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Capital One Offers Savings Account Promotion in Its Market Areas

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Capital One Bank

Update 1/10/14: The savings account promotion has ended.

If you live in the market area of Capital One Bank, customers can get a good savings account deal. This is similar to Capital One’s past checking account promotions. It’s the Smart Savings Account, and a high rate is guaranteed on all balances for 12 months. The guaranteed APY is 1.00% for most Capital One market areas. It’s only 0.70% for the Austin, Texas metro area and only 0.40% for Louisiana. Thanks to DA member stormdog123 for posting on this in the forum.

Details of this promo are listed at the Capital One Smart Savings Account page. Note, it will only show if your zip code is in their market area. If you don’t live in these areas, you’ll be directed to Capital One 360 (formerly ING DIRECT). If you don’t see the offer at first, change your zip code in the upper right hand side of Capital One’s website, and then re-click the above link.

The Smart Savings Account has a $5 monthly service fee, but this can be waived with just a $300 balance.

This 1.00% APY promotion appears to be offered in most all of Capital One market areas which include Washington DC, Maryland, Northern Virginia, New Jersey, New York and Texas. Some areas have lower rates (only 0.40% in Louisiana and 0.70% in Austin, TX). If you live in these areas, you can open the Smart Savings Account online or at a branch.

Capital One Outside Their Market Area

If you live outside Capital One's market area, Capital One's banking webpage will direct you to Capital One 360 (The conversion of ING DIRECT into Capital One 360 was completed in February). So Capital One 360 is the only option for new customers who don’t live in Capital One’s market area. There’s no rate guarantee for Capital One 360 Checking, but it has remained very competitive for large balances. As of 11/06/2013, it pays 0.85% APY for balances of $100K+ and 0.80% APY for balances between $50K and under $100K. Also, there’s a $50 checking account bonus (click on the down arrow of the 360 Checking line and click on the "open an account" link at the DA’s Capital One 360 page).

Capital One Bank Overview

Most of Capital One deposits at branches and at Capital One 360 are held under Capital One, N.A. (FDIC Cert. # 4297). Deposits at the old Capital One Direct were mostly held by Capital One’s other bank charter, Capital One Bank (USA), N.A. (FDIC Cert. # 33954). Capital One, N.A. has over $235 billion in assets. It has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 6.75% (excellent) based on June 2013 data. Please refer to our financial overview of Capital One, N.A. for more details.

Other Rate Guarantees

The best money market promotion that’s nationally available is at EverBank which guarantees a 1.10% rate for the first six months for new money market accounts. The downside with this is that the balance cap is $50,000. EverBank also has this same promotion for its checking account which guarantees 1.10% for the first six months, but the balance cap is $100,000. This rate is accurate as of 11/06/2013.

Searching for the Best Money Market and Savings Account Rates

Our money market account table can be used to find the best money market rates in the nation or in your state. If you don’t need checks, you should also consider savings accounts. You can find the best savings account rates in the nation or in your state by using our savings account rate table.

  Tags: checking account, Texas, Louisiana, Virginia, Maryland, New Jersey, Delaware, New York, Capital One Bank

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Comments
9 comments.
Comment #1 by Rate Chaser (anonymous) posted on
Rate Chaser
I know just to be safe..make sure to put $250K maximum for FDIC insured. But what is the chance of Capital One going bankrupt if I decided to put up more than $250K?

2
Comment #9 by NJSaver posted on
NJSaver
You can always increase the FDIC insurance limits by opening as a Joint Account or by registering as a Pay On Death (POD) account, which can bring the FDIC coverage up to $1.5M.  Check out http://www.fdic.gov/deposit/Deposits/ for full details.

1
Comment #2 by Anonymous posted on
Anonymous
I work for Capital One Bank and can assure you the company is probably one of the strongest banks in the nation so I'll say you have nothing to worry about and I'm 99.9 percent positive of that!

2
Comment #3 by Anonymous posted on
Anonymous
Capital One, N.A. has over $235 billion in assets. It has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 6.75% (excellent) based on June 2013 data.

2
Comment #4 by AZ (anonymous) posted on
AZ
I'm an existing CapitalOne customer so adding this account was a breeze. Took about 3 minutes. After 1 year I'm sure the "standard" rate will drop signifigantly and I'll have to switch banks again. Annoying. Not sure why CapitalOne doesn't offer a competitive rate after their promo ends. I really like this bank.

3
Comment #10 by Anonymous posted on
Anonymous
churn...it's all churn. (loyalty nowadays= sucker =(  )  They did it before with the free high yield hecking promo rate of 1% for 1 year.  When that ended, I moved my money out.  Now, there's a new promo rate of 1% for the savings account, so i opened a "new" savings account.  At the end of 12 months, i plan to close it again and move the money out.  I wish they'd just have a constant 1% account instead of testing peoples' patience...but i understand....sigh...its' almost a slower version of what citibank did a long time ago (ultmate savings, utlimate money market, and some other version...before it all went down)...its all gimmick.

1
Comment #5 by Ron (anonymous) posted on
Ron
Apparently the deal is not offered in California (which makes their annoying commercials that much more painful) - they do offer the 360 savings / variable at 0.75%.

2
Comment #6 by Anonymous posted on
Anonymous
I tried to call the application help number but was disconnected at a certain point.  On the application page, Do you currently use Capital One Online Banking?  Would that be a yes or no if I have a Capital One 360 login?  It seems a bit annoying to have to two separate logons.  There should be a way to sync the accounts.

1
Comment #7 by Linda (anonymous) posted on
Linda
No longer available.

Re-directed to their CapitalOne360 even though I live in New Jersey

1
Comment #8 by Anonymous posted on
Anonymous
I'm the person that posted comment #6:

It still works for New York. 

Does the Capital One 360 accounts count has having a Capital One account for this application?

1
Comment #11 by joe (anonymous) posted on
joe
dead as of Jan 9, 2014

1