A multilayer capacitor includes a capacitor body including first to six surfaces, and including a dielectric layer, first and second internal electrodes, and first and second external electrodes. The first and second external electrodes include first and second sintered layers, and first and second plating layers, respectively. An insulating layer is disposed on the capacitor body, to cover an end portion of a first band portion of the first sintered layer and an end portion of a second band portion of the second sintered layer, and has a maximum thickness of 10 μm or more. A portion of the first band portion of the first sintered layer is exposed from the insulating layer. A portion of the second band portion of the second sintered layer is exposed from the insulating layer.