Capital One CD and Money Market Promotions in Texas

Capital One Bank is offering a CD and a money market promotion in Texas. The CD special is the more competitive offering with a yield of 4% APY and a term of 12 months. The minimum deposit is $1,000. This doesn't seem to be listed at Capital One's website. It was advertised in last week's Houston Chronicle. The ad is available online here. I just called Capital One and confirmed that it's still available in Texas. However, the CSR said they update their rates every Wednesday so it may change tomorrow. This 4% yield for a one year term is 50 basis points higher than what Capital One offers online.

The money market account promotion offers a 3.20% APY for balances of $5,000 or more. According to he application in the money market page, you'll be required to visit a branch office in Texas or Louisiana if you submit your application online. Unlike Capital One's online-only MMA, this one has a $15 monthly fee if the balance falls below $5,000. The CSR said this promotion has been going on now for about 2 months and is expected to last for the rest of this year.

Below are links to some of my recent reviews of Capital One's online savings accounts, money market accounts and CDs. Many readers have included their comments in these posts regarding Capital One's customer service, and many have reported various problems.

• Capital One Savings Account and CD Review for Costco Members
• Review of Capital One's Online Savings Account
• Capital One Certificate of Deposit Review

Capital One has two FDIC entities, however, I've been told that new accounts will be FDIC insured through Capital One, N.A. (FDIC Certificate # 4297). It's a large bank with $104.8 billion in assets and $69.5 billion in deposits based on 3/31/08 data. Capital One's rating at Bankrate has gone down to 3 stars (performing) based on 3/31/08 data. It had been 4 stars based on 12/31/07. The rating at BauerFinancial continues to be 3.5 stars (good) based on 3/31/08 data.

Thanks to the reader who mentioned this promotion in the finding the best deals post.

Tags: money market accounts, Louisiana, CD rates, Capital One Direct Banking, Texas