bank rates

Capital One 360 Launches Savings Bonus

Capital One 360 is offering savers across the country a cash bonus of up to $500 simply for opening a savings account and keeping their money in the online bank for a few months.

It’s the second major surprise from Capital One in recent days. Last week the McLean, Virginia-based bank gave its CD rates a major boost, joining the top-paying banks in the country.

To qualify for the savings bonus, all you have to do is open a 360 Savings account by July 15 and leave your money on deposit for 90 days. The more money you put in, the larger the bonus you’ll receive.

If, for example, you open a savings account with $5,000, you’ll receive a $50 bonus after 90 days. Deposit and keep $10,000 in your account, and you’ll get a $100 bonus. A $20,000 bonus will net you $200, and so on. The bonus is capped at $500 for a deposit of $50,000 or more.

On top of the bonus, your 360 Savings account will earn 0.75% APY with no monthly fees.

While that’s not quite as much as you can earn from the best nationally available savings accounts, it’s far above the typical return.

We’re not sure why Capital One’s suddenly being so saver-friendly. (We’ve asked and gotten no answer.)

But last week, 360 boosted 3-year CD rates to 1.50% APY, putting it in a three-way tie for the highest nationally available 36-month CD rates.

It’s also in third place with 5-year CDs, paying 2.20% APY. And its 24-month CDs pays a respectable 1.10% APY.

Just remember, the savings bonus and CD rates are only available if you open an account online with Capital One 360. You can’t find them at the brick-and-mortar bank, which has nearly 900 branches in Virginia, New York, New Jersey, Texas, Louisiana, Maryland and the District of Columbia.

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Comments (1)
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One Existing Comment
  1. smk said:
    on May 22nd at 12:39 pm

    Be careful, if you’ve ever had a capital one savings account or an ING direct account (even many years ago), you are not eligible for the bonus.