As we’ve started to experience record low interest rates, bank bonuses are becoming more attractive as an alternative to earning interest. This new checking account bonus from Capital One is much smaller than the savings account bonus Capital One offered earlier this year, but it's an easy bonus in which you can earn $100 without a large funding amount or direct deposit.
Now through October 20, 2020, Capital One is offering a bonus of $100 when opening a new 360 Checking account with promotional code CHECK100. The only requirement is to spend at least $300 with your Capital One 360 Checking debit card within 90 days of account opening. The bonus will post to your 360 Checking account within 60 days after your 90-day spend period ends. If you have or had an open 360 Checking account as a primary or secondary account holder with Capital One on or after January 1, 2018, you're ineligible for the bonus. Full details are described at this Capital One promo page.
Many thanks to DA reader, Hooked, for posting this bonus deal in the Forum
Capital One used to offer a competitive interest rate for large balances on the 360 Checking. That ended in late 2019 when the rate fell to 0.20% for all balances. The rate fell again in late May. The interest rate is now only 0.10% for all balances.
Even though it offers little interest, it is a free checking account with no monthly maintenance fees or balance requirements. Paper checks are available, and the first checkbook (50 checks) is free. After the first order, Capital One charges $7 per 50 checks or $11 per 100 checks.
360 Performance Savings
Last week I reported the disappointing news of the rate cut of the 360 Performance Savings Account. The rate fell from 0.80% to 0.65%. This new rate is the lowest online savings account rate seen at Capital One or at ING Direct. The 360 Performance Savings Account is only about one year old. It’s the third online savings account that Capital One has offered since it converted the ING Direct Orange Savings Account into the Capital One 360 Savings Account.
Please refer to my review of the 360 Performance Savings Account for more details.
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.
To open the 360 Checking Account and qualify for the bonus, select the “open now” button on the 360 Checking bonus landing page and make sure that the promo code CHECK100 is entered.
Applying for the 360 Checking Account used to always result in a hard credit pull (which can affect your credit score). According to this Capital One FAQ, a hard credit pull is only done now if you choose to apply for the Overdraft Line of Credit.
Capital One now allows you to designate Payable on Death (POD) beneficiaries on accounts. Up to 10 individuals can be designated beneficiaries. This capability was added in 2018. For details of the limitations and account management features, please refer to this post.
Capital One still has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.00% (excellent), based on June 30, 2020 data. In the past year, Capital One has increased its total deposits by $48.48 billion, an excellent annual growth rate of 19.93%. Please refer to our financial overview of Capital One (FDIC Certificate # 4297) for more details.
With assets in excess of $363 billion, Capital One is currently the ninth largest bank in the country. Besides having a large branch network (445 branches) in nine states, 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.
Other Bank Promotions and Bonuses
Not eligible for Capital One’s checking bonus? Check out DA’s latest bank and credit union bonus offers page to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.
The above rates are accurate as of 8/31/2020.