How to Open a Capital One Bank Account

Capital One is best known for its credit card products, but it also offers some highly competitive checking accounts, savings accounts, and CDs. In this article, we'll discuss the step-by-step process to open a Capital One bank account -- and it's easier than you might think.

The details and documents you'll need to open an account can vary, depending on your personal situation, the type of your account you plan to open, and how you plan to make your initial deposit. But here's the general list of information and documentation you should gather before applying.

• Two forms of ID: Typically, this can be satisfied with a driver's license and Social Security card, but other forms of ID including a passport and/or birth certificate can work.
• Proof of address: If you're using a driver's license, this also proves where you live. Or, you might want to bring a current utility bill, mortgage statement, or something else with your address on it.
• Personal contact information: A good email address, phone number, etc.

That's it! The Capital One online application can be completed quickly and easily with this information. If you're opening a new account jointly with another person, be sure to gather all of this documentation for them, as well.

There is no cost (fee) to open a Capital One bank account, and unlike many of its competitors, Capital One has no account minimums for checking accounts, savings accounts, or even CDs.

The exact account opening procedure varies depending on the type of account you're opening, how you plan to make your opening deposit, and whether you're applying individually or with a co-applicant. But here are the three basic steps.

1. Decide which Capital One bank account you want to open

Capital One offers several different types of bank accounts, including checking, savings, and CD accounts. You can read our Capital One Bank review for a more thorough explanation of what the bank offers, but here are the main account types, with links to our individual reviews (where available).

• Capital One 360 Checking: Capital One's free checking account, with no fees or minimum balances and a (small) APY.
• Capital One 360 Performance Savings: An online savings account with no fees or minimums that earns an APY competitive with leading online banks.
• Capital One 360 CDs: CDs with terms ranging from six months to five years, with competitive APYs and no minimum balances.
• Capital One MONEY Teen Checking Account: Capital One's checking account, designed to be a joint account for teenagers and their parents.
• Capital One Kids Savings Account: An interest-bearing joint savings account designed to help minors learn about saving money.

2. Complete the online application (or apply in person)

To open an account online, the next step is to complete the new account application, which can be found on Capital One's account overview page next to each account choice. If you already have a Capital One login and password (say, for a credit card), you can use it to open a bank account, and this will automatically fill in certain parts of the application. But even if you don't, Capital One claims the account application will take about five minutes.

Alternatively, if you live near a Capital One banking branch, or one of its excellent Capital One Cafes, you can open an account in person. Just be aware that some of Capital One's accounts are designed to be online-only, so you might be limited in which accounts you can open.

3. Make your initial deposit and start using your account

Finally, all that is left to do is make your initial deposit. You can do this from another Capital One account or from another bank account you have. You can make your opening deposit over the phone if you'd prefer. Or, if you live near a branch, you can deposit cash, checks, or money orders in person to fund your new account.