Capital One is offering a bonus up to $1,000 for opening up their Capital One 360 Performance Savings account. The bonus is either $200 or $1,000 depending on how much money you’re able to deposit into the account. This one requires a lot of free cash, but it’s worth it if you have the coin available.
Where do I enroll?
You can enroll directly at the promotion page Capital One set up for this special offer:
Update 01/08/2020: Unfortunately, this offer has ended. The latest offer from Capital One is smaller. You can do that one here, or wait until they announce another $200/$1,000 promotion.
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Who qualifies for the Capital One 360 bonus?
You qualify for the bonus, unless you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CDs) with Capital One on or after January 1, 2016.
What are the details?
To get the $200 or $1,000 bonus, you have to do one of the following:
- $200 Bonus: Add new money within 10 days of account opening and have a balance of $10,000 to $149,000
- $1,000 Bonus: Add new money within 10 days of account opening and have a balance of $150,000 or more
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: None
Early Account Termination Fee: None
Fortunately, there are NO monthly fees to worry about and there’s no early account termination fees either.
What are the other details I need to know?
Here are the promotion’s terms and conditions:
- Open a 360 Performance Savings account between 12:00 a.m. ET on October 15, 2019, and 11:59 p.m. ET on December 31, 2019. When you open your account, enter your promotional code SAVE1000. If you have or had an open savings and/or money market account as a primary or secondary account holder (excludes CD) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
- Deposit a total of $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). You will earn a bonus once you’ve maintained a daily balance of $10,000 or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows: an account with a daily balance between $10,000–$149,999.99 will earn $200 or an account with a daily balance of $150,000 or more will earn $1,000. If at any time during the 90 days following the Initial Funding Period your daily balance decreases to an amount less than $150,000, you will earn a cash bonus of $200. If your daily balance decreases to an amount less than $10,000, you will not qualify for a cash bonus.
- This offer cannot be combined with any other 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 after you have completed all the requirements above. 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
The Bottom Line
A pretty hefty requirement, but on the flip side is your cash will earn 1.60% APY in interest as of December 2019 – that’s great especially when you’ll need to hold the cash in the savings account for at least 100 days (10 days for the initial funding period and 90 days of maintaining the required daily balance).
This is as big as you’re going to get of a bonus for opening a bank account and the Capital One 360 Performance Savings is one of the better savings accounts out there with its high interest rates.