Review of Capital One’s Savings Account Promotion


Deal Summary: Bonus amounts of $100, $500, and $1,000 when opening a new 360 Performance Saving account with deposits of at least $10k, $50k, and $100k of new money.

Availability: Nationwide through online application.

A few online banks have coupled rate hikes with new-money bonuses to attract more deposits. Capital One has long been one of these banks, but last week it upped the ante with an unusually large rate hike. That rate hike makes Capital One’s current bonus offer especially attractive for those who don’t have a Capital One account. Unlike Ally Bank’s promo, this one is just for new customers (more details below).

Now through December 14, 2022, Capital One is offering a bonus of up to $1,000 when opening a new 360 Performance Savings account. That’s an improvement over previous bonus offers that maxed out at $500.

Qualification requirements are similar to its past promotions and include,

  • Open a new 360 Performance Savings account by December 14, 2022, using promo code FALL22.
  • Deposit $10k or more of new money within 15 days of account opening (Initial Funding Period).
  • Hold the money in your account for 90 days following the Initial Funding Period.

The three bonus tiers are based on the size of the new funds deposited during the Initial Funding Period:

  • $100 bonus for $10k to under $50k in deposits
  • $500 bonus for $50k to under $100k in deposits
  • $1,000 bonus for more than $100k in deposits

As mentioned above, this bonus is primarily intended for new customers. Those who haven’t had Capital One accounts since before 2019 can also qualify. The Capital One fine print on this requirement is as followings:

If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.

Capital One will deposit the bonus into your 360 Performance Savings account within 60 days of completing the above-mentioned requirements, including fulfilling the 90-day holding period.

Many thanks to DA reader, My2centsworth, for posting this bonus deal in the Forum

360 Performance Savings

Last Friday I reviewed the large rate hike at Capital One which increased the 360 Performance Savings account rate from 2.35% to 3.00% APY. That moved it ahead of most of the major online banks like Ally, Synchrony and Marcus. Since it was launched in late 2019, the 360 Performance Savings account rate has generally been slightly below the average rate of online savings accounts.

3.30%--Capital One360 Performance Savings
Rates as of January 27, 2023.

For more details about the 360 Performance Savings account, including account features, please refer to the October 4, 2019 blog post.


Headquartered in McLean, Virginia, Capital One offers its 360 savings products online or through the Capital One Mobile app. Any U.S. citizen or lawful permanent resident, 18 years or older, with a U.S. physical address or a military address (APO or FPO) and a valid Social Security number, can open an account at Capital One.

For this promotion, be sure to apply using the promo code FALL22 at this Capital One landing page.

To fund the new Capital One account, you’ll need to link your Capital One account to a personal (non-business) checking or savings account at another U.S. chartered bank.

In the online application, Capital One provides this instruction regarding opening a joint account:

First, you'll need to open an individual account. Then, you can add the other person as a joint account holder online.

Bank Overview

Capital One has an overall health grade of "A" at, with a Texas Ratio of 3.47% (excellent), based on June 30, 2022 data. In the past year, Capital One has increased its total non-brokered deposits by $10.11 billion, an excellent annual growth rate of 3.38%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

Capital One acquired the internet bank, ING Direct, in 2012 and shortly afterward, ING Direct was transformed into Capital One 360. Operating as a subsidiary of Capital One Financial Corporation for about four years, Capital One 360 was absorbed into Capital One in 2017. Although Capital One 360 no longer exists as a separate entity, the Capital One 360 products are still available from Capital One.

Capital One Financial Corporation is a financial holding company whose subsidiaries include Capital One, N.A., and Capital One Bank (USA), N.A. The combined total assets of both subsidiaries are in excess of $515 billion, with about 300 branches operating primarily in the District of Columbia, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

How the Bonus Compares

If Capital One continues to keep the rate competitive on the 360 Performance Savings, you won’t lose out much on interest as you maintain the required balance to qualify for the bonus. If your deposit remains at the minimum level, you’ll earn 1% bonus on your deposit on top of the interest that you earn. However, you’re only required to maintain the deposit for 90 days. Earning a 1% bonus in three months results in an annualized return of 4%. Let’s say you maintained a balance of $100k for three months, the $1,000 bonus would effectively add 4% to the interest rate earned for those four months.

The 1% bonus from Capital One equals the bonus from Ally’s recent promotion. It’s a tad less than the current Discover bonus which offers a bonus amount of up to 1.29% ($450 bonus from a $35k deposit). The maximum $1k bonus easily tops the max bonus of Ally’s promotion ($500) and Discover’s promotion ($450). For the time requirement, Discover wins this category without a hold time. Ally’s hold time is just under three months. At a full 90 days, Capital One’s hold time is the longest. Out of the three promotions, only Ally is allowing existing customers to participate.

DA maintains a full list of the best savings and checking account bonus offers currently available.

The above rates are accurate as of 10/31/2022.

Related Pages: savings accounts, nationwide deals, bank bonuses, Internet banks

  |     |   Comment #1
Maybe Capital One will remember their existing loyal customers that have been with the company since the ING Direct days with a bonus offer...
  |     |   Comment #2
Imagine opening an account to "build a relationship" with them and then missing this bonus. Ouch.
  |     |   Comment #4
No kidding I'm always panning these Capital One offers because I'm a former ING direct customer and they shafted us for so long that I don't trust them.
  |     |   Comment #3
BIG FAT ALERT. If you are aiming $1000 bonus, make sure that you deposit ABOVE $100K, not EXACTLY $100K. I just remembered that and added ten more dollars to my initial deposit :-) if you dont believe me, read the fine print of bonus eligibility :-) (Corner case)
  |     |   Comment #6
Indeed. Always a good plan. Any time you are presented with a "tiered" bonus promo offer (like this one), always add at least the nearly negligible $1.00 (or even $1.01) to your deposit to get the tier you're shooting for - and to make certain that you avoid silly but dangerous clerical disputes later on.
  |     |   Comment #14
THANK YOU!!! I rushed to the local branch and deposited an extra dollar, yesterday, just in time. My last day of funding is today, so I barely made it. And upon reading the fine print, it states: "$1,000 bonus – The new money deposited from an external bank during the Initial Funding Period was more than $100,000, and you maintained that Deposit Amount for 90 days. "
Unfortunately, the reps don't seem to give the correct information on the phone!! When I called, she insisted that the bonus of $1,000 would be paid on a $100K deposit. Pay no attention to what the reps say! Again, thank you Sree!!
  |     |   Comment #5
Ken, according to CSR today with Discover Bank, there is not a 30-day hold time requirement.
  |     |   Comment #7
Saw a 4.90% CD at Discover at my brokerage today. Non-callable.
Ken Tumin
  |     |   Comment #8
Thanks SouthernGirl. I've updated the post.
  |     |   Comment #9
Yes, I can confirm that. CSR told me in a week or two the bonus will be deposited after opening the account.
  |     |   Comment #10
The bonus "tiers" are a bit confusing. The bonus is 1% for all the tiers, but what happens if someone deposits 20-30-49k? Do they all earn the same $100 bonus? If so, how does this make financial sense for the bank to incentivize a $10,001 depositor and essentially penalize a $49,999 depositor? (FWIW, phone CS rep stated the bonus is 1% for each dollar deposit 10-100k, but this is nowhere in writing and customers should take her word on it as an experienced rep.)
  |     |   Comment #11
Do you receive the 3% interest during the first 90 days on top of the bonus?
  |     |   Comment #12
Yes, I opened one and received interest already.
  |     |   Comment #15
Will I really get the promotional bonus? After applying with the fall22 promo code I got the response that "It looks like you already have an account." So, I had to use the login info for the Capital One account I closed 6 years ago. Although my 360 Performance Savings Account has a new account number, do they consider it a "new" account? The CSR guy I talked to seemed to know no more than I did. He read the eligibility statement and said 'looks like you should have no problem.' I didn't find this 100% reassuring. The application process is all automated, so whether I qualify will depend on the filters in their software. I guess I'll deposit the 50K and see if I get a confirmation that I qualify for the bonus. And I don't intend to wait for 3 months to find out. --Is anyone here a former (pre-2019) customer, hoping to get the promo bonus?
  |     |   Comment #16
I had a account in 2015. It it’s before 2019 you should get bonus
  |     |   Comment #17
"Should," yes, according to their eligibility statement. But my new account profile doesn't show the bank info I entered during my online application. It shows old bank info imported from the account I closed in 2016. It looks like a software glitch on their end. And had a hard time getting any useful information from the two CSRs I talked with.
  |     |   Comment #18
Something to be aware of: I wasn't sure about the holding period, so I called customer service today, and she said the 90 day holding period starts *after* the 15 day Initial Funding Period is over. So if you opened your account today 11/7/22, even if you fully funded it tomorrow with the amount required for the bonus, your 90 day holding period doesn't start until 11/22/22. Ken's post does say hold the money for 90 days after the Initial Funding Period, but I wanted to make sure I understood that.
  |     |   Comment #22
I got a similar answer when I called after opening my account

I had finished opening the account and I thought it was set up to do the test transactions and I went on to another window and let that page expire or log off or whatever
Later when I logged back in from that same place it said something along the lines of I had already used the promo code and could not again?

So that is why I called. The rep could not really explain that but assured me I was eligible for the bonus and that in the worst case if the bonus did not later appear they could go in manually and give it to me
She kept talking about the funding period like you explained in a way that did not make sense to me but I was more concerned about making sure I was eligible for the bonus

So after that I went to my broker and set up a link and to my surprise they said capital one insisted on the test transactions route
So they showed up the next day but rather than push the money i sat tight thinking I had already initiated a pull from capital one which would occur after confirming the test transactions

Well the test transactions never came

So I called them again and got a different rep who said he had no record of me ever setting up the test transactions or the pull and I am 99% sure I did
But I said i could push the funds in and he said that would be fine and I was not set up on their end to pull it ?
So I don't know how that got mucked up but he assured me they would not pull it

And that is when I brought up the 90 days and his answer differed from what the prior rep said
He said the 90 days started when the funds got there

So I left it at that but now I am thinking I might should leave it there thru the 19th which is the date the first rep said my funding period ended???

I previously had a capital one account from 2001 and closed it before 2019 and 2 different reps said I was eligble for the bonus

I made a note to myself that the 90 days ends 3-9-23 but I might just leave it there until the 20th to remove all doubt as I WANT the $1000 bonus and don't want to possibly lose it over 10-11 days
  |     |   Comment #19
Capital One bungled my 360 savings account setup--importing irrelevant info from an old savings account I closed 6 years ago. This raised the question as to whether their automated system would verify my eligibility for the fall22 promo bonus. After talking to two CSRs yesterday I learned there would be no written confirmation of my eligibility--so I would have to wait for the 90 day holding period + up to another 60 days for the bonus to appear/not appear in my account. You know what? 4 or 5 months is too long to have funds frozen in this environment of rapidly changing interest rates. I've decided to invest in short term Treasury bills (4 week and 8 week), then move into 3 and 5 year CDs as yields reach 5% or better.
  |     |   Comment #20
Did anyone have to push the money into your new account? I was expecting an auto transfer initiated from Capital One at the time of application, but that didn't happen. I find it odd and am nervous that the set-up has been messed up.
  |     |   Comment #21
cap 1 did not do the 2 test transactions that it was supposed to so I had to push it in- I had to do the test transactions on the other end too
But the $ got there friday
  |     |   Comment #23
Thanks for the information! This is extremely helpful.
Major Rate Hikes of Capital One’s Savings Account and CDs
Deal Summary: 360 Performance Savings account, 3.00% APY; 12-month 360 CD, 4.00% APY, no minimum deposit

Availability: Nationwide (online bank)

Capital One made substantial rate increases this morning to its 360 Performance Savings account and its 360 CDs. It increased the 360 Performance Savings account rate by 65 bps to 3.00% APY. It also substantially increased the rates of all of its 360 CDs. The 12-month 360 CD now earns 4.00% APY. Capital One's longer-term 360 CDs have higher yields that range from 4.05% APY (18 month) to 4.25% APY...

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Availability: Nationwide

Capital One did something that is rare. It increased a CD rate to a market-leading level. The rare event occurred on Thursday when Capital One increased the APY of its 18-month 360 CD from 1.50% to 2.50%. Capital One often has competitive rates on its CDs, but they are rarely top rates for online banks.

In 2021, the Capital One 360 18-month CD rate was stuck at 0.25%. That’s only one tenth...

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Availability: Nationwide

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Availability: Nationwide

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Availability: Nationwide through online application.

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More Past Offers

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