationwide, two overdraft fee refunds per year, free checks, and variable, tiered interest. On top of that, you’ll get a special savings rate bonus on Capital Bank’s Money Market Savings account that’s reserved solely for Premier Plus customers. That being said, the bonus rate is barely higher than the regular rate.

Given that this is Capital Bank’s most elite checking account, Premier Plus customers do get special attention when it comes to customer service. You’ll get your own dedicated customer service line and your calls will be given priority. If you choose to open a certificate of deposit with Capital Bank as well, you can withdraw your funds early with no penalty if you’re facing personal hardship.

How to get a Premier Plus account

You cannot apply for a Premier Plus account online. If you’d like to open this account, you’ll have to call Capital Bank or visit a branch to apply in-person.

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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

Traditional Savings

Capital Bank’s only savings account is basic and offers minimal interest.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0, (there is a quarterly maintenance fee of $5 that can be waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

The Traditional Savings account from Capital Bank earns interest, but the APY is so low that you’re unlikely to even notice it. On top of that, you’ll be charged a quarterly maintenance fee if your daily balance falls below $250.

You’ll be FDIC insured on up to $250,000 with this account, which is standard. This account also offers standard features like ATM access with a linked checking account and the ability to set up automatic transfers into your savings. Keep in mind that if you’ll be transferring money out of your savings account regularly, Federal Reserve Regulation D limits savings accounts to six transfers per month.

How to get a Traditional Savings account

You can apply for a Traditional Savings account online in about 15 minutes. The application asks for your personal information, contact information, and a form of identification. In order to make the minimum opening deposit online, you’ll need to be able to pay with debit or credit card or by transferring money from another bank account.

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on Capital Bank (NC)’s secure website

Member FDIC

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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

Regular CD

This CD offers a lot of flexibility and bonus rates for customers with a checking account.
TermAPYAPY for checking account customers
30 days0.02%
N/A
60 days0.02%
N/A
90 days0.02%
N/A
180 days0.06%
N/A
270 days0.06%
N/A
12 months0.10%
0.25%
24 months0.15%
0.30%
36 months0.30%
0.45%
48 months0.40%
0.55%
60 months0.55%
0.70%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your term is between 1 and 364 days, you will lose 90 days of interest. Terms between 1 year and 59 months lose 180 days of interest, and terms of 60 months or longer lose 1 year of interest.

Capital Bank’s certificate of deposit accounts offer good variety when it comes to term options. They even offer several very short-term CDs that can be hard to find at other banks. This can be helpful for people who want added flexibility or plan to withdraw their money soon. You can also choose from several different interest payment options: monthly, quarterly, semi-annually, or annually.

The minimum opening deposit required is low. However, if you’re don’t have enough to meet it, there are other options that have even lower minimum opening deposit requirements.

How to get Capital Bank’s Regular CD

If you’re interested in opening a certificate of deposit (CD) with Capital Bank, you can do so online. The application is brief, and you’ll need to provide standard personal and security information as well as the funds for your opening deposit, which can be transferred from another bank account or paid with a debit or credit card.

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on Capital Bank (NC)’s secure website

Member FDIC

Add-On CD

This ultra-flexible CD allows you to add money at any time and withdraw with more leniency.
Balance to Earn APYAPY
Less than $25,0000.02%
$25,000 or more0.06%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Penalty free withdrawal is allowed every six months, but more frequent withdrawals will incur a penalty fee that amounts to 90 days of interest.

Capital Bank’s Add-On CD is an easy, basic CD that offers an alternative to their traditional savings account for people who are looking for a slightly higher interest rate and won’t need to withdraw money regularly. That being said, the interest rate on this CD is still extremely low for both tiers. It’s also based on your account balance rather than terms, and the APY on the lower tier is barely higher than what’s offered by their regular savings account.

There are some redeeming features of this CD. Rather than locking up your money for a pre-specified term, you’re able to access your money without penalty once every six months. You can also add to your CD at any time with a deposit or automatic transfer of at least $25, and interest gained can be added to your CD or transferred to your checking account. Finally, the minimum opening deposit is quite low.

If you’re set on saving money with Capital Bank because you prefer their customer service or want to build a relationship with them, the Add-On CD is an option worth considering. The way it is structured is unique and gives customers a level of flexibility that most CDs don’t offer. However, if you’re looking to make the most of your money, the rates on this account aren’t even close to competitive.

How to get Capital Bank’s Add-On CD

You can apply online for an Add-On CD with Capital Bank. The application form takes about 15 minutes to complete and will require that you submit a form of identification, your social security number, and contact information. You can fund the account online with a debit or credit card or by transferring the funds from another bank account.

SEE DETAILS Secured

on Capital Bank (NC)’s secure website

Member FDIC

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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

Money Market Savings

This money market account has low interest rates and charges a monthly service fee.
Balance to Earn APYAPYAPY with Premier Plus
$0.01 - $24,9990.01%
0.20%
$25,000 - $49,9990.02%
0.33%
$50,000 - $99,9990.20%
0.50%
$100,000 - $249,9990.33%
0.80%
$250,000+0.45%
1.06%
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $9 (waived if you meet certain requirements, detailed below)
  • ATM fee: No fees for using in-network ATMs. Out-of-network ATMs incur a $3.00 fee for each transaction unless you’re a Premier Checking or Premier Plus customer, in which case ATMs are free nationwide.
  • ATM fee refund: No ATM fee refunds unless you’re a Premier Checking or Premier Plus customer, in which case any fees incurred at ATMs in the U.S. will be refunded.
  • Overdraft fee: $37 for each item

Capital Bank’s Money Market Savings account comes with a low minimum opening deposit requirement but it also has a monthly account maintenance fee. This can be waived by maintaining a combined balance of at least $5,000 across all of your Capital Bank accounts. However, it’s easier to go with a money market option that doesn’t charge any monthly fees at all.

On top of that, the rates offered by this account aren’t competitive. You’ll have to maintain an extremely high balance in order to earn a noticeable amount of interest, and with balances that high, you could easily find rates double what Capital Bank is offering for even its highest tiered members.

Their tiered-interest system is based on your daily balance, and interest is compounded and credit monthly. You can also link this account to your Capital Bank checking account for easier access to your funds. However, federal regulations don’t allow more than six easy withdrawals per month, and if you surpass this limit, Capital Bank may convert your savings to a checking account.

How to get Capital Bank’s Money Market Savings account

You can open a Money Market Savings account online through Capital Bank’s website. The application process is quick and easy, and you’ll be able to fund your account online with a debit or credit card or a transfer from another bank account.

SEE DETAILS Secured

on Capital Bank (NC)’s secure website

Member FDIC

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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.

Overall review of Capital Bank’s banking products

Folks looking to earn the most on their money might not benefit from Capital Bank’s services. Their interest rates are low to non-existent across all accounts. On top of that, all of their checking options come with unnecessary monthly service fees, as do their traditional savings and money market accounts.

Capital Bank does offer a wide range of options to fit different customer needs. They have five different checking accounts, and each one offers its own unique set of features. If you’re looking for a short-term of flexible CD, you’ll find some interesting options at Capital Bank. In the end, though, having more options doesn’t always translate to having better options, and none of the accounts mentioned offer competitive terms.

We recognize that some people prefer to bank with institutions that have less competitive rates in exchange for excellent customer service. When we called their customer service line to ask some questions, they answered immediately and were very helpful. However, in terms of products, Capital Bank falls short.

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