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The Basics

How do I access my money?

The business checking account that you use to make your initial deposit becomes your linked business checking account, known as a link. Business Accounts Customers can only have one link on file.

At your request, money is transferred electronically between your Business Savings Account and your linked business checking account. You can initiate a deposit or withdrawal between your accounts online or by phone one of the following ways:

  • Sign in to your account 24/7 at Spark Business Savings.
  • Speak to an Associate at 1-877-464-1777 from 8 AM to 8 PM, 7 days a week.

How long does it take for money I withdraw from my Business Savings Account to appear in my linked account?

It takes 2 business days to transfer money from your Business Savings Account into your external linked business checking account, unless it is made to a Capital One Bank account which occurs instantly. Business days don’t include weekends or federal holidays. View a demo Opens a new window about how transfers work.

How do you calculate the interest on my Business Savings Account?

Interest on your Business Savings Account is accrued daily, compounded monthly and credited to your available balance at the end of each month.

When can I withdraw a deposit?

Most deposits are subject to a 4 business day hold before they can be withdrawn. 

Are there minimums or fees?

There are no minimums or fees for opening a Business Savings Account.

Can I allow someone other than myself to access the account?

Yes, you’re allowed account access for up to 3 people – you and up to two people associated with your business, which allows for added flexibility, security, and accountability.

Is the account insured?

Your savings deposits at Capital One 360 are FDIC insured up to $250,000 per depositor (keep in mind that the FDIC treats deposits owned by a sole proprietorship and by the individual associated with it as being owned by the same person). For all other Business Entities such as Non Profit, Corporations, LLC, and Partnerships the FDIC insurance is $250,000 per Business.

Capital One 360 is registered with the FDIC under the name Capital One, N.A. You can learn more at Opens a new window.

Terms & Conditions – Business Savings Account Opens a new window

What is backup withholding?

Backup withholding is when someone makes certain payments to you and you must withhold and pay 28% of those payments to the IRS. Payments that may be subject to backup withholding include, but are not limited to, interest, dividends and broker and barter exchange transactions.

If you provide your correct Social Security Number, make proper certifications and report all your taxable interest and dividends on your tax return, payments you receive should not be subject to backup withholding.

How do I update my backup withholding status?

Updating your backup withholding status is easy. Just follow these steps:

  1. Visit Opens a new window or call the IRS at 1-800-829-1040 to obtain a W-9 Form
  2. Fill out and send in the W-9 Form to advise us of your updated withholding status
    • Fax: 1-877-464-4963, ATTN: Operations Research
    • Mail: Capital One 360, ATTN: Operations Research, P.O. Box 60, St. Cloud, MN 56302.

Your backup withholding status will be updated the day we receive the W-9 Form and funds will/won't be withheld beginning that month.

Please Note:

  • If your account(s) is jointly held and the joint holder needs to update their withholding status, they also need to follow the steps listed above.
  • To update backup withholding for a minor, a parent or guardian may sign their own name on the W-9 Form in place of the minor.
  • To update backup withholding for a Business Account, an Authorized Signer can complete and return the W-9 Form.

Why am I being asked to confirm my W-9 information?

We appreciate your confirmation.  When you open a Capital One 360 Business Savings account(s) with us, we collect some information for tax reporting purposes. Occasionally, we have to ask our customers to re-certify the details provided.  This is important because if we don't have a complete certification on file for you, you could become subject to backup withholding. This would mean that 28% of each interest payment would be automatically provided to the IRS.

Investment and Insurance Products Are:

Not FDIC InsuredNot Bank GuaranteedMay Lose Value
Not a DepositNot Insured By Any Federal Government Agency

Banking and lending products and services are offered by Capital One, N.A. NMLS ID 453156, and
Capital One Bank (USA), N.A., Members FDICOpens a new window Equal Housing Lender

Investment products are offered by Capital One Investing, LLC, a registered broker-dealer and Member FINRAOpens a new window/SIPC Opens a new window .
Investment advisory services are provided by Capital One Advisors, LLC, an SEC-registered investment advisor.
Insurance products are offered through Capital One Agency, LLC.

All are subsidiaries of Capital One Financial Corporation.

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. All rights reserved.