Posted by Chuck on June 21, 2019
Bank Account Bonuses

Published on June 21st, 2019 | by Chuck

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Capital One: Get 50,000 Venture Miles When Opening 360 Money Market And Depositing $50,000 [Promo Code MILES50]

Offer at a glance

  • Maximum bonus amount: 50,000 Venture miles
  • 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: May 28 – July 31, 2019

The Offer

Direct link to offer

  • Capital One Venture cardholders can signup for a Capital One 360 money market account and earn 50,000 Venture miles  when using promo code MILES50earn and meeting the following qualifications:
    • Deposit $50,000 within 30 days of account opening and maintain that balance during the following 90 days.
    • Spend $500 on the Venture card.

The Fine Print

  • Open a 360 Money Market account between 12:00 a.m. ET on May 28, 2019, and 11:59 p.m. ET on July 31, 2019.
  • When you open your account, enter your promotional code—MILES50earn. If you have or had an open savings product (excludes CDs) with Capital One after January 1, 2016, you’re ineligible for the bonus.
  • If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
  • Deposit $50,000 or more of new money from an external bank (transfers between Capital One accounts will not qualify) within the first 30 days of account opening (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 credit the bonus to your Venture® card account within 180 days from account opening. If either of your accounts – 360 Money Market and/or Venture – are in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
  • This offer is not available for VentureOne account holders.
  • 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.

Avoiding Fees

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

Our Verdict

Readers Coline and GB sent this in. Initially, I was under the impression that it’s a targeted offer, but after finding the public landing page and reviewing the terms, it appears to me that it’s open to all Venture cardholders. Keep in mind, 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).

This Venture offer is almost identical to the $500 Capital One money market bonus, other than the $500 spend requirement on the card, and the reward being in Venture miles instead of cash. The Venture offer does has a major advantage: since there’s a $500 spend requirement on the card and the bonus is paid out in Venture miles, it’s likely not to result in a 1099 form or a tax requirement. As always, consult your own tax advisor, but assuming that’s the case it makes the bonus all the more valuable.

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.

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Judy A Jones
Judy A Jones

I still have an old ING account that transferred to Capital One, an Electric Orange. I wonder if that excludes me from this….

Bridget
Bridget

Does anyone know if I downgrade my Venture card to a VentureOne during the 90 day period will I still be eligible for the bonus?

Newbie
Newbie

Don’t downgrade, ask for fee waiver

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