Dedicated to Deposits: Deals, Data, and Discussion

Update on Capital One's Brick-and-Mortar Promotions in Texas and New York

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Capital One Direct Banking
Capital One Bank continues to offer a competitive CD and money market promotion. I first mentioned this on July 15th. For Texas, the promotion includes a 4.00% APY 12-month CD and a 3.20% APY money market account. The CD has a $1,000 minimum and the MMA has a $5,000 minimum to earn the 3.20% APY and to avoid a $15/month fee. It was advertised in today's Dallas Morning News. The ad is available online here (update: the ad is no longer available). Readers have also recently reported it being advertised on the radio in Austin.

For New York, the deal is not quite as good. The NY Daily News is advertising a 4.00% APY 14-month CD and a 3.01% APY money market account on balances of $10,000 or more. The ad is available online here (update: the ad is no longer available).

This 4% yield for a one year term is 50 basis points higher than what Capital One offers online.

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 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: New York, money market accounts, CD rates, Capital One Direct Banking, Texas

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