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Capital One's 4.00% 12-month Checking Account Deal in Central Texas Ends Thursday

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Capital One Direct Banking
Capital One is still offering its free high yield checking account for those in Austin and San Antonio, Texas. Capital One is guaranteeing a 4.00% APY for one year. This used to be 5%, but this was reduced last October. Nevertheless, with rates falling, a 4% one-year guarantee on a checking account with no fees or minimum balance requirements is not bad. The initial deposit only has to be $50. Any money you add to it during the 12 months will earn 4% APY. After the first 12 months, the rate returns to the standard rate (which is currently 3% APY). I called Capital One today, and I was told that Thursday (1/31/08) will be the last day that this will be offered.

Below is a list of features for this high yield checking account:
  • 4.00% APY guaranteed for first 12 months, standard rate (currently 3% APY) afterwards
  • Only for those in Austin and San Antonio metro areas of Texas
  • $50 minimum to open
  • No minimum balance or monthly fees
  • 4% is good on balances up to $250K
  • Automatic reimbursements on ATM fees charged by other banks
  • First book of 150 checks are free
  • Free online bill pay
  • No hard credit pull, just a ChexSystem verification
  • For sign-up, visit branch or call Capital One at 1-888-855-2265
  • Branch visit is still required even if you sign-up by phone
  • Has free ACH transfer system but with restrictive dollar limits: $3K in/out per day and $6K in/out per month
  • Can push/pull without limits using external bank account
  • Those who had opened this checking account last year can still open another one.

My last report on this checking account was in September. Capital One is FDIC insured (Certificate # 4297).
  Tags: Capital One Direct Banking, Texas, checking account

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