Posted by William Charles on January 25, 2020
Current Savings Account Sign Up Bonuses

Published on January 25th, 2020 | by William Charles

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Capital One $100-$500 Savings Bonus, Requires $10,000-$50,000 Deposit

Has been extended until April 15th, 2020.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Direct required: $10,000-$50,000
  • APY: 1.7%APY
  • Hard/soft pull: Soft, as long as you opt out of overdraft protection
  • ChexSystems: Mixed
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: March 31st, 2020

The Offer

Direct link to offer

  • Capital One is offering a bonus of $500 when open a new 360 Performance Savings with the promo code BONUS500. The bonus you receive depends on how much you deposit within 10 days (must maintain that deposit for 90 days after that 10 day period)
    • Deposit $10,000 and receive $100 bonus
    • Deposit $20,000 and receive $200 bonus
    • Deposit $30,000 and receive $300 bonus
    • Deposit $40,000 and receive $400 bonus
    • Deposit $50,000 and receive $500 bonus

The Fine Print

  • Open a 360 Performance Savings account between 12:00 a.m. ET on January 13, 2020 and 11:59 p.m. ET on March 31, 2020. When you open your account, enter your promotional code—NEW500. If you have or had an open savings and/or money market account, excluding CDs, as a primary or secondary holder with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval. 
  • Deposit a total of $10,000-$50,000 or more of new money from an external bank (transfers between Capital One accounts will not qualify) within the first 10 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained a daily balance of $10,000 or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows: an account with a daily balance between $10,000-$19,999.99 will earn $100; $20,000-$29,999.99 will earn $200; $30,000-$39,999.99 will earn $300, $40,000-$49,999.99 will earn $400; balances of $50,000 or more will earn $500. If at any time during the 90 days following the Initial Funding Period your daily balances drop into a lower balance tier, you will be rewarded that tier’s cash bonus. If your daily balance decreases to an amount less than $10,000, you will not qualify for a cash bonus. 
  • This offer cannot be combined with any other Capital One 360 new savings account opening offer, including savings accounts opened through Refer A Friend. Only one promotional code is accepted. Bonus is only valid for one account. 
  • Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

There is no early account termination fee

Our Verdict

We’ve seen similar bonuses before, but sometimes the lower deposits have bigger bonuses (e.g deposit $10,000 & get $200). The $500 bonus is in line with other offers. Cumulative deposits used to work as well, but Capital One changed the terms awhile ago and that no longer works (it still works for the Discover bonus though). I’ll add this to our list of the best savings bonuses, but might make sense to wait for a bigger bonus to return if you’re doing the $100/$200 bonus.

Useful posts regarding bank bonuses:



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Celia
Celia

I hate that they exclude any previous account holders even if a bonus wasn’t involved in the original accounts.

Evan
Evan

Is the ‘If you have or had an open savings and/or money market account, excluding CDs, as a primary or secondary holder with Capital One on or after January 1, 2016, you’re ineligible for the bonus’ term enforced? This effectively makes it once in a lifetime deal.

Pablo
Pablo

Not even once in a lifetime. I had a savings account but never got any bonus so I guess the lesson is never to sign up for an account unless it comes with a nice fat bonus 🙂

debit
debit

I had an ing account which was acquired by capital one which made me ineligible. I freaking didn’t even have anything to do with capital one.

In any case it’s good. Don’t waste time.

Ian
Ian

Same here. I’ve never had a capital one account as far as I’m concerned. It started out as ING.

Bruce
Bruce

I guess that 2016 is never gonna change

das1996
das1996

Much like the discover promos.

Is there any benefit to cap one accounts? Fast, high limit ach transfers?

If not, then use ’em and discard.

Jackie
Jackie

The performance savings account has 1.7 APR. it’s an easy account to move money around.

Ron
Ron

I thought I read sometime back Capital One removed lifetime language (probably a DoC post in 2018/2019) but why the 2016 cut off doesn’t move with time God knows!!
May be we should all close our accounts

Frank Rizzo
Frank Rizzo

This bonus sucks ass when you consider the amount of money you must deposit. I’d rather open up a wells fargo checking account that earns $400 after $4,000 worth of direct deposits.

Ben
Ben

Checking bonuses are for employed people receiving direct deposits. Savings bonuses are for retired people who already built their nest egg. Different purposes.

Samosa
Samosa

Both aren’t mutually exclusive though.

Fargo
Fargo

$4000 direct deposit for 3 months. Thats 12k for wells fargo and checking ac wont pay you dividend. Not Exactly apples to apples.

DP719
DP719

You don’t need $12k to do the Wells Fargo bonus. Only $4k ‘direct deposit’ each month which you can recycle. I am encouraging all my friends to do the Wells Fargo bonus.

DP719
DP719

Actually the current Wells Fargo bonus is even better than when I did it last year. It now only requires DD totaling $4k and can be cumulative.

I did a Capital One deal last year ($200 bonus for depositing $10k) and had to call them after the full 90 + 60 days before receiving bonus.

Today Gon Be A Gud Day
Today Gon Be A Gud Day

An easy $500 + 1.7

bman
bman

So, if I had a money market account offer from before, would I still be qualified for this?

Ben
Ben

DoC copied the terms that make this clear — “If you have or had an open savings and/or money market account on or after January 1, 2016, … you’re ineligible for the bonus.”

Joe
Joe

I use to have capital one 360 checking and saving account.
May I qualify for this offer?
I can not see “previous account owners will not qualify” on the website.

Thanks!

Ben
Ben

Did you close them prior to 2016? The same restriction DoC listed is also visible on the website. “If you have or had an open savings and/or money market account on or after January 1, 2016, … you’re ineligible for the bonus.”

Natalia
Natalia

It’s been years since I closed cap one, I cant recall if it was 2016 or 2017.. or may be 2015 for god sake..
How we suppose to find out ? ask a banker ? I’m sure they will be clueless where to look..

Emails
Emails

Search emails

Celia
Celia

Or check tax returns for the 1099 entries?

Mark
Mark

Let me google that for you

Natalia
Natalia

Have you found an answer ? Because I haven’t.
Thanks to flood a few years ago I have lost more than just a few pieces of tax/banking papers… and as far as emails go there no luck ;-/

Its easy to be smarty pants till you get to experience what other people have..

DP719
DP719

Natalia – I did the Capital One bonus last year (a better deal – $200 for a $10k deposit). I had an old ING turned Capital One interest bearing account and thought I would not be eligible but gave it a try. Application went through and received confirmation that the bonus offer was attached. If I were you, I would just apply and see what happens.

AllwaysLearning22
AllwaysLearning22

But I believe the MM account bonus had different language

HedonismBot
HedonismBot

Equivalent of 2.7% APY (if they don’t lower the rate, haha), but still $100-500 cash for next to no effort isn’t bad, especially if you’re doing all the other applicable bonuses out there anyway.

Jig
Jig

Actually, the APY is approx 3.9%.

Account pays 1.7% APY. The bonus works out to add another 2.2% APY ($500/$50K = 1% for 10+90+60+5 days to meet requirements and move money out, which annualizes to 2.2%)

Rachel
Rachel

If you had a saving account and closed after Jan 2016, would you get any tips or a pop-up window telling you that you’re ineligible to this offer during the application process?

david
david

Are you eligible if you have a Capital One Spark business savings?

August
August

Not that bad. $100 is $100

Anon
Anon

Capital One sure has a lot of bullshit. They demand you wait 3 business days to verify your phone just to add an external account, yet they are perfectly fine with using that phone number as a 2 step verification to log into your 360 account.

This is an attempt to get you to miss the 10 day deadline.

derek
derek

The same thing happened to me. Open account online. Try to add external accounts on the Capital one website to pull money in. They can’t verify my phone number. Call support. They tell me to wait since I just opened the account. Two days later I still can’t add accounts on the website. I call customer support and they say they will manually send the deposits after giving them my external account numbers. I wait two days, no deposits show up. Call support, oh sorry we’ll resend deposits and we can’t move the 10 day window. Oh and its 10 calendar days, so whoops guess you don’t get the full $500. Also their accounts don’t work with Personal Capital without logging in to fix the link every time. Wish I would have skipped this one.

ieatdogfood
ieatdogfood

I wonder why the referral for Capital One isn’t more widely advertised more? $100 for Referer, $100 for referee, $10K opening deposit, 30 day hold on $100 bonus, and 7 day hold on $10K deposit (not confirmed yet – I might withdraw and see what happens to be the DP). There isn’t a 90 day hold like the public offer that I can see.

Gadget 🕵️

The referrer gets $20, not $100. 😃 Thank you, friend.

But yeah, if you are only going for the $100 bonus level w/ $10K deposit, using a referral link is better than the public link.

The sad part is the “2016 since last savings account” language… most people (around here) probably have done one of these in the last 5 years.

ieatdogfood
ieatdogfood

Ohhhh my bad. Yeah never mind then. Also, the $10K withdrawal hold is not instant, I believe it is a week. I don’t want to accidentally spread misinformation. I agree the referral link is still good for the Refered but not for the Referer, especially if you will be moving funds after a week.

Gadget 🕵️

The root of what you said is correct because the non-referral public link requires 90 days of maintaining the balance, making it worse. Your week hold is minimal. Plus, $20 for the referrer is better than $0.

Anon
Anon

Rate dropped to 1.5%APY

A-rom
A-rom

Really difficult to deposit money to CapitalOne 360 savings within the 10 day period. The mobile check deposit limit is 5000 per month. If we link an account using ACH it will take 3 days, and money transfer will take another 3 days. If there is any weekend or public holidays in between it adds to the delay.

jr
jr

capital one sucks

Michael
Michael

Offer extended until April 15th

MP-The-Law
MP-The-Law

Extended to april 15th

Jc
Jc

Can I just put in $10K for the first 10+88th day and put in the other 40k during the last few days and still get the bonus $500?

A-rom
A-rom

No, that is clearly mentioned in the terms and conditions. You have to deposit the money within first 10 days and keep the money for 90 days. The bonus will be calculated based on the lowest amount of money you have in the account in that 90 days. So if you withdraw some money in between and put it back only the lowest balance will be considered for bonus.

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