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Capital One 360’s Financial Independence Days Sale

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Capital One 360 Financial Independence Day Sale 2014 details

Capital One 360 is now offering its Financial Independence Days Sale. The offers are available through Thursday, July 3, 2014, 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 $176 in new-account bonuses. You can also earn a lot more by opening a ShareBuilder brokerage account and funding it with a large deposit.

For the full details, please refer to home.capitalone360.com/independence.

Below is an overview of all the bonuses. Unless otherwise noted, the accounts must be opened no later than July 3, 2014 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 or your joint account holder's (if you have one) 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 same bonus amount for the savings account that they offered last year. It’s much better than the regular $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
  • This has to be your or your joint account holder's (if you have one) first 360 Checking account (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. It’s the same as last year’s bonus, but two years ago, the bonus was $152. The regular bonus is only $50.

DETAILSINSTITUTIONAPYMINMAXPRODUCT
Capital One 3600.80%$100k-360 Checking
Capital One 3600.75%--360 Savings Account
Accounts mentioned in this post. Rates as of July 24, 2014

$40 Refer-a-Friend Bonus

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, and your friends can't be existing Capital One 360 Customers.
  • You'll get $40 for each friend who opens a 360 Savings, Kids Savings Account, 360 Checking or MONEY using the link in the referral email or your personal referral link between June 30th and July 3rd.
  • The referral bonuses for 360 Savings are only paid if your friend's account is opened with at least $500. You can send as many referrals as you like, but you can only receive bonuses for up to 50 people who open as a new Customer.
  • Your friends can also earn bonuses if they meet the requirements.

This bonus is quite a bit larger than the standard $20 refer-a-friend bonus. It’s more straightforward than last year’s bonus in which you would get $76 for the first 2 friends who sign up.

Up to $1,076 bonus for opening a ShareBuilder Investment Account

Many brokerages offer a bonus for opening an account and funding it with a deposit of a certain amount. However, they usually don’t offer this much. It’s important to note that 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:

  • Open a new or fund an existing ShareBuilder Individual Retirement Account (IRA), Individual, Joint or Custodial account using promotion code FIDS2014*360 for new accounts, or 2014FIDS*360 for existing accounts by 7/03/2014.
  • You must make a net deposit, transfer and/or roll over into your account within 90 days after entering the promotion code. Assets deposited must be valued at no less than $5,000 to be eligible for a $100 bonus, $25,000 for a $276 bonus, $50,000 for a $376 bonus, $125,000 for a $676 bonus, or $250,000 for a $1,076 bonus.
  • ShareBuilder will add the bonus to your account within 4-6 weeks following the 90 day qualification window

Below is some of the important small print of the offer:

The bonus is not available for withdrawal for 180 calendar 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 nine (9) months or your award may be reclaimed by ShareBuilder.

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.

Last year, a large bonus for a large deposit was only available for funding an IRA. So this is a nice option if you have the money.

Other Promotions

There are also bonuses for small business owners and discounts for home buyers. In addition, they’re advertising a 1.5% cash back on the Quicksilver Rewards credit card. I’m sure we’ll be seeing more credit card offers for Capital One 360 customers.

For the full details, please refer to home.capitalone360.com/independence.

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.


  Tags: savings account, checking account, Capital One 360

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Comments
7 comments.
Comment #1 by melman posted on
melman
At this time last year, I opened savings, checking and ShareBuilder accounts and collected all three bonuses.  ShareBuilder has been offering additional bonuses for transferring funds in.  But I closed the savings and checking accounts earlier this year.  Can I open new savings and checking accounts now?  I don't see any obvious fine print about this.

4
Comment #2 by gli (anonymous) posted on
gli
Melman...
savings account (no credit check) The nitty gritty:

This has to be your or your joint account holder's (if you have one) 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.
  • 0.75% variable Annual Percentage Yield (APY) effective 7/1/2014.
https://home.capitalone360.com/savingsindependence

checking page details:
The nitty gritty:
  • This has to be your or your joint account holder's (if you have one) first 360 Checking account (this includes Electric Orange, too).
  • 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.
https://home.capitalone360.com/checkingindependence

3
Comment #4 by melman posted on
melman
Yep, it's right there.  Don't know how I missed it earlier.  Thank you.

4
Comment #7 by Anonymous posted on
Anonymous
One bonus per SS number for life time, new rules just got into effect.

7
Comment #3 by Hewllo (anonymous) posted on
Hewllo
Be very careful. They like to throw around promotions.....but then will not honor them.....They don't even put the elegibility rules in the fine print.....but later claim you dont get it foir some reason. They will even email you a specific promotion without checking to see if you qualify. I dont like them.

6
Comment #5 by melman posted on
melman
I had no problems with the 3 new-account bonuses last July.  And with another bonus for adding to my ShareBuilder account in December.  Yes, they do keep sending offers but the fine print clearly says I have to wait 6 months since my last bonus was paid.  That comes later this week, so next week I'll add to the ShareBuilder account again for another bonus.

6
Comment #6 by Anonymous posted on
Anonymous
I just spoke with a CSR, this year the rules are different, if you ever had previous bonus on any account, no longer will be given another bonus, ever. Check before you jump in, the disappointment is there and waiting for you.

9
Comment #9 by Anonymous posted on
Anonymous
Spoke to CSR this morning and she said if you are new to Capital One 360 you can get both bonuses for opening both Savings and Checking.
At least that is what she just told me.

2
Comment #8 by Anonymous posted on
Anonymous
Ing was much better, CapitolOne are greedy for themselves only, rules have been changed to favor them, no more orange savings and checking bonuses.

6
Comment #10 by bob (anonymous) posted on
bob
BOB: I called 3 different cap1 reps to see if a 10 year old cap 1 money market $20.00  sign up bonus would negate the $76  capsavings signup.The first 2 were emphatic no.I was doing the sign up with #3 and all of a sudden I was ineligible. please consider before signing.

3
Comment #11 by hoho (anonymous) posted on
hoho
If you never had an account with Cap 1 or ING .. Open a savings account with $500, get the $76 dollars and close it when allowed ( I believe after 30 days I waited a couple of months).  That's what I did last year.  I have no loyalty and neither do any of the banks or CU's.

5
Comment #12 by Anonymous posted on
Anonymous
The savings bonus had to be one of the easiest $76 I ever earned.  Call it in, just to make sure you are eligible, and the bonus will appear online as soon as the account is opened.  After 30 days, the money can be moved.

4
Comment #13 by Anonymous posted on
Anonymous
Most of us had either ING or CAP1 accounts before and therefore, no more bonuses allowed. You can open account(s) any time, but you SS# will pop up from the archives and no bonus will be given. They may not tell you that even after the fact of opening the account(s).

4