Update 4/4/24: Deal is back, I don’t see any end date. APY is now 4.35% instead of 4.3%
Update 11/29/23: Extended until 1/9/2024.
Offer at a glance
- Maximum bonus amount:Â $1,500
- Availability:Â Nationwide
- Direct Deposit required: None
- Additional Requirements: $20,000-$100,000 deposit
- APY: 4.35%APY
- Hard/soft pull:Â Soft, as long as you opt out of overdraft protection
- ChexSystems:Â Mixed
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date: Â 12/6/2023
Contents
The Offer
- Capital One is offering bonus of up to $1,000 when you open a 360 performance savings account with promo code BONUS1500. The bonus you receive depends on the amount you deposit within 15 days of account opening and you must maintain that balance for 90 days
- Deposit $20,000+ and get $300 bonus
- Deposit $50,000+ and get $750 bonus
- Deposit $100,000+ and get $1,500 bonus
The Fine Print
- STEP 1—Open a 360 Performance Savings account between 12:00 a.m. ET on November 1, 2023, and 11:59 p.m. ET on December 6, 2023. When you open your account, ensure the promo code FALL23 is entered in the Promo Code box.
- STEP 2—Initial Funding Period. Deposit a total of $20,000 or more (Deposit Amount) of new money from externally sourced funds (transfers between Capital One accounts will not qualify) within the first 15 days of account opening (Initial Funding Period).
- STEP 3—Hold Period. You will earn a bonus once you’ve maintained the Deposit Amount of $20,000 or more for 90 days following the Initial Funding Period. The Initial Funding Period is defined as the first 15 days from account opening, and the 90-day Hold Period does not begin until after the full 15-day Initial Funding Period.
- The amount of your bonus will be determined as follows:
- $300 bonus—The new money deposited from an external bank during the Initial Funding Period was between $20,000-$49,999.99, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
- $750 bonus—The new money deposited from an external bank during the Initial Funding Period was between $50,000-$99,999.99, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
- $1,500 bonus—The new money deposited from an external bank during the Initial Funding Period was $100,000 or more, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
- Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above, including fulfilling the 90-day holding period. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus. If at any time during the 90 days following the Initial Funding Period your Deposit Amount drops into a lower tier, you will be rewarded that tier’s cash bonus. If your Deposit Amount decreases to an amount less than $20,000, you will not qualify for a cash bonus. This offer cannot be combined with any other 360 Performance Savings account opening offers. Only one promotional code is accepted per account. Bonus is only valid for one new 360 Performance Savings account. Bonuses are considered interest and will be reported on IRS form 1099-INT.
- If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2021, you will be ineligible for the bonus. 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
This account earns 4.3% APY, ends up being 10.4% APY over the bonus period once when you take into account the bonus but obviously only lasts for 90 days. Still worth doing for a lot of people and much better than the previous $1,000 bonus and better than other high interest savings rates. We will add this to our list of the best savings bonuses.
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
4/4 Opened
4/5 Funded 100k
7/23 Bonus paid out
Got the $750 bonus on 7/23. On 7/24 I initiated on Ally a Pull of $50K from CapOne to Ally. Today 7/25 got an email from CapOne saying that the account was put on hold because there were “suspicious activities on the account”. The email said I need to call them within 30 days or they would close the account and mail me a check for any remaining balance. I called and confirmed that I initiated the pull and the Ally account is the same one that deposited $50K to CapOne back in April. They cleared the transaction, but suggested that next time I link the Ally account to CapOne and PUSH from CapOne to Ally.
04/09 Opened
04/17 Funded 100k
07/23 Hold period 15 + 90 days
07/25 $1500 Bonus – “Cha-Ching! New account bonus”
Paid quickly after the hold period, nice!
DP
04/04/2024: Account opened
04/11/2024: WT from Primis (WT fee waived) for $100k+
04/19/2024: The last day to fund
07/18/2024: The last day to hold funds
07/22/2024: Started withdrawing
07/23/2024: $1,500 bonus received
4/6 Account opened
4/15 Funded
7/23 $1,500 bonus rec’d
Once we get the bonus it’s safe to move the funds, correct?
Definitely by then- you can move funds as soon as you hit the 106th day after opening (15 initial funding+90 hold) and just leave a nominal amount like $10 or something behind to make sure it stays open until the bonus actually posts
I deposited $50K around mid-April, balance on 7/23 was $512xx after getting the bonus. I pulled out $51K to do deals somewhere else. I’m waiting until Aug 1st for the July interest to be paid, then withdraw everything and close account.
Acct opened: 4/4/24
Initial Funding period until: 4/19/24
Bonus Received: 7/23/24. So 110 days since acct opening. 95 days since end of funding period.
When does the bonus supposed to come in? From the initial depot to meet the qualification, it’s been 3 months + 1 week.
“Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements” so as you completed 90 days now you will receive bonus in those 60 days.
I was under the 100k amount for one day, and transferred the money back immediately. What are the chances I can still get the $1500 prices?
It depends… if they mean what they say, and how it’s calculated.
Per terms: You will earn a bonus once you’ve maintained an account balance at or above the Deposit Amount of $20,000 or more for 90 days following the Initial Funding Period.
Likely calculated off each individual end-of-day balance. So, if each end of day balance was at or above threshold, you would be ok.
But if just one day the balance wasn’t to threshold, you are downgraded for a lower tier, even if you put it back next day. (IIRC, this is how Wells Fargo does it’s offer) This is you….
Sad Boi
If they do some sort of average over the 90 days, which is not mentioned anywhere so they are obligated to do it this way, you could just make up for it by added more money. You can ask the bank to make an exception, but no guarantee of results.
Has anyone tried this with P2? I’m a month away from completing the hold period and want to transfer money back to our joint account, move to P2’s account which also joint, and then open a new capital one account account under P2 and transfer the funds back. Curious if I’ve disqualified P2 because the initial funding came from a joint account.
If P2 was primary or secondary account holder with Capital One on or after January 1, 2022, P2 will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.