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The Capital One Spark Business Checking account is one of the best free business checking account options available currently. Previously, there was only one version of this Business Checking account and it was available online only. That has since changed and now Capital One offers two varieties of this account, both of which can be serviced at their physical branch locations in CT,DC,DE,LA,MD,NJ,NY,TX and VA. I’ll review all the benefits you’ll enjoy, but also go over why it may not suit your particular needs.
All About The Spark Business Checking Accounts
Businesses looking for a solid checking account option typically have to deal with three issues:
- Monthly service fees: This is the monthly charge that occurs as long as your account is open. It could be as little as $8, or it could be upwards of $35 monthly for premier accounts. You’ll usually have the option of waiving this fee with monthly requirements such as an average daily balance minimum.
- Excess transaction fees: These fees are charged when you go over your monthly limit on banking services like writing checks, debit card transactions and ATM deposits.
- Cash handling fees: When this fee is applicable, you’ll be charged for going over your monthly cash deposit limit.
Compare The Two Spark Business Checking Options
The two Capital One Business Checking account options include the Spark Business Basic Checking and the Spark Business Unlimited Checking.
Here are the updated details on Capital One’s Spark Business Checking accounts. Previously it was an online-only Business Checking account free of all the typical fees discussed above. With the updated Spark Business Checking accounts that are available at physical branch locations, fees will apply in certain situations. Carefully review which account may be best for your needs.
|Product Description||With Spark Business Basic Checking, you get unlimited transactions each month, plus online and mobile banking||With Spark Business Unlimited Checking you get 5 free domestic wire transfers per month and have access to 2 Basic Checking accounts at no additional cost. And of course, you can make as many transactions as you want with no unexpected fees.|
|Transactions||Unlimited business transactions||Unlimited business transactions|
|Cash Deposits||Deposit up to $5,000 in cash each month with no fee; $1 for every $1,000 deposited after that||No fee for cash deposits|
|Wires||Standard wire fees apply||First 5 domestic wires free each month|
|Monthly Service Fee||$15 monthly service fee||$35 monthly service fee|
|Ways to Waive||$15 monthly fee waived: with $2,000 minimum 30- or 90-day average balance
Two additional, eligible business products
|$35 monthly fee waived: with $25,000 minimum 30- or 90-day average balance
Two additional, eligible business products
|Services Included||Online and Mobile Banking, Mobile Deposits and Online Bill Pay||Online and Mobile Banking, Mobile Deposits and Online Bill Pay|
Spark Business Checking $250 & $1,000 Bonuses!
Here are two offers from Capital One for their Business Checking accounts – a $250 bonus that requires a $25,000 deposit and a $1,000 bonus that requires a $100,000 deposit.
- Bonus offers set to expire 06/29/2018
- Offer available in CT,DC,DE,LA,MD,NJ,NY,TX,VA
- Spark Business Basic Checking and Spark Business Unlimited Checking are eligible for the bonuses (either account can qualify for either bonus)
- Direct deposit is not required for this offer
- Application will trigger a Soft Pull, which does not affect your credit
How To Get The Bonuses
- Customers that are new to Capital One Spark Business Checking who maintain an average daily balance of at least $25,000 for each month during the six months after the month the account is opened will receive one payment of $250.
- Customers that are new to Capital One Spark Business Checking who maintain an average daily balance of at least $100,000 for each month during the six months after the month the account is opened will receive one payment of $1,000.
- Payment will be credited to newly opened Spark Basic or Unlimited Checking accounts by February 28, 2019.
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