Update 5/10/2011: Capital One has come out with new $200 promotions. Refer to this thread for the latest information.
Capital One has been mailing offers of a $200 bonus for opening a new checking account with direct deposit at a Capital One Branch. Minimum opening deposit is $50, and you must mention the promo code RC2. Some important details in the small print include: You must enroll in payroll/direct deposit within 90 days of account opening. Qualifying individuals will receive a $200 credit to their checking account approximately 6-8 weeks after the first direct deposit.
Credit for this find goes to FW member pp65us who mentioned it at FW thread.
I've labeled it "Your Miles May Vary" (YMMV) since the small print of the offer states that you must present the mailer to qualify. However, a couple of readers at the FW thread have mentioned that their Capital One branch accepted a printout of the webpage. So there's a chance for those who didn't receive the offer in the mail to get the bonus. With the bonus being $200, it may be worth the effort to give it a try. If your branch accepts it, please leave a comment. The two branches that were reported to accept the webpage printout were in New York City and New Jersey.
Other Capital One Bonuses
Capital One Direct Banking is still offering a $50 bonus that's available nationwide. This requires that you open the online savings account and have $10K or more in it on 5/29/09 (see post).
Costco members can get up to a $60 bonus and receive little higher rates (see post).
As of 5/07/09, the Online Savings Account has a rate of 2.01% APY for balances of at least $10,000 (1.01% for below). Minimum initial deposit is $1, and it has no monthly service fees. I have more details on this account in this review.
The High Yield Money Market Account has a less competitive yield (1.40% APY for all balances as of 5/07/09). Unlike the savings account, it offers limited check writing, and the checks are free.
The main downside with these two accounts is a slow ACH transfer system. Reports are that it takes at least 3 business days to complete an electronic transfer with at least 2 days of losing interest.
Capital One used to have some competitive CD rates, but they're currently not competitive.
Capital One has two FDIC charters:
- Capital One Bank (USA), Glen Allen, VA, FDIC Cert # 33954
- Capital One, N.A., Mclean, VA, FDIC Cert # 4297
I've been told by a Capital One banking rep that new deposits are held by Capital One, N.A. The FDIC shows Capital One, N.A. to hold most of the deposits, so this seems to be correct.