You probably earn periodic bonuses with purchases on your cash-back credit card. How about a cash bonus on your savings account that doesn't require any purchase at all? In these days of minuscule interest rates on savings accounts — the national average is around 0.15% — that is an offer that catches people's attention.
Capital One 360 is running a promotional offer through November 30th that provides a 1% bonus on new savings accounts up to a total bonus of $500. The minimum threshold is a $5,000 deposit, which can earn a bonus of $50. Higher bonus levels are tiered at $10,000 and deposit increments of $10,000 up to a $50,000 maximum.
To claim the bonus, you will need to open a new account, fund it to your targeted bonus level within 10 days of opening, and then maintain that level as a minimum account balance for 90 days after the 10-day funding period is complete.
For example, if you place $20,000 in the account and maintain that minimum balance, your bonus would be $200. However, if you deposited an initial $20,000 and the minimum balance you had during the 90-day period was $15,000, you will receive a $100 bonus. The highest balance tier that you stayed above was $10,000. If your balance drops below $5,000, there is no bonus.
Bonuses are deposited within 10-15 days after the ninety-day maintenance period expires. The funds are available immediately upon deposit.
Capital One 360 is the legacy of ING Direct, the online savings bank that Capital One purchased in 2012. The basic 360 savings account contains no fees and no minimum balance, and is FDIC-insured.