Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide
- Direct required: $10,000-$50,000
- APY: 0.6%APY
- 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: June 29, 2022
The Offer
- Capital One is offering a bonus of $450 when open a new 360 Performance Savings with the promo code SAVE22. The bonus you receive depends on how much you deposit within 15 days (must maintain that deposit for 90 days after that 10 day period)
- Deposit $20,000 and receive $150 bonus
- Deposit $50,000 and receive $500 bonus
The Fine Print
- 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. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
- Here’s the full scoop on how to earn your bonus:
- Open a 360 Performance Savings account between 12:00 a.m. ET on April 27, 2022, and 11:59 p.m. ET on June 29, 2022. When you open your account, ensure you enter in promotional code SAVE22 in the Promo Code box.
- Deposit a total of $20,000 or more (Deposit Amount) of externally sourced funds (transfers between Capital One accounts will not qualify) within the first 15 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained the Deposit Amount of $20,000 or more for 90 days following the Initial
- Funding Period. The amount of your bonus will be determined as follows:
- $150 bonus – The money deposited from an external bank during the Initial Funding Period was between $20,000-$49,999.99, and you maintained that Deposit Amount for 90 days.
- $450 bonus – The money deposited from an external bank during the Initial Funding Period was $50,000 or more, and you maintained that Deposit Amount for 90 days.
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. If at any time during the 90 days following the Initial Funding Period your Deposit Amount drops into a lower tier, you will be rewarded that tier’s cash bonus. If your Deposit Amount decreases to an amount less than $20,000, you will not qualify for a cash bonus. This account is subject to approval. This offer cannot be combined with any other 360 Performance Savings account opening offers. Only one promotional code is accepted. Bonus is only valid for one new 360 Performance Savings account. The amount of your bonus will be reported on IRS form 1099-INT to the IRS (and your state revenue authority, if required).
Our Verdict
Cumulative deposits used to work as well, but Capital One changed the terms awhile ago and that no longer works (it still works for the Discover bonus though). Return isn’t as good as I-Bonds but could be useful for people looking for a safe return on large sums.
Hat tip to reader Brian
