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Capital One 360’s Financial Independence Days Sale Begins

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Capital One 360 is now offering its Financial Independence Days Sale. The offers are available through Wednesday, July 3, 2013, 11:59pm ET. As before, the promotion is primarily targeted to new customers. If you’re new to Capital One 360 (and ING DIRECT), you can easily earn $352 in new-account bonuses.

Click on the banner on the right to visit Capital One 360's Financial Independence Days Sale page. From here, you can view the details of the promotion and apply for the accounts.

Below is an overview of all the bonuses including the three new-account bonuses in which you can easily earn up to $352. Unless otherwise noted, the accounts must be opened no later than July 3, 11:59pm ET.

$76 bonus for opening a 360 Savings Account

Earn a $76 bonus when you open a 360 Savings account. Here’s what is necessary to qualify for this bonus:

  • This has to be your first 360 Savings account (this includes Orange Savings Account, too).
  • Open the account with a $500 minimum deposit.
  • The bonus starts earning interest on day one, but you can’t take it out for at least 30 days.

This is the first time that I’ve seen them offer a $76 bonus for the regular savings account. In the past they only had bonuses for the checking or the special accounts for kids. It’s much larger than the $25 refer-a-friend bonus.

$100 bonus for opening a 360 Checking Account

Earn a $100 bonus when you open a 360 Checking account. Here’s what is necessary to qualify for this bonus:

  • Open a fee-free 360 Checking account (with a deposit of $500 or more)
  • This has to be your first 360 Checking (this includes Electric Orange, too).
  • Use your Debit Card to make 5 purchases or use CheckMate to make 5 deposits (or a combo of both) within 45 days.
  • The 5 Debit Card purchases can be either signature or PIN-based.
  • Your $100 bonus will be automatically deposited into your account on day 50.

This is a common bonus for the Independence Days Sales and for Black Friday Sales. It’s in the middle of the range of past bonuses. Last year you could earn up to $152. In 2010 the bonus was only $76.

$176 bonus for opening a ShareBuilder Account

Earn a $176 bonus when you open a ShareBuilder Account. Note, this is a brokerage account and not a bank account. I have more details below. Here’s what is necessary to qualify for this bonus:

  • Make a deposit of $5,000 or more by July 19th.
  • Not valid with IRA or Education Savings Accounts.
  • Capital One ShareBuilder, Inc. will deposit a $176 bonus approximately 4–6 weeks after your first $5,000 deposit.
  • The $176 bonus from Capital One ShareBuilder, Inc. is not available for withdrawal for 120 days after it is awarded to your account.
  • Assets transferred into the account to qualify for this promotion must remain in the account (minus any losses related to trading or market volatility) for at least six (6) months or your award may be reclaimed by Capital One ShareBuilder, Inc.

This bonus amount is much larger than last year’s ShareBuilder bonus of $76. It does require a larger deposit (last year the deposit requirement was $3,500).

ShareBuilder is an online broker, but you don't have to invest your deposit in stocks. You can have your sweep account be the FDIC-insured cash balance account. So your initial deposit can sit in this account. This sweep account is intended to be used to hold your cash between trades. You can also invest in mutual funds with no transaction fees. These include conservative bond funds. So if you had considered exploring investments outside of bank accounts, this is an opportunity.

$76 Refer-a-Friend bonus when 2 friends open accounts

Here’s a bonus that existing customers can qualify for, but it requires work and help from your friends. Here is what is required from you and your friends:

  • You have to be a 360 Savings or 360 Checking Customer.
  • You’ll get $76 for the first 2 friends who open a 360 Savings, Kids Savings Account, 360 Checking or MONEY using the link in the referral email or your personal referral link between July 1st and July 15th.
  • You’ll get $20 per friend at the time they open the account. You’ll get the other $36 for the first 2 friends by July 31st.
  • Your friends can also earn bonuses (including the Independence Days Sale) if they meet the requirements.
  • Your friends must be new Customers as the primary owner of the account. Their bonus starts earning interest at account opening and is available for withdrawal after 30 days.

This is the same refer-a-friend bonus as last year. It's an extra $36 over the typical refer-a-friend bonus that you get for signing up two people.

Earn up to $576 for opening a ShareBuilder IRA and up to $176 on a business 401(k) plan

For the IRA bonus, you must make a net deposit, transfer or roll over into a newly opened IRA by 9/3/13. Assets deposited must be valued at no less than $25,000 to be eligible for a $276 bonus, $50,000 for a $376 bonus, $100,000 for a $576 bonus. Assets must be posted to your account by 9/3/13.

For the 401(k) bonus, you can earn $176 off a customized plan, $76 off a simplified plan and $17 off an individual plan. They are giving people more time for this bonus. You must purchase a plan by August 4th to qualify.

There is a lot of small print with this offer so make sure you review the ShareBuilder IRA and 401(k) promotion pages

Capital One “Double Your Dough” Sweepstakes

This is a way existing customers can participate without having to refer friends. However, it’s a sweepstakes so most won’t earn anything. Here’s a summary of the sweepstakes:

Customers also have a chance to double their deposits during the promotion and through July 18. Customers who make a deposit using CheckMate will be entered for a chance to double that check amount, up to $3,000. For those on Twitter, customers can also follow @capitalone360, tweet what they would love to double using #DoubleYourDough and @capitalone360 for a chance to win $2,000.

I did a review of the remote check deposit service, CheckMate, last year. You can deposit checks using either your PC or smartphone.

My Take Overall

If you have been thinking about an internet account, this is a good time to give it a try. As ING DIRECT, Capital One 360 has a long history of making things very simple for internet banking newbies. Also, they have a long history of competitive savings and checking account rates. The rates have rarely been the best when compared to other internet banks, but they have always remained competitive. And the rates have always been much higher than what you can find at most brick-and-mortar banks.

If you plan to maintain a large balance at Capital One 360, the 360 Checking is appealing with very competitive checking rates for balances of $50K and $100K.

One downside with Capital One 360 is that they don’t offer competitive CD rates. I'm disappointed that Capital One 360 didn't offer a CD special or other specials that would be attractive to existing customers. It should be noted that CD specials haven't been common with these promotions. The last one was the Black Friday Sale in 2009 which had a special 12-month CD rate. Based on its low standard CD rates (0.40% for terms under 30 months), it appears Capital One 360 doesn't want any more CD deposits.

It is nice to see Capital One 360 (the new ING DIRECT) is still offering this promotion. With ING DIRECT now under Capital One, it shows that Capital One is letting ING DIRECT continue to run its operation without changes. This is a good sign for those worried that Capital One would change ING DIRECT for the worse. If you have seen any negative changes as ING DIRECT became Capital One 360, please leave a comment.


  Tags: savings account, checking account, IRA rates

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Comments
16 Comments.
Comment #1 by Anonymous posted on
Anonymous
Just got the easy $76 for a small $500 deposit.  Where else can you get over 15% on your money.

16
Comment #2 by Sandra posted on
Sandra
I already have an "Online Savings" account at Capital One. Does that disqualify me from this offer?

 

 

6
Comment #3 by KenBDG posted on
KenBDG
According to a Capital One 360 rep, if you had not previously opened the ING DIRECT Orange savings account or the 360 Savings Account, you should be eligible for this 360 Savings Account bonus. If you had opened the online savings account under the old Capital One Direct, that should not matter for this bonus according to the CSR.

5
Comment #4 by pua posted on
pua
I used the online application for the savings account, and it was a VERY smooth, simple process (except for needing to set up 5 security questions).  The $76 reward showed up immediately in the account.  However, I then was not able to figure out how to open a checking account, and had to phone for help.  The agent was very helpful, and led me through the process, which was quick and easy because the information I had already supplied for the savings account was already filled in.  The agent said that after I have confirmed the trial deposits and the checking account has been funded, then I can request a checkbook.  The checkbook normally costs $5, but agent said that for this promotion it will be free; and she wrote that fact into the notes for my account so in case I get charged the $5 they will credit it back.  The debit card, and the checkbook, will each need to be activated by telephone after I receive them.  I will have until August 15 to use the debit card at least 5 times, and will then receive the $100 reward in my checking account.

4
Comment #5 by pua posted on
pua
In reply to comment #3:  I had been worried that I might not be eligible for the rewards because I had previously had an online checking account at Capital One (closed more than a year ago).  So I phoned to inquire, before starting the online application.  The agent had the bright idea to ask me for my SS# to see whether I was "in the system" and then confirmed that Capital 360 "never heard of me."  So then I successfully opened the new accounts and immediately got the $76 reward for the savings account.

6
Comment #6 by Anonymous posted on
Anonymous
Does the 360 Savings account have a monthly fee and or minimum balance requirement to earn interest?

2
Comment #7 by Anonymous posted on
Anonymous
You will not need to have $500.00 minimun deposit to open CapitalOne360 Checking account.  There is nothing about this in the disclosure.  I was able to open it with $50.00.  The rep. confirmed that the account can be opened with any amount.  The only requirement is that you have to make 5 purchases or 5 deposits with your card.

3
Comment #10 by Anonymous posted on
Anonymous
#7  To get the bounus of $76 you need to open with a minimum of $500. 

2
Comment #12 by Anonymous posted on
Anonymous
#10  ment to say to get the $76 the min for a SAVINGS account is $500

2
Comment #8 by Anonymous posted on
Anonymous
Signup for the checking and savings accounts went without a hitch.  Although I can't yet download the setup for the checking account into Quicken, it says I'm not eligible to do that yet.  At the end of the setup of the ShareBuilder account, the said said that something failed, but a rep said it was ok after all.

2
Comment #9 by Anonymous posted on
Anonymous
I WILL NOT do business with them......They did not honor a previous promotion.....so I will NEVER try them again. I also have a Sharebuilder acct and will close it.....plus my old Cap One accts. Bye-Bye, Capital One.

4
Comment #11 by Anonymous posted on
Anonymous
I just opened an account  and it has a balance of $76.  Waiting for them to take the money from my other savings account which I linked.  I don't like capone but I'll take $76 and close in a couple of months

2
Comment #13 by Anonymous posted on
Anonymous
There is NO MINIMUM deposit required to receive the $100 checking account bonus that Ken mentions in his blog.  You just have to make a combination of 5 debits with the card they send you or 5 deposits using Checkmate within 45 days to receive your $100.

 

1
Comment #14 by Anonymous posted on
Anonymous
I am receving an error message to try again later when attempting just now to open an account.

2
Comment #15 by Anonymous posted on
Anonymous
Let me break it down for those who are confused. Capital One 360 is the former ING Direct. Capital One Bank is separate. If you pretty much EVER had an Orange Savings or Electric Orange Checking account with ING Direct (mine was like 6 years ago), you officially DON'T qualify for either of the $100/$76 offers. You can't fool the system as your SSN/birthdate is etched in stone on the Capital One 360 database. It will force you to enter your customer # from the old ING Direct system to even proceed with opening an account and God help you if you don't remember the PIN. It took me nearly an hour of back and forth calling and trying online. Now there is always a possibility that somehow you can skate through the application process as a former accountholder and still somehow qualify for the bonus in the end (if you meet the promotional requirements), but you are taking your chances of going through all the hassle and not getting the bonus based on not meeting the eligibility of 'new' checking and/or savings account customers. After dealing with their cust serv rep, it became clear I would most likely NOT qualify especially after he spouted off my opening and closing [of accounts] dates from 2009 ! It is a little scary that they keep that privied information on their databases, even years after the relationship has ended. Beware! You should also know the refer-a-friend bonus results in your 'friend' getting only a $50 checking bonus as opposed to the current Independence promo of $100, though the $100 offer ends today. Please keep me posted if anyone is able to earn the bonus despite having formerly held a checking and/or savings with ING Direct.

5
Comment #16 by Anonymous posted on
Anonymous
I had an account with ING few years back, today they rejected my application for the bonus. An E-mail came to inform me about it.

1