Capital One Spark Business Basic vs. Unlimited Checking

Desy Papper

CNBC Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. No matter a business’s costs or revenue, there are a number of checking accounts […]

CNBC Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

No matter a business’s costs or revenue, there are a number of checking accounts that can help owners manage company finances. Capital One offers two Spark Business Banking accounts for those who need the freedom to make large volumes of cash deposits, withdrawals and transfers every month.

The Spark Business Basic Checking Account is geared more toward smaller- to mid-sized businesses with an average monthly balance of $2,000, while the Spark Business Unlimited Checking Account is for businesses with an annual revenue of up to $10 million.

Customers using either account can benefit from options to waive monthly fees and free overdraft protection. The Business Ultimate checking account was named the best account for medium-to-large businesses on Select’s best checking accounts for businesses list because it allows account holders to make unlimited monthly transactions at no cost.

Ahead, Select reviewed both accounts taking into consideration access to cash, perks and fees. (Read more about our methodology below.)

Spark Business Checking Account comparison

Spark Business Basic Checking®

On Capital One’s secure site

  • Special offer

  • Monthly maintenance fee

    $15, waived if your prior 30- or 90-day account balance averages $2,000 or more

  • Minimum deposit to open

  • Minimum balance

    No requirement, but $2,000 to waive fee

  • Annual Percentage Yield (APY)

  • Free ATM network

    40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens® and CVS Pharmacy® locations)

  • ATM fee reimbursement

  • Small business perks

    Free Overdraft Protection with a linked small business deposit account

  • Overdraft fee

  • Mobile check deposit

    Free smartphone mobile deposits

Terms apply. Capital One is a Member FDIC.

Spark Business Unlimited Checking®

On Capital One’s secure site

  • Special offer

  • Monthly maintenance fee

    $35, waived if your prior 30- or 90-day account balance averages $25,000 or more

  • Minimum deposit to open

  • Minimum balance

    No requirement, but $25,000 to waive fee

  • Annual Percentage Yield (APY)

  • Free ATM network

    40,000+ fee-free Capital One and Allpoint® ATMs to choose from (including in select Target®, Walgreens® and CVS Pharmacy® locations)

  • ATM fee reimbursement

  • Small business perks

    Account holders have the ability to sign up for Capital One® ProDeposit, a paid service ($50 per month) allowing unlimited mobile check scanning (up to $250,000 per 20 business days) with added security features; Free Overdraft Protection with a linked small business deposit account

  • Overdraft fee

  • Mobile check deposit

    Free smartphone mobile deposits

Terms apply. Capital One is a Member FDIC.

Access to your cash

Both accounts grant access to over 40,000 in-network, fee-free Capital One and Allpoint® ATMs (including in select Target, Walgreens and CVS Pharmacy locations).

Basic Checking account holders can deposit up to $5,000 in cash per month with no fee (after that, it’s $1 per $1,000). There is no limit to cash deposits with Unlimited Checking.

Perks

By linking either Spark Business account to a Capital One Small Business Deposit Account, you can avoid paying overdraft fees. Most other banks either decline transactions or charge account holders a fee for every transaction that exceeds the account balance.

And as a Capital One customer, you’ll have access to 24/7 online banking services and in-person banking at Capital One branches across the country. Not to mention, anyone can make a one-on-one money coaching appointment at a local Capital One® Café.

With both accounts, users get access to free business debit cards and free online bill pay.

Bottom line

Each Spark Business checking account is geared toward businesses of different sizes, but both are well suited for businesses that make large numbers of transactions each month.

If you are looking for a checking account that earns better interest, Bluevine Business Checking Account is a great option for small businesses. You can accrue 1% APY on balances up to $100,000, making Bluevine the only account on Select’s list of best business checking accounts that yields interest on your balance.

For a comparable business account at another large bank, Select named the Chase Business Complete Banking Account the best overall. This account allows you to take out multiple debit cards for business partners and employees.

Spark Business Checking Accounts Comparison

Spark Business Basic Checking® Spark Business Unlimited Checking®
Monthly fee $15 $35
How to waive monthly fee $2k minimum 30-day or 90-day average balance $25k minimum 30-day or 90-day average balance
Minimum deposit to open account $250 $250
Requirements to open this account Business must have an annual sales revenue of less than $10 million to qualify for this account
Transactions Free unlimited transactions Free unlimited transactions
Overdraft fee $35
Free Overdraft Protection when linked to a small business deposit account
$35
Free Overdraft Protection when linked to a small business deposit account
Interest or rewards Does not earn interest or rewards Does not earn interest or rewards
Cash deposits Free deposits up to $5k per month. $1 for every $1k deposited after that Unlimited free deposits up to $40k per month
Domestic wire transfers $15 per incoming transfer;
$25 per outgoing
transfer
Free incoming wires;
first 5 outgoing wire transfers per month are free then $25 per outgoing transfer
Foreign incoming and outgoing wire transfers $15 per incoming
transfer
$40 per outgoing
transfer if in foreign
currency
$50 per outgoing
transfer if in U.S. dollars
$15 per incoming
transfer
$40 per outgoing
transfer if in foreign
currency
$50 per outgoing
transfer if in U.S. dollars

Our methodology

To determine which business checking accounts offer the most convenience, Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.

We compared each checking account on a range of features, including:

  • Fees
  • Minimum balance requirement
  • Mobile banking ease
  • Small business tools and support
  • Large ATM network
  • Account accessibility
  • Customer reviews, when available

All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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