Capital One 360 Money Market®: Earn Up to $500 & a Top Rate on Qualifying Balances

Capital One offers the chance to earn up to $500 in bonus money with its new money market account promotion. You must deposit at least $10k in new money within 10 days of enrollment, the Initial Funding Period. To earn the $500 bonus, you must then maintain a balance of $50k or more for 90 days following the Initial Funding Period. Maintaining a lower balance between $10k and $50k for those 90 days will earn a $200 reward. It’s important you maintain the full balance for all 90 days. If your balance dips below $50k at any point, you’ll redeem the $200 bonus, even if you make additional deposits to boost it back up.

There is no hard credit pull when you apply for the 360 Money Market account. You can enroll through this Capital One promotion page and using the promotional code “EARN500” by May 19, 2019. If you own or previously owned a Capital One savings product (except CDs) after Jan. 1, 2016, you cannot redeem this offer. You also cannot combine this offer with any other new savings account opening offer with Capital One Bank.

360 Money Market Account Overview

Capital One offers a suite of high-yield accounts, including its 360 Money Market® account. It offers consistently competitive rates on higher balances. Its lower balance tier still outearns the average money market rate, allowing all other balances to boost savings as well. You can check out the account’s rate history by clicking the “details” arrow of the following table:

The Capital One 360 Money Market account is a good savings choice for its $0 monthly fee charge. It’s not a good choice if you’re looking for easy access, since the account doesn’t include a debit card or the option to write checks. Instead, you can log into your online account, call the bank’s Interactive Phone Service or call a Capital One Associate to make a withdrawal. You can deposit money online or on mobile by setting up transfers from another Capital One account or external bank account or by visiting a Capital One location.

Here’s a summary of other important features of a 360 Money Market account:

• No minimum deposit
• Can be opened as single or joint account
• Limited to six transfers and withdrawals per statement cycle
• Check deposits and bank-initiated ACH deposits take 4 business days
• Cash deposits, ACH direct deposits and incoming wire transfers will be available the same business day
• Checks drawn on a Capital One, N.A., account will be available the next business day
• You may add up to 10 POD beneficiaries on the account, unless it is a Trust account
• $30 domestic wire transfer fee

Availability

Capital One 360 accounts are the online banking products of Capital One, N.A. and Capital One Bank (USA), N.A., which provide FDIC insurance for your deposits. Its savings, checking, money market and CD accounts are available nationwide online, on mobile and at Capital One locations. Accounts are available to U.S. citizens or lawful permanent residents with a U.S. physical address who are at least 18 years old with a valid Social Security Number.

To be eligible for the $500 or $200 bonus, you must use the promotional code EARN500 when opening a new 360 Money Market account by 1:59 PM EST on 5/19/19.

Bank Overview

Capital One, a subsidiary of the Capital One Financial Corporation, took over ING Direct in 2012 and currently offers a full suite of banking products for both personal and business use. Its online banking arm, offers fee-free savings, money market, CD and checking accounts. You can access select accounts with a free issued MasterCard debit card at any Capital One Cafe, branch or in-network ATM.

As of the latest FDIC data (December 31, 2018), the bank has $305 billion in assets and $238 billion in deposits. The bank has an overall health rating of “A+” on DepositAccounts.com, with an excellent Texas Ratio of 2.64% as of December 31, 2018. In the past year, Capital One grew its total non-brokered deposits by 7.07%, or by $15.28 billion. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.

Value of the Online Savings Account Bonus

If the 360 Money Market account keeps its 2.00% APY for the next three months, a $50k balance will earn about $250 of interest. Tacking on that $500 bonus would boost your total earnings to to about $750. That’s a pretty good chunk of change just for opening a new account. It would take about nine months to earn that much in interest without the added bonus.

If you can’t reach that $50k minimum, or your balance drops below that threshold at any time during the 90-day qualifying period, you’ll earn the $200 bonus. Not only will this drop your reward, but it will also minimize the amount of interest you earn.

All in all, this new Capital One 360 Money Market promotion is a good deal for those with balances of $50k and over. That will snag the higher bonus amount and earn way more in interest over time.

Be sure to check out our full list of savings and checking account bonus offers.