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.