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

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