This deal has now expired, view more offers here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements: Deposit $5,000 and make one bill pay
- Hard/soft pull:Â Unsure
- Credit card funding: Unknown
- Monthly fees: $15-$35, waiveable
- Early account termination fee: No
- Expiration date: August 31st, 2015
Contents
The Offer
- Receive $250 when you open a spark business checking account and deposit $5,000 or more and make one Bill Pay within thirty days of account opening
The Fine Print
- Account must be opened in person and you must present the coupon code at the time of opening. Click here to download coupon code & offer details.
Valid from January 1st, 2014 and ends 11:59 p.m. ET April 30th, 2014 Valid until December 31st,April 30th, 2015 ÂValid until August 31st, 2015- Requirements of a deposit over $5,000 and one Bill Pay must be completed within thirty days of account opening
- You must pay taxes on the account bonus as it’s treated as interest (this is true for all bank account bonuses)
- $250 credit will hit your account approximately 6-8 weeks after the promotional period ends
- Limit one offer per customer
- Cannot be combined with any other offer
- $250 minimum opening deposit
Avoiding Fees
There are three different spark business accounts that are eligible for this promotion. All of these accounts have the first two months fees waived. We’ve listed these below:
Spark Business Cash Back Account $15 monthly
- Waived if you have a minimum daily balance of $2,000 or more
Spark Business Interest Account $19
- Waived if you have a minimum daily balance of $10,000 or more
Spark Business Unlimited Account $35 monthly
- Waived if you have a minimum daily balance of $25,000 or more
Early Account Termination Fee
There is no mention of any early account termination fees that we could find in any of the fee disclosures for any of the business checking accounts offered by Capital One. You can read them here: Cash back, Interest, Unlimited.
Easiest Way To Reach The Bonus
- Open a Spark Business Cash Back account
- Deposit $5,000
- Make one Bill Pay for an existing bill you already have (e.g credit card or utilities)
- Transfer $3,000 (minus what you used for the Bill Pay) to a high interest checking account or your regular checking account. This will bring your balance of $2,000, which will keep the account fee free.
- Wait for the bonus to post
- Transfer bonus out
- Close account
Our Verdict
How good this deal is, is really going to depend on who can sign up for it. If you need an EIN (employer identitifcation number) to apply then only those with a real business will be able to make use of this deal. If you only need a SSN, then everybody can jump on board.
According to the offer terms no EIN is needed (at least it doesn’t say so specifically) but they may ask for more details based on what your business structure is.
