Update: Readers have reported that they were not able to apply the promo code even as new customers, and Capital One responded that this was a targeted promotion even though there is no such language on the offer page nor in the terms and conditions. I would make sure that the promo code “FALL22” was accepted before moving forward with this promo.
Capital One has brought back a deposit promotion worth up to $1,000 for new 360 Performance Savings accountholders. Note the following:
If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus.
Here are the details:
- Open a new 360 Performance Savings account with promo code FALL22 by 12/14/2022.
- Make a deposit of $10,000+ of external funds within 15 days of opening. Hold the money in your account for 90 days.
- $10,000+ deposited = $100 bonus.
- $50,000+ deposited = $500 bonus.
- $100,000+ deposited = $1,000 bonus.
- 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.
- You’ll also earn their normal interest rate (currently 3.00% APY as of 10/30/22). No monthly fees or minimum balance requirements.
Note that the 90-day “maintain balance” period is after and in addition to the end of the 15-day “initial funding period”. So if you are counting from the opening day, that is a total of 105 days after opening. You may wish to chat with Capital One to confirm the exact date.
In terms of APY, you are getting 1% of your deposit with a minimum holding period of 90 days. (You’ll probably go over by a few days.) This works out to the equivalent of (a little less than) a 4% annualized yield. If you assume the current 3% APY holds, that would be an estimated 3% + 4% = 7% annualized yield for those 90 days.
Not a bad deposit bonus on top of a currently competitive base interest rate. This one is only for new customers or those that have closed their previous CapOne360 accounts by January 1, 2019.