Posted by Chuck on January 11, 2019
Bank Account Bonuses

Published on January 11th, 2019 | by Chuck

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Capital One Money Market $200-$500 Bonus + 2% APY (Requires Deposit Of $10,000-$50,000)

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Deposit Required: $10,000-$50,000+
  • Deposit Length: 10 days from account opening
  • 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: February 28th, 2019

The Offer

Direct link to offer

  • Capital One is offering a bonus of up to $500. To receive the bonus you must use the promo code CELEBRATE & deposit a set amount of funds within the first 10 days of account opening and then maintain that balance during the following 90 days. The bonus tiers are as follows:
    • Earn a $500 bonus for deposits of $50,000 or more
    • Earn a $200 bonus for deposits of $10,000 to $49,999

 

The Fine Print

  • Open a 360 Money Market account between 12:00 a.m. ET on January 1, 2019, and 11:59 p.m. ET on February 28, 2019.
  • When you open your account, enter your promotional code—CELEBRATE.
  • If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
  • Deposit $10,000 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).
  • The amount of your bonus will be determined as follows:
    • $200 bonus — you maintained a daily balance of $10,000 – $49,999.99 for the first 90 days following the Initial Funding Period
    • $500 bonus — you maintained a daily balance of $50,000 or more for the first 90 days following the Initial Funding Period
  • If your daily balance drops to a lower tier at any point during the 90-day period, you’ll earn the lower tier bonus. If you make additional deposits during the 90-day period to reach the next tier, you’ll only be eligible for the lower tier bonus.
  • This offer cannot be combined with any other Capital One Bank or Capital One 360 new savings account opening offer. Bonus is only valid for one account.
  • Capital One will deposit the bonus into your account within 60 days after the end of the Initial Funding Period. 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

This account has no monthly fees and there is also no early account termination fee.

Our Verdict

Offer is similar bonus amounts to what we’ve seen in the past from Capital One. Far as I can tell this bonus is publicly available for anyone, though many people won’t be eligible due to having a Capital One savings product since 2016.

You do need to tie up the funds for 90-100 days. The good thing is that the account earns a competitive 2% APY interest rate. Personally, I’d go for this bonus if I wasn’t an existing Capital One savings customer. We’ll add this to the best bank bonus page. Keep in mind that cumulative deposits no longer work for these Capital One bonuses.

Big thanks to reader @myi‎ who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Thomas
Thomas

Perfect timing now that the Ally bonus is maturing…

edmund
edmund

I pulled the trigger on the CO360 offer200 code last week. Transfer is scheduled 1/16 from ally savings. I don’t think that offer required you to maintain the balance for 90 days though, just a $10k deposit and bonus in 60 days.

ben
ben

I got this in the snail mail yesterday. Not sure if i’m going to pull on it though. Sounds like 5 months from openning to payout.

Matthew Greer
Matthew Greer

I did this back in March…took 101 days from when I met the deposit to get the bonus.

I thought previous bonuses with Cap1 were once a lifetime…might have to think about closing my savings accounts with them.

Mike
Mike

I did this at the end of December and got the $200 bonus 10 days after my deposit.

Scott
Scott

Perfect timing to move my funds over from the Ally bank promotion.

Treesha
Treesha

Exactly my thoughts as well.

TW
TW

For tying $10k up I’d rather do the HSBC Advance Checking and get $350

G
G

But HSBC online sucks and most bonuses are not available in their branch.

Mike
Mike

I did this at the end of December and got the $200 bonus 10 days after my deposit. You are able to remove the funds after the bonus posts.

Ben
Ben

The terms and conditions changed since then – a lot.

John Doe
John Doe

I’ve done HSBC a few times in the last few years and TBH: 1) their online banking sucks. 2) their Agents/Reps all suck too. 3) sometimes it would take forever until you could successfully open an (online) account with them. Their verification process is ridiculously slow and painful. But yes, their bonuses are aggressive. But looking back, boy, it was a painful experience opening an account, every..single..time.

Jim Jones
Jim Jones

$750($500 bonus + 2% interest on $50k for 90 days) for tying up $50k for 90 days is a very healthy 6% APY.

Brandon
Brandon

Um… 6% of $50k is $3000.
1.5% is the interest given for 90 days of tying up $50k.
You get 2.5% for holding your money for the $10k. But if they increase interest rates after opening, the interest would increase a bit.

Edit: You are right about the APY, but it would be better to close the account after the 90 days. And the $10k would earn 10% APY for $250 total interest.

Mark
Mark

General question:
I already have a Capital One checking and Savings account, opened in 2017. Back then it would say one bonus per lifetime so I have left them opened since then.

But with these new bonus coming around, should I close these accounts expecting them to bump up the eligibility dates and hoping to qualify for a bonus again?

Brandon
Brandon

My question is do you have a better earning savings/checking account? I have Synchrony for Savings (2.2%) and Charles Schwab (.4%) for checking (as well as a local bank for currency exchange and quick access to money for an emergency), all have no min to avoid fees.

If you have better, drop Cap1. But if you are happy with them, just stick with them. Bank churning can be a hassle, especially with the bonuses being taxed unlike credit card bonuses. If you want to open a new high yield savings account, I’d recommend the Discover accounts for their bonus or Live Oak Bank for consistently high savings (generally along the same or higher than Synchrony), but the best CD rates.

Steve

The fine print only mentions “savings product”, so you could probably leave your checking account open (though, it’s not very useful; but I kept it open just in case it’s useful later).

Nate Dogg
Nate Dogg

Wish their regular savings accounts would get with the times and increase the 1% they give…

Burton
Burton

No kidding, they used to be competitive. I’ve been with them for well over 10 years and while the savings rate used to be top of the mark I don’t think they’ve increased it since it changed from ING to CapOne. Yes they did add the money market but even that just good, not great.

Trevor
Trevor

What’s holding you back from opening their money market? Though I do agree about your point. I wonder if it’s so they can maintain a lot of old deposits at a lower cost.. similar to how CIT Bank operates.

Burton
Burton

I do have the MM and for most of last year had virtually all my cash savings there – but now there are many other options that pay a higher rate without a $10k minimum. I signed up for several new accounts for bonuses over the last six months and am starting to realize the things I liked about CO360 are available elsewhere. Other than the hassle of changing my autopays I don’t see much reason to keep using them.

John Doe
John Doe

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

What if I had a Savings Account with Capital One back in 2016 but it’s now closed? Am I eligible for this Bonus again?

Thanks!

John Doe
John Doe

Talked with a Capital One Banking Rep and was told that I’m eligible. I don’t have an OPEN account anymore though I had an account back in 2016. Sweet. Ez 2x $200 for Me+Wife.

David
David

Weird. Then what is the difference between have or had? And anybody can just close their account so the condition is moot. I would be sure to get this in writing

Jason
Jason

Don’t believe any reps, even if you have it in writing. I am still fighting over this from an October promo and they don’t seem scared of CFPB either.

Steve

The fine print seems pretty clear to me that you’re not eligible.

John Doe
John Doe

Pulled the trigger and now am in the process of verifying the external funding account. Fingers-crossed I’ll get the bonus. Will reach out to Cap One again to let them know I did talk over the phone with an Agent who put me on hold for 5 mins to check on my eligibility. She then returned and said I’m eligible.

This way I can be a DP for others too.

missjenniferd1
missjenniferd1

+1 steve, i agree.

G
G

I had 360 Money Market account, I do not know the difference between 360 and Cap 1 itself

Jay
Jay

I’m curious about this as well!

John Doe
John Doe

It’s still 360 now. They used to be two different websites (Capital One for CCs and Capital One 360 for their banking products) but they’ve merged their websites into one now. But their banking products still bear “360” in the names. It’s just naming really, there’s no difference. Cap One 360 = Cap One. Same financial institution.

Kyle
Kyle

Capital One 360 is what they rebranded ING as after purchasing. Source: used to work for Capital One

Bryan
Bryan

Looking for alternative for my BofA savings account. I think this will do nicely along with that $500 bonus.

Mike
Mike

I can’t seem to get approved for a cap one cc. Is the general consensus that having a savings account with cap one will help me get approved for a cap one cc? 800 credit score but lol/24.

Stan
Stan

no, having a CapOne bank acct seems to have no affect on CC approvals.
i have a CapOne acct but they won’t approve me for good cards.
i’m also lol/24 with 800+.

John Doe
John Doe

Capital One is one of the hardest and most strict card issuers. They pull all 3 credit reports and want to see a pretty clean history especially with inquiries and number of new accounts opened in past 24 months. I have been trying to open a good CapOne Card(s) many times in the last few years now with no luck. Last time I successfully opened a CapOne Card was maybe > 3 years ago.

akjohnny
akjohnny

I just got the last $500 bonus… need to get p2 to get one of these accounts after Ally posts bonus. 🙂

Achi
Achi

Does anyone know at what points is the 2% APY interest actually paid to the account in this CAP 1 offer? Is it daily? monthly? etc… Thanks.

John Doe
John Doe

Typically accumulated daily and paid on a monthly basis.

Stephen
Stephen

So if I’ve had a basic savings account connected to my 360 checking for the past 10ish years, am I ineligible?

JT
JT

Officially changed from “deposits” to “balances”.

Yay we did it guys 🙂

(disclaimer: I did not participate in the first $50k fiasco due to lifetime rule)

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