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Capital One's New Costco Money Market Promotion


Capital One Direct Banking
Capital One is now offering a $50 bonus when Costco Executive Members open their first Money Market Account with a minimum of $5,000 within the first 30 days. This use to be a $25 bonus.

Another change to this account is that it only requires $1,000 to open rather than $5,000. However, you still need $5,000 for the bonus.

The current yield on this account is 5.20% APY. In January, the rate was increased from 5% to 5.20%. The rates on this money market account have remained very competitive, and have typically remained about 0.20% above Capital One's regular money market account yields.

The Capital One/Costco Money Market account has no fees, but it requires a balance of $100 to earn the 5.20% APY. Both personal and business accounts can be opened. It offers free checks and an ATM card. It also has an ACH transfer system for making electronic funds transfers to and from your other banks.

For more information on Capital One and this account, please refer to this
January post.

Thanks to the reader who mentioned this promo update in the finding deals post.

  Tags: Capital One Direct Banking, savings account

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Comment #1 by gary (anonymous) posted on
In order to maintain a CapitalOne Costco account, after opening, is there a need to continue renew the Costco membership year after year?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
That's a good question. I'm not sure. I thought I've read somewhere that they may close or change your account if you drop the Costco membership. However, I'm not sure how they would check on this.

Comment #3 by CreditExpert (anonymous) posted on
Gary, I have been learning all similar questions. And I can assure you that there isn't any necessity to continue renew the Costco membership year after year. It is doing automatically.