Capital One Offers $100 Bonus for New 360 Checking Account

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Deal Summary: $100 bonus for opening a new 360 Checking account.

Availability: Nationwide through online application.

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

360 Checking

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.10*%--Capital One360 Checking
Rates as of September 23, 2020.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.65%--Capital One360 Performance Savings
Rates as of September 23, 2020.

Please refer to my review of the 360 Performance Savings Account for more details.

Availability

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.

Bank Overview

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.

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

Comments
jofr4646
  |     |   Comment #1
So, capital one is cutting credit limits, and canceling credit cards, my credit card was closed before I could take that vacation to europe, quick sliver was quickly gone. Check it out online.
samiam
  |     |   Comment #2
I have never had an account with Capital One, so I filled out an application for this bonus. After I put in all of my information, Capital One asked me if I wanted to fund it now or later. I clicked now and I received a message stating that they can't open an account for me because I already have one. I waited to speak with a CSR. He asked for my social security number, searched his system, and told me that he cannot find any account for me. I asked to speak to the supervisor and he also wasn't able to find an account for me. If a bank can't find you using your social security number, phone number, and street address, they must have a very poor computer system! No bonus for me since I'm not allowed to sign up because I supposedly already have an account with them. I just told both of them to close my "ghost account" and send me all the money that I have with them. And once again, they could not find an account for me!!! I find it extremely odd that their computer states that I do have an account with them, but is unable to let anyone see it.
P_D
  |     |   Comment #3
Scary. I've never heard of that one.

A possible explanation that fits the facts is that you put in the wrong SS# by mistake on the application. Another possibility is that something went wrong and the application was never actually submitted.

Is there a possibility you made a mistake? Did you receive confirmation that the application was submitted?

I would want to get to the bottom of it because your private information is involved and you should find out what happened to make sure you are not at risk for fraud. I'd probably want to speak with their fraud department and see if they can find the application you submitted to determine what happened.
samiam
  |     |   Comment #9
Yes, I put in my correct social security number. Their system showed a picture of a cactus with the phrase, "We've hit a snag" long after I put in my social security number. That is as far as I got with my application. But even if I did put in my wrong social security number, you would think that by using my name, address, phone number, and date of birth they should have turned up any accounts that I had with them. But as I stated earlier, they were not able to find me.

I think deplorable_1 hit the nail on the head. I think once, a long time ago, Capital bought out a bank that went under where I had some funds. I mentioned this to both the CSR and the supervisor, but still they weren't able to find an account for me. I told them that if they bought out a bank, they would have also bought out the old bank's account information. Still, nothing.

Oh well. It's not really worth pursuing it from here.
deplorable_1
  |     |   Comment #5
This is why I won't do the Capital one bonuses because I used to have 2 ING direct accounts I opened for the bonuses years ago and I have a feeling you may have had one as well. This would explain your "ghost account". The ghost of ING direct may still be haunting us.
samiam
  |     |   Comment #13
Yes, that's probably the case. But in my circumstance, ING bought out Net Bank when they failed. I did have accounts with Net Bank, so I'm sure that I ended up in ING's computer system somewhere. And even though the CSR couldn't find my name anywhere, I'm sure that is where it came from.
enduser
  |     |   Comment #6
These debit card demands always kill it for me. I refuse to use debit & ATM cards for any reason. This offer is not worth the headache for $100 IMHO. By the end of 2020 I will have closed the year with exactly $4000 in bonuses. One of my best bonus runs to date. In 2019 I made $1300 in bonuses, and in 2018 I made $550. This year I will have made more in bonuses then I will in interest.
Rickny
  |     |   Comment #7
end-user I agree with you. I only do bonuses that do not require debit purchases. When I open a bonus account I note on my calendar when the bonus is credited and I can close the account.

I opened a 11 month NP @ 1.75% with Ally a while ago with a $250 bonus right before rates dropped. I was prepared to close the CD when the bonus was credited but 1.75% is a good rate so I'm keeping that one opened till it matures early 2020.

I did open a Chase Savings Account a few weeks ago with a $200 bonus. It took me less than a minute to open and fund as I'm already a Chase customer.

I had a Cap One savings account years ago so I don't try for any of their bonuses. 4 Cap One branches near me all closed.
P_D
  |     |   Comment #8
I also agree about the debit card deals. I don't have the time or interest (no pun intended) for that. And I don't have any real Direct Deposits to use for deals that require those. So bonus or RCA opportunities are limited for me unless I am willing to do trial and error to see which ones you can bend the rules on and that's just a bridge too far.

Have a couple of large Ally NPs @1.95% coming due in November. Total is quite a bit. These are trust accounts that I want to keep mostly liquid or short so opportunities are thin. Probably going to have to take a big hit on the income from those, but that's the breaks.

Have a few other things in November that are also probably going to have to take a hit. But everything else is cozy for quite a while with a decent multi-year plan in place. I scrambled and twisted last year so I wouldn't have to suffer this year and so far the results are pretty good. Could have done more, but also have other responsibilities and time is limited. I'm happy so far.
Hooked
  |     |   Comment #10
Posters at Doctor of Credit say this is extremely easy to sign up if you already have a Savings or Money Market account with Capital One. To meet the $300 spend, they say you can use the debit card to buy a money order, pay Citibank credit card (by phone), etc. Unfortunately I have a Checking from the ING days and will not qualify for this bonus. Still doing their targeted $450 Money Market bonus though.
P_D
  |     |   Comment #11
I too had an ING account that converted to CO. But this deal says:

"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."

So unless your ING account converted to a 360 Checking account (as mine did) and you still had it open on or after Jan 1, 2018, the fact that you had an ING account shouldn't make any difference.

I finally closed my 360 Checking account after years of barely using it but I think I closed it after that date. The ING ghost shouldn't have any relevance here. But there could be some evidence that their system isn't abiding by that fact.
Hooked
  |     |   Comment #12
Thanks, PD. Like yours, my ING account was converted into a 360 Checking. Didn’t even notice I had the account but have closed it now.
Earn Up To $500 When Opening a New Capital One 360 Performance Savings
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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 May 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 May 31, 2020, using promo...
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Availability: Nationwide

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Availability: Nationwide

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