Alyssa Lane
Capital One is FDIC-insured, which means that your money is insured up to a certain limit per depositor and account ownership category. FDIC deposit insurance is automatic for any deposit account opened at Capital One, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. The amount of insurance coverage depends on the type of account and the number of account owners, with individual accounts insured for up to $250,000 and joint accounts insured for up to $500,000.
| Characteristics | Values |
|---|---|
| FDIC insurance coverage | Up to $250,000 per depositor, per insured bank, per ownership category |
| Types of accounts insured | Checking accounts, savings accounts, money market deposit accounts, certificates of deposit |
| Single account coverage | $250,000 per owner |
| Joint account coverage | $250,000 per co-owner; $500,000 per account according to another source |
| Revocable trust account coverage | $250,000 per owner for each unique eligible beneficiary |
| Business account coverage | $250,000, separate from personal accounts of owners |
| Account security | Encryption, fraud protection, two-factor authentication |
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What You'll Learn
FDIC insurance coverage
Capital One customers do not need to purchase or apply for FDIC insurance—coverage up to the FDIC’s limit is automatic whenever a deposit account is opened. FDIC stands for Federal Deposit Insurance Corporation, which was formed in the 1930s in response to the banking crashes that accompanied the Great Depression. FDIC insurance covers deposits in checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs) up to $250,000 per depositor, per insured bank, and per ownership type. The amount of FDIC insurance coverage depends on the account’s FDIC ownership category. Single accounts, owned by one person with no beneficiaries, are insured up to $250,000 per owner. Joint accounts, owned by two or more people with no beneficiaries, are insured up to $250,000 per co-owner. Revocable trust accounts are insured up to $250,000 for each unique eligible beneficiary, subject to specific limitations and requirements. Business accounts owned by a corporation, partnership, or unincorporated association are also insured up to $250,000, separately from the personal accounts of the owners or members.
There are some exceptions to the FDIC insurance coverage for Capital One customers. For example, Capital One deposit accounts will be counted separately from Discover deposit accounts for a period of 6 months after the Acquisition Date (May 18, 2025). After this 6-month period, Capital One and Discover deposit accounts will be combined for determining deposit insurance coverage by the FDIC. However, Certificate of Deposit (CD) accounts that mature after this 6-month period will remain separately insured by the FDIC until their first maturity date after the 6-month period. CD accounts that mature before the end of the 6-month period and are not renewed or are renewed under different terms will only be separately insured until the end of the 6-month period. If a customer has less than $250,000 in combined deposits with Capital One and Discover, the acquisition won’t affect their FDIC insurance coverage.
The FDIC offers a tool to help customers calculate their insurance coverage. If a customer's accounts exceed the FDIC’s coverage limits, they may consider asking their bank about additional insurance or seeking expert advice. Overall, FDIC insurance provides important protection for customers by insuring their deposits and promoting confidence in the banking system.
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Ownership categories
The Federal Deposit Insurance Corporation (FDIC) insures Capital One customers' deposits up to $250,000 per depositor, per insured bank, and per ownership category. FDIC insurance coverage is automatic for Capital One deposit accounts, and there is no need to apply or purchase additional insurance. The amount of FDIC insurance coverage depends on the account's ownership category, and there are several categories recognised by the FDIC:
- Single accounts: These are owned by one person with no beneficiaries. Single accounts include checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). The total of all deposits held by the same person in the same ownership category and bank is insured up to $250,000.
- Joint accounts: Joint accounts are owned by two or more people with no beneficiaries. Each co-owner is insured up to $250,000 per person for a total of $500,000 in coverage for the shared account.
- Revocable trust accounts: Each owner of a revocable trust account is insured up to $250,000 for each unique eligible beneficiary named or identified in the trust, subject to specific limitations and requirements.
- Business accounts: Business accounts are owned by a corporation, partnership, or unincorporated association. All deposits in business accounts are added together and insured up to $250,000, separate from the personal accounts of the owners or members.
It is important to note that FDIC insurance coverage is limited to deposit accounts, and investments like stocks, bonds, mutual funds, and other equities are not covered. Additionally, the total amount of insurance coverage depends on the ownership category and the number of accounts held within that category. By strategically dividing funds among different categories of account ownership, it is possible to have more than $250,000 fully insured with a single bank, as long as the limit for each ownership category is not exceeded.
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Account types
Capital One offers a range of account types, each with its own features and benefits. Here is an overview of the different types of accounts available:
Checking Accounts
Checking accounts offer easy access to your funds and are suitable for day-to-day spending and monthly budgeting. They provide features such as direct deposits, debit cards, ATM access, and online banking. Capital One offers traditional checking accounts with physical bank locations as well as online checking accounts that can be managed digitally. The 360 Checking account is a popular option, known for its fee-free structure and top-rated mobile app. Checking accounts may or may not earn interest, and if they do, the interest rates are typically lower than those of savings accounts.
Savings Accounts
Savings accounts are designed to help individuals set aside money for future needs and achieve their financial goals. Capital One offers a range of savings accounts, including the 360 Performance Savings account, which provides no monthly fees or minimums, competitive interest rates, and online banking security features. The 360 CD account is another option, offering a fixed rate and set term, allowing customers to choose a time commitment that aligns with their savings goals. Savings accounts typically earn interest, allowing your money to grow over time.
Joint Accounts
Joint accounts are owned by two or more individuals and are suitable for married couples, college students living with their parents, or other shared financial situations. These accounts offer the convenience of shared access to funds and can also provide increased FDIC insurance coverage. Both checking and savings accounts can be held jointly.
Trust Accounts
Trust accounts are owned by one or more trustees on behalf of beneficiaries. There are different types of trust accounts, including revocable trust accounts, where each owner can name unique beneficiaries. Trust accounts are also insured, with coverage depending on the specific type of account.
Business Accounts
Business accounts are designed for corporations, partnerships, or unincorporated associations. These accounts are separate from personal accounts and offer features tailored to business needs. Deposits in business accounts are insured up to the standard insurance amount, providing financial security for business funds.
It is important to note that Capital One's accounts are FDIC-insured, protecting customers' deposits up to allowable limits. This insurance coverage varies depending on the account type and ownership category.
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Deposit insurance
Capital One customers do not need to purchase or apply for FDIC (Federal Deposit Insurance Corporation) insurance. FDIC coverage up to the FDIC's limit of $250,000 is automatic whenever a deposit account is opened. This includes checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs). The amount of FDIC insurance coverage depends on the account's ownership category. For example, a single account owned by one person with no beneficiaries is insured up to $250,000, while a joint account owned by two or more people is also insured up to $250,000 per co-owner. Trust accounts and business accounts have different coverage limits and conditions.
The FDIC insures several categories of deposit accounts, including single accounts, joint accounts, certain retirement accounts, trust funds, business accounts, and government accounts. The FDIC was formed in the 1930s to maintain confidence in American banks and safeguard customers' money. It insures most American banks and is funded by premiums paid by these banks, as well as federal funds. The FDIC monitors the health of banks to prevent collapse and uses its funds to repay customers if a bank fails.
Capital One 360 Performance Savings accounts, 360 CDs, and Kids Savings Accounts are all insured by the FDIC up to allowable limits. The FDIC coverage limit for these accounts is $250,000 per depositor, per insured bank, and per ownership category. It's important to note that the acquisition of Discover Bank may impact the deposit insurance coverage for Capital One accounts. Generally, Capital One deposit accounts will remain separately insured from Discover deposit accounts for six months after the acquisition date. After this period, the deposit accounts from both institutions will be combined for FDIC coverage purposes. However, there are exceptions for CD accounts, with separate insurance provisions depending on their maturity dates and renewal status.
In summary, Capital One deposit accounts are insured by the FDIC, providing customers with peace of mind and protection for their savings. The level of insurance depends on the type of account and its ownership category, with a standard limit of $250,000 per depositor, per insured bank, and per ownership category.
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Fraud protection
Capital One offers a range of fraud protection features to its customers. These include:
Fraud Alerts
Capital One's fraud alerts notify customers of suspicious activity on their accounts. Customers can opt in to these alerts in the Capital One Mobile app or online.
Card Lock
If you suspect that someone has your debit card, you can switch it off in the mobile app. You can also temporarily lock your card in the app or your online account if it's been misplaced, lost, or stolen.
Virtual Cards
Virtual cards use a unique 16-digit code instead of your actual credit card number, providing added peace of mind when shopping online.
CreditWise
CreditWise is a free service that alerts you to changes in your credit report, such as a new line of credit being opened in your name. It also scans the dark web to ensure your personal information hasn't been compromised.
Eno and Proactive Alerts
Capital One also offers Eno and proactive alerts to help protect your account.
Zero Liability for Unauthorized Charges
Capital One offers $0 liability protection for unauthorized charges. Customers are not held responsible for unauthorized purchases if their debit or credit card is lost or stolen, provided they notify Capital One in a timely manner.
Investigation of Fraud Claims
Capital One will investigate fraud claims to determine whether a charge was unauthorized. This investigation can take up to 90 days.
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Frequently asked questions
Yes, Capital One is FDIC-insured, which means your money is insured up to $250,000 per depositor, per account ownership category.
The FDIC ownership category refers to the type of account you have. There are different categories for single accounts, joint accounts, trust accounts, and business accounts.
All Capital One deposit accounts are automatically covered by FDIC insurance up to the allowable limit. You don't need to purchase or apply for additional insurance.
Single accounts, owned by one person with no beneficiaries, are insured up to $250,000 per owner. Joint accounts, owned by two or more people with no beneficiaries, are insured up to $250,000 per co-owner or $500,000 in total.
Capital One 360 Performance Savings accounts, 360 CDs, and Kids Savings Accounts are all insured by the FDIC up to the allowable limits. However, it's important to note that there may be specific exceptions and limitations for different types of accounts, so it's always a good idea to review the terms and conditions of your specific account.
