Posted by William Charles on September 7, 2018
Bank Account Bonuses

Published on September 7th, 2018 | by William Charles


[Expired] Capital One $500 Money Market Account Bonus

Offer has expired, the $200 offer is still valid through December 14th, 2018

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Deposits required: $50,000
  • Deposit length: None
  • APY: 1.8% 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
  • Expiration date: October 31st, 2018

The Offer

Direct link to offer

Capital One is offering a bonus of $500 when you open a 360 Money Market account and complete the following requirements:

The Fine Print

  • Open a 360 Money Market account and deposit at least $50,000 between 12:00 a.m. ET on September 1, 2018, and 11:59 p.m. ET on October 31, 2018.
  • When you open your account, enter your promotional code—OFFER500. (Please do not share this code with others.)
  • Deposits must be from another bank (transfers between Capital One accounts will not qualify).
  • If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
  • This offer cannot be combined with any other Capital One Bank or Capital One 360 new account opening offer.
  • Bonus is only valid for one account
  • Capital One will deposit the $500 bonus money into your account within 60 days after completing the above conditions. 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

There are no monthly fees

Early Account Termination Fee

There is no early account termination fee

Our Verdict

Cumulative deposits (e.g depositing funds, withdrawing and then redepositing) has worked for previous offers and I don’t see anything in the fine print that excludes it on this offer either. In addition there is no language that states this offer is targeted. The standard recent offer has been a bonus of $200 for depositing $10,000. Given that cumulative deposits work and you have until October 31st to hit the $50,000 in deposits required, I do think this is the better bonus. Keep in mind as this is a money market account you’re restricted to six withdrawals per month, so you could do a maximum of 12 during the promotional period. Because of that you’ll still need $4,167+ to be able to complete the deal (and even that would be pushing it). I’ll be adding this to our list of the best saving account bonuses.

Big thanks to readers, IS250, MTPDC & DTJ who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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There is a max of 6 withdrawals a month on the money market account, so that needs to be taken into account if you are recirculating the money. I believe you get a warning on the first month you exceed that before they close the account involuntarily though.

You always can pull the money from other bank’s side!

That is not true from my experience. I exceed 6 pulls and got the email.

I don’t know man! I deal with many banks and PULL money out 10-20 times per month from savings account with ZERO issues including Capital One 360 MM!


I never thought of that! Where can I learn more about that technique? When pulled from the other bank’s side, does capital one classify itas something other than a withdrawal?

I’m not sure how they all classify this as I don’t really care while it works 😉 Just add the bank Capital one let’s say into your Chase External Transfer (Bank to Bank) and pull the money from Capital one into Chase instead pushing the money from Chase to Capital

That assuredly does not work. Any withdrawal on a true Savings account cannot exceed 6 by Federal regulations. If you are exceeding 6, it is not a Savings account but a Checking account called “savings account”.

No you aren’t. Banks are not going to defy federal law and let you pull money out like that. You can deposit into the savings account as many times as you want, but withdrawals are limited to 6 for free before the bank either charges you a fee, closes you, or converts it into a checking account.

Transaction Limitations – Pursuant to federal law, no more than six (6) withdrawals or transfers per monthly statement cycle to a third party or to your other accounts at Capital One are permitted on this account. This limit applies to pre-authorized transfers, telephone transfers, overdraft protection transfers and Capital One online banking transfers, However, this limit does not apply to withdrawals made in person or through ATMs, mail (by a check payable and mailed to you), or messenger. If you repeatedly exceed this limit, we may close your account or transfer your funds to an account that does not have these limits.

No, six withdrawals is a Regulation D requirement, has nothing to do with pushing vs pulling. It’s a limit required by federal law.

They CLOSE the account?! Ouch!! Most banks just charge the fed mandated fee for exceeding your limits

The email I received a couple of months ago said they would close it.

I haven’t tested them on that.

I only really mention it cause the offer says it can’t be closed, suspended or otherwise not in good standing.

The Fed does not mandate any fee for excessive Reg D withdrawals. The Fed mandates the bank close the account or convert the account to a transactional account (ex. checking) if the customer continues to exceed the withdrawal limit regardless of whether the bank chooses to charge a fee. The reason this a thing at all is that the Fed imposes different reserve requirements on banks’ deposit accounts based on whether they are considered transactional accounts or not. It stems from the distant past when runs on banks were somewhat common before deposit insurance existed. The banks can’t classify a money market account as a non-transactional account (which carries a lower reserve requirement) if there are continually more than the 6 withdrawals per month. Many banks will close an account if the excessive withdrawals continue for 3 months because charging a fee does not release the bank from violating Reg D if the excessive withdrawals are allowed to continue. The fees serve 2 purposes. One is to pad the banks’ bottom line (surprise, surprise). The other is to deter customers from doing it and potentially putting the bank at risk of violating the Reg.

Interesting! And screw Ally for telling me it was a Federally mandated fee when I did this once (albeit it was a number of years ago). Do your own research MoreSun!


Thanks for the context!

Fee the first time, yeah, but if you’re keep doing it you’ll get your account closed.

Fee is more of a warning, they aren’t allowed to keep savings accounts that are goin over the limit open.

You all are right! It was an error/bug or loophole with Discover AAII MM, I was managed to push out money 10 times within few months and saw “0 transfers out of 6” and never was charged fees. But know I see they started to count my push outs….

You were lucky there was a glitch. Those fees can be expensive. Discover does offer fee forgiveness, one per calendar year, which is nice. It’s a shame the withdrawal from the trial deposits count as one of the withdrawals cause they are usually less than $1.

what? ” trial deposits count as one of the withdrawals” are you serious? they cannot waive it? it will count as TWO withdrawals? I think you can complain and waive it, no?

Most times after the two trial deposits (which do not count as withdrawals because they are deposits) there is usually one withdrawal to deduct the deposits. Yes that withdrawal does count as one of your 6. Sometimes it can catch you by surprise!

so glad I procrastinated on the $200 for 10k offer… 🙂

I procrastinated a day too short.


Same here 😣

i did the $200 yesterday, I called today and had them give me the $500 offer.

Aditya Shrivastava
Aditya Shrivastava

It worked?

I’m going to call tomorrow/Monday and give it a shot!

same here… bloody hell

I was a few days too quick!

Is it safe to assume that all you need is 50k in deposits to qualify and NOT a 50k balance? If so, could one deposit 50k, withdraw, and wait for the bonus to post?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Correct, bonus posts almost instantly


Did you withdraw the 50,001st deposit before the bonus posted or after the bonus posted?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Did the 10k bonus but before.

I did the $100 referral bonus but had to shut it down within a week because I did more than 6 transactions with my Amex savings account and they pulled the money out… I got approved for the $500 offer but would need to keep it in for the full amount of time and then call a few days later to get the bonus manually added… Cap 1 did me proper 🙂

The fine print seems to imply that to fulfill the requirements, you only need to deposit the 50K. Doesn’t say anything about a time length for the money to stay in the account. To earn the rate of 1.85% you need at least $10,000 in the account.

No point in leaving a penny in this account. There are many other banks currently offering savings account for a higher interest rate than 1.85%

Which banks offer consistantly more than 1.85% APR on more than $25k? Most of the ones i have seen on DoC have a max limit of 10-25K or only have a short term, temporary APR > 1.85%.

Look on DoC’s savings account page. There is one with a guaranteed 2.25%APY from now until July 2019 for accounts that have a minimum of $25k from CustomersBank, and several others ranging from 2 – 2.25% on that page. Plus, the fed is most likely going to raise interest rates again at the end of this month so I anticipate many more 2%+ savings account to pop up next month.

Schwab would be best for this bonus. They don’t withdraw their trial deposits and their ACH pushes only take one day.

Cap one 360 to schwab takes 2 BD instead of a schwab pull which takes 4 BD.

Best way to do it in my mind is:
Link cap one MM to schwab
Link schwab to cap one MM

Schwab > cap one MM MIN: $4167
Cap one MM > schwab MIN: 4167
Repeat this process 7 times in september (except the last withdrawal) and 5 times in october.

Can be done fewer times if you have more capital.

I’m very butthurt that I did the $200 offer that I was targeted for

Is there a reason you picked that number? Dealing with a limit or is it to fly below the radar?

$50,000 / 12 = $4167

(You get 6 withdrawals per month on savings-type deposit accounts, and two months.
So 12 withdrawals.)

Do old ING accounts get the bonus too. Cap one used to hate old ING account holders.

Yeah, this is important. If I’m not blocked from opening I’ll do this.

I’m not seeing any exclusions in the fine print.

You can call and ask to confirm you are eligible. I did, and am, despite being an ING account holder many years ago.

The terms for this offer say “If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.” Are you saying that even though you’re ineligible according to the terms, they told you on the phone that you’re elgiible (and did you actually receive the bonus?)? Or did you close the account before 2016, so you’re eligible anyway?

I have a 360 checking that I opened many years ago, still have $200 in it. Just want to make sure that I would not be disqualified from the 500 offer?

You’ll be fine as long as you haven’t had a savings account after Jan 2016

” If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus. ‘

I had an ING account years back and I’ve tried multiple Capital One account bonuses and never received a bonus.

Call them. They will check using your SSN if you are eligible. It’s YMMV since they just check your count history and give their personal opinion, not a bank guarantee.

I just called the csr said if that ing converted savings account is still open then not eligible

That’s weird since no Capital One account ever get’s closed!

Did they refuse closing it?

I closed three cap one accounts???

A couple of Quick questions for someone who has already done this before.
Is this offer one per physical address, i.e., one per household?
Would 1 deposit of 50K do for the bonus?
If its combined deposits of 50K, I can easily do it for 4 members of my family if they dont have a one per household rule.

I did the $200 bonus for two people with the same address and both posted

How long after meeting the deposit requirement, did it take for the bonus to post?

A few days

I made 4 deposits, (and 3 withdrawals) totalling 55K. I waited 3 days and nothing happened. Now I withdrew to do the same for wife’s account but so far, nothing has posted.

Any idea how long should I wait or should I contact them about it?

Please read the rest of the comments. They contain all answers on your questions. Seems like the situation with the way bonus posts changed around 9/21, but the rest of DPs are very consistent.
Good luck.


Orin -which method did you use to achieve the bonus? Was it A) a $50k balance or b) multiple deposits-then-withdrawal-then-redeposits (the deposits+redeposits summed to $50k

I did the earlier 10k for $200. That was culmative deposits. Would be same type here.

Can u qualify for this offer if u already have a joint account.

“If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.”

Sounds to me like you’d be disqualified.

“(Please do not share this code with others.)” lol

With no ETF, no monthly fee, and enough liquid to do this kinda quickly, I’m gonna give this one a shot even though I got a Money Market bonus in late 2017. Fingers crossed that they don’t actually enforce the “no accounts in 2016 or later” requirement.

Let us know if it works!

Any word on if it worked?

I’m still in the process, doing this with 25k twice, plus the initial deposit hit a brief snag so I’m a few days behind that timeline. I’m estimating the second 25k will post around the beginning of October.

No bonus yet, with the second batch of $25k posting a week ago, but it seems like no one is getting the bonus immediately in the last couple weeks so I’m not sure what to make of it. I’m also doing the same bonus with P2 who is eligible, and that bonus hasn’t posted yet either.

Next week, I think I’m going to do this again, but with $50k all at the same time (I should have done this in the first place instead of simultaneously doing 2 accounts x 2 transfers x $25k). Then I have a better leg to stand on if the bonus doesn’t post for either account, though mine is definitely ineligible per the terms due to having a money market account last year.

Who the heck has $50k lying around

Plenty of people on this site…

That’s my guess too. Plus from what I gather, it doesn’t seem you need to have a lump sum of 50K, you could just recycle a smaller amount.

Here’s how:

Deposit 10k
Withdraw 10k
Deposit 10k
Withdraw 10k
Deposit 10k
Withdraw 10k
Deposit 10k
Withdraw 10k
Deposit 10k (Wait for Bonus to post)

Withdraw 10.5k Close Account.

Lots of folks use savings account to save money for a downpayment on a house (including me). I’ve Discover Savings. This is a no brainer.

If you’re saving for a house it’s not wise to move money around a lot. The lender will want to know the source of the funds which adds more time getting to the clear to close.

saving, it can move around. applying for loans? consider holding off. But if it’s pulling 25k x2 from discover? sure.

People saving for a house or another big purchase. Also, I’d imagine retired people who are withdrawing from their savings would also have a years spending in liquid funds.

I am guessing a previous 360 savings account still open in the last few years eliminates eligibility?

I’m in the same boat. Opened 360 savings/checking accounts 4-5 years ago and didn’t close them until today. Didn’t think those were churnable for some reason… bummer.

Same here.pretty sure read it on one of the popular forums ( could be doc) cap one bonuses are once per lifetime and so never bothered to cancel. Is it confirmed that it is no longer the case ?

They are churnable now…

“If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.”

There were a few that were once per lifetime previously, but rules always can change.

Same boat, but I received the email from C1 ability the $500 promo. Guess I’ll call and see if I’m eligible.

If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.

It’s a pretty specific condition. But if anyone gets the bonus despite of it, please share that DP!

Called and asked; not eligible even if it was a savings account (not MM) before. Have to wait it out I guess…

“If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.” enforced? thanks!


Is this offer Targeted? Can I open for several members of the household on the same address provided that I deposit 50000 in each?

My husband and I both did the $200 one at the same address.

I just did their other “standard” offer 2 days ago. Darn!

Data point.

I just chatted with their online rep. If you open account recently (my account was opened 2 days ago), they will honor the $500 bonus if you meet the requirements.

I also chatted online with them asking them to honor the newer promo and they made me an exception ! The deposit has to be in the account for 60 days and they will manually post the bonus to make up the difference

You need to keep $50k in the account for 60 days? Or just deposit total of 50k within 60 days?

How long I need to keep $50,000 there? Anyone has an answer? Thanks.

Dan posted earlier that you only need to DEPOSIT 50k. It doesn’t even need to be a lump sum. You can make several deposits totaling 50k. The fine print never says anything about holding the money there for a certain period of time.

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