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Capital One's InterestPlus Online Savings Account & New Account Bonus


Capital One Direct Banking

Update 10/04/11: The promotion has been extended to 10/31/11. Also, the promo code has been changed to FUND224DF.

Capital One's InterestPlus Online Savings Account used to be one of the rate leaders when you factored in the quarterly bonus. That changed with a recent rate cut, but it remains competitive. There's also a new perk for new customers. It's a $50 bonus for opening this account. You must have $10,000 or more on deposit on 8/31/2011 10/31/2011. Make sure to enter the offer code FUND222DF FUND224DF in the application. The promotion is listed on this Capital One page. Here's the small print of the promotion:

You will receive a $50 bonus if you open a Capital One Bank InterestPlus Online Savings (IPOS) account online only, enter the offer code at the time of account opening, and have $10,000 or more on deposit on 8/31/2011 10/31/11. You are eligible for this promotion only if you received this offer from Capital One. This account must be your first account with Capital One Bank. This account must remain open 4-8 weeks after 8/31/2011 10/31/11 during which time the bonus will be deposited into your account. The bonus will be reflected on your monthly statement and will be included in your year-to-date interest and year end tax reporting. This offer cannot be combined with any other offers.

I was worried about the statement, "You are eligible for this promotion only if you received this offer from Capital One". I found this promotion from a Google ad, so this statement didn't seem applicable. I used Capital One's chat service, and according to the customer service rep, this is not a requirement.

Extra Perks for Costco Members

Capital One has long offered a better deal for Costco members. You can get an extra 5 basis points (1.06% APY as of 8/17/2011), and Executive Costco members can get a bonus of $60 for opening an account. I have more details in this blog post.

10% Quarterly Bonus

Both the regular and the Costco branded versions of the InterestPlus Savings Account offer a 10% quarterly bonus. That's 10% extra in the interest rate. So that effectively increases a 1.01% yield to 1.11%. To receive this quarterly bonus, the Costco version requires that you maintain an average balance over $10,000. The regular version has an extra option. In addition to the $10K balance, you can also qualify for it with an active Capital One credit card.

InterestPlus Online Savings Account Review

This is a free online savings account with no monthly fees or minimum balance requirement. There's no ATM access and no checks. Deposits and withdrawals are intended to be done using their online bank-to-bank transfer service. I have more details on this account in my review of the InterestPlus Online Savings Account.

Local Capital One Bank Deals

If you live near a Capital One branch, you may want to check if they have any local deals. The best local deal is in Austin, Texas. Capital One branches in that metro area are offering a checking account with a 1.30% APY for up to $100K guaranteed for 12 months (see my review).

Capital One Bank Overview

Capital One Bank branches are located in Texas, Louisiana, Maryland, Washington DC, Virginia, Delaware, New Jersey, Connecticut and New York.

Capital One Bank has two FDIC charters. Capital One Bank branches are under Capital One, N.A. (FDIC Certificate # 4297). Direct Banking is under Capital One Bank (USA), N.A. (FDIC Certificate # 33954).

Capital One, N.A. is a large bank with $128.7 billion in assets. It has an overall health score at of 4 stars (out of 5) with a Texas Ratio of 10.19% (above average) based on March 2011 data. Please refer to our financial overview of Capital One, N.A. for more details.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Additional bonuses are listed in the checking discussion forum.

  Tags: Capital One Direct Banking, savings account

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Comment #1 by CapitalClimate posted on
Beware of Capital One's incredibly bad execution and customer service.  I opened a Rewards Checking account with bonus offer in January.  The account was opened in person with the manager of the local branch.  Despite repeated phone calls, I have still not received the bonus, although it has been promised several times, the latest being that it will post on Sept. 2.  This was by a "customer advocate" whose scratchy voice and accent made her almost unintelligible on the phone.  We shall see.  In many decades of dealing with multiple banks and credit unions, this is by far the worst imcompetence I have ever seen.

Comment #2 by Anonymous posted on
I think this account has online statements only.

Comment #3 by chimay palmer (anonymous) posted on
chimay palmer
no the worst incomp is shared by bofa perk street

Comment #4 by Anonymous posted on
#CapitalClimate: Maybe you could get answers and speedier resolution by visiting your local CapitalOne bank and discussing the situation with the branch manager or supervisor. Tell them the phone CSR's did not help. (make sure you fulfilled the requirements for the bonus for your rewards checking).

Comment #5 by Teacher posted on
"InterestPlus Savings Account offer a 10% quarterly bonus. That's 10% extra in the interest rate. So that effectively increases a 1.01% yield to 1.11%."

Question?  The bonus interest is 10% on the interest, so is it really the equivilent to 110%

Comment #6 by Anonymous posted on
Page now says $10,000 or more on deposit on DECEMBER 31st not August 31st. Did Cap One change this?

Comment #7 by Anonymous posted on
Got a mail yesterday which offers $100 bonus. Everything is same as above except $10000 deposit needs to be there on 9/15.

Anybody know what if I withdraw the $10000 after 9/15?

Comment #8 by Anonymous posted on
I received a $50 bonus coupon code and got another $100 code from a friend later, had already opened an account with the $50 code, now I' m trying to contact them to ask for a match.Hopefully it can succeed.

Comment #9 by kurt (anonymous) posted on
I've been with CapOne for years now, and I've had to change accounts twice. I started wirh their highest interest account, but after a few years, they offered a new, higher interest account and my account was no longer available to new customers (though I was allowed to keep it). I opened the new, higher-interest account and transfered everything over, then a few years later, the same thing happened again.


It seems like a way for CapOne to lower the interest rate of customers over time, at least ones who aren't always checking to see what accounts they are offering.

Comment #10 by Kelly (anonymous) posted on
I opend an online account with capital one in august. I had recieved a letter with an offer of $100.00 bonus after deposit of $500.00, and a direct deposit of atleast $250.  I have not recieved the bonus yet. They are claiming that I did not input the promo code on the application.  I no longer have the letter with the promo code, and would be very greatful if any know's the code. That is my only hope to recieve the bonus.......... I could really use it for the holidays.

Comment #11 by Anonymous posted on
I just noticed that CapitalOne reduced the rate on the Interplus Savings by 5 basis points.  The new rate is .65% was .70%.  CapitalOne had already reduced the rate less than a month ago. 

Comment #12 by Anonymous posted on
Rate drop as of 11/21/2012 to 0.50%