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

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Update 5/20/20: Deal has been extended until June 10th, 2020.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Nationwide
• Direct required: $10,000-$50,000
• APY: 1.15%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 SCORE500. 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:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times

Post history:

• Has been extended until May 31st, 2020. Hat tip to reader Xatos