Published on August 11th, 2019 | by Chuck45
Capital One Money Market $500 Bonus + 2% APY (Requires Deposit of $50,000)
Update 8/11/19: Deal is back with a new promo code ‘CASH500’. Hat tip to reader BuckStacker
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide
- Deposit Required: $50,000+
- Deposit Length: 90 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:
August 31st, 2019September 22nd, 2019
- Capital One is offering a bonus of $500. To receive the bonus you must use the promo code CASH500 & deposit $50,000 within the first 10 days of account opening and then maintain that balance during the following 90 days.
The Fine Print
- Open a 360 Money Market account between 12:00 a.m. ET on August 1, 2019, and 11:59 p.m. ET on August 31, 2019.
- When you open your account, enter your promotional code—CASH500. If you have or had an open savings product (excludes CDs) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
- Deposit $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 the $500 bonus once you’ve maintained a daily balance of $50,000 or more for the first 90 days following the Initial Funding Period.
- This offer cannot be combined with any other Capital One Bank or 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 following the 90-day period. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
- A rate of 2.00% Annual Percentage Yield (APY) applies to accounts with balances of $10,000 or more. A rate of 0.85% APY applies to accounts with balances less than $10,000. Advertised rates are effective and variable as of 6/6/2019. Rates are subject to change at any time after account opening.
- To calculate interest, we apply a daily periodic rate to the principal in the account each day.
- 360 Money Market accounts don’t have debit cards or check-writing capabilities.
- There’s no monthly cycle service charge for this account, and no minimum balance required to open or maintain the account. Accounts are subject to statement cycle transaction limits. This account is a consumer-only product. If you have an Individual Taxpayer Identification Number (ITIN), you cannot open an account online. You may open an account in a branch using your ITIN if you’re a U.S. person for tax purposes and can complete an IRS Form W-9.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.
This account has no monthly fees and there is also no early account termination fee.
Offer is similar bonus amounts to what we’ve seen in the past from Capital One. This bonus appears to be publicly available for anyone, though many people won’t be eligible due to having a Capital One savings product since 2016 (“savings product” seems to include both savings accounts and money market accounts).
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 probably 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 AKJohnny who let us know about this offer. Learn how to find bonuses and contribute to the site here.
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