I thought the AirPort automatically decided which band/protocol was fastest.
Your iMac will connect to the strongest signal......not necessarily the fastest signal. Since 2.4 GHz signals are quite a bit stronger than 5 GHz signals, your iMac will likely connect to the 2.4 GHz signal unless it is in the same room as your AirPort Time Capsule,, or it has line-of-sight with the Time Capsule.
As LaPastenague mentions, you can assign a different name to the 5 GHz band that the Time Capsule is producing, and then "force" your iMac to connect to the 5 GHz named signal that way. But, doing this does not guarantee that the iMac will connect to the "best" (strongest) signal, and if the iMac is several rooms away from the Time Capsule, even though it might connect to 5 GHz, at that location the 2.4 GHz signal might well be both stronger and faster than the 5 GHz signal.
The bottom line here is that in general, it will likely help if you will think of 5 GHz as a "same room" connection, or a "line-of-sight" connection.