Earn Up To $500 When Opening a New 360 Performance Savings


Deal Summary: Bonus between $100 and $500 when opening a new 360 Performance Saving account with $10k-$50k deposits of new money.

Availability: Nationwide through online application.

Now through March 31, 2020, Capital One is offering a bonus of up to $500 when opening a new 360 Performance Savings account.

Qualification requirements are straight-forward and include,

  • Open a new 360 Performance Savings account by March 31, 2020, using promo code NEW500.
  • Deposit $10,000–$50,000 or more of new money within 10 days of account opening (Initial Funding Period).
  • Maintain the required daily balance within a bonus tier for 90 days following the Initial Funding Period, and earn $100 for every $10,000 maintained (up to $500).

If you have or had an open savings and/or money market account, excluding CDs, as a primary or secondary holder with Capital One on or after January 1, 2016, you're ineligible for the bonus.

That’s actually an improvement over the previous restriction, which excluded anyone who ever had a savings product with Capital One Bank, Capital One 360, or ING Direct. As DA reader, RickZ, put it – essentially a once per lifetime restriction.

The bonus will be deposited into the 360 Performance Savings account within 60 days weeks of completing the above-mentioned requirements. Complete details about this bonus are available on the 360 Performance Savings bonus page.

If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.

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

360 Performance Savings

I wrote about the 360 Performance Savings account last fall, shortly after its addition to the Capital One product line. In that October blog post, I described the 360 Performance Savings as combining the best elements of the two accounts it replaced: the top rate of the 360 Money Market Account and the 360 Savings Account’s no minimum balance requirement to qualify for the top rate.

1.50%--Capital One360 Performance Savings
Rates as of April 7, 2020.

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 describes itself as “a diversified bank that offers a broad array of financial products and services to consumers, small businesses and commercial clients.” 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 new customers, opening a 360 Performance Savings Account can only be done online and must be funded from a checking account at another U.S. chartered bank (known as your Linked Account). According to the 360 Performance Savings Disclosure,

You must tell us to either electronically transfer money from your Linked Account or give us a personal check drawn on your Linked Account. Your 360 Performance Savings account won't be considered "opened" until you complete our verification procedures.

Bank Overview

Capital One has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.66% (excellent), based on September 30, 2019 data. In the past year, Capital One has increased its total deposits by $21.02 billion, an excellent annual growth rate of 9.32%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

With assets in excess of $318 billion, Capital One is currently the seventh largest bank in the country. Besides having a large branch network (more than 460), Capital One also has a large internet banking division, previously known as Capital One 360.

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 by Capital One in 2017. Although Capital One 360 no longer exists as a separate entity, all of the Capital One 360 products are still available, but offered from the CapitalOne.com website. FYI – CapitalOne360.com automatically forwards visitors to CapitalOne.com.

How the Bonus Compares

Using the minimum balance for each rate tier, the following table shows the maximum potential annual earnings. Assuming the balance is maintained, the blended APY (1.70% APY + bonus) is approximately 2.70% APY. Of course, the minimum balance is only required to be maintained for 90 days after the 10-day Initial Funding Period.

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

The above rates are accurate as of 2/10/2020.

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


#1 - This comment has been removed for violating our comment policy.
  |     |   Comment #4
Warning - Think twice about moving funds to Capital One for bonus. They haven't honored the last $500 bonus for MM I opened last July. They had me jump through a lot of hoops because there was system glitch about the code, then funding was delayed because transfer didn't go through immediately. However, they made numerous notes on my account over the past months that I opened using the bonus code and, every time I called they assured me I would still get bonus. 
Every time I called in to re-verify my bonus was coming they told me I would have to call and request it in ANOTHER 30+ or 60+ days because the system wouldn't automatically generate it. Now, they say they will excalate it (for the 3rd time or so), so I think I will NEVER receive that bonus. Big wasted time and effort on my part.

I wanted new credit cards with them, but won't do that now since I can't count on them to honor points or miles earned. I am on another "wait another 2 weeks to hear from us" cycle, but their tone was very different last time I called. They see the notes the customer service reps made, but I don't think they are going to honor what I was repeatedly told. I need to take all of my funds out and move on, so I can forget about this bad experience.
  |     |   Comment #5
Another Warning
If you have ever been ING Bank customer allow time cushion for application to Cap 1.
I was stopped cold in application when asked to create a Password & ID. Told I was already on file, assume from former ING account.
In calling customer service, was told some of my info on closed ING account forwarded to Cap 1 in merger- but not my forgotten Password & ID, so they couldn't piece together new info! Catch 22! On phone for an hour, 3 reps.
The "Tech Department" is working on problem & will give me a call @ undisclosed day or time when it is resolved...
  |     |   Comment #6
Hello, Here I am again. Former client of ING with ghost images of old long closed account keeping me from new Cap 1 Bonus account. Still NO WORD from "Tech Department " on curing problem.
Any one else in this Catch 22 of application claiming I have a password & ID & customer service folks telling me no I don't?
  |     |   Comment #7
P.S. May all in community, this & other ones, be well.
  |     |   Comment #8
Everyone should also read the posts under the Review by Ken dated October 4, 2019 below
  |     |   Comment #9
Thanks, Choice, I did read Ken & comments. Dancing with the Devil (Big Banks) can result in burn. I try to take the sugar & dance away. Have struggled, usually successfully, when they ask additional verification of identity, address, try to hold on beyond my careful fulfilling of all requirements for bonus bucks. Sounds like others have had struggles with Cap 1.
But first I gotta get IN!
With plummeting interest rates sugared bonuses increasingly important.
  |     |   Comment #10
I had an error when signing up but the account is open when I log in. Is there a way to confirm the NEW500 promo code has been applied to the account? At Marcus you can see promo codes on each account.
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