$500 Bonus for New Money Market Account at Capital One
Capital One has a great bonus for new Money Market accounts that is now available nationwide. You need to deposit a total of $50K, but you can make a $500 bonus.
The Offer
Open your account and deposit at least $50,000 by October 31, 2018, using promo code OFFER500 to earn an exclusive $500 bonus. Plus, you’ll earn 1.85% Annual Percentage Yield (APY) on balances of $10,000 or more.
Capital One will deposit the bonus money into your account in approximately 6-8 weeks after completing the above conditions. Once it’s deposited, the funds will be available immediately. Account must be in good standing.
Key Terms
- Deposit at least $50,000 no later than 11:59 p.m. ET on October 31, 2018
- Deposits must be from another bank (transfers between Capital One accounts will not qualify).
- If you have or have had a savings product with Capital One after January 1, 2016, you won’t be eligible for the bonus.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Conclusion
This bonus is available only to those who have not had a savings product with Capital One after January 1, 2016. To get the $500 bonus you need to deposit a total of $50,000, but you don’t have to keep the balance there after that.
Plus, you’ll earn 1.85% Annual Percentage Yield on balances of $10,000 or more, which is a very competitive rate.
HT: Doctor of Credit
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Do you get checks with this account? If you don’t get checks, how do you make a withdrawal from the account?
Came on your offer to late to use it. Any chance it will be repeated?
I wouldn’t be surprised if it did. If it does we will post a new article about it to let you guys know.
Do you have to maintain the 50k throughout the 60 days? I would like to deposit the 50k then move all but 10k out a week later. Would that disqualify me?
How long or shortest time you needed to have 500 Bonus in effect to collect to the 500 bonus ??
current CDs at banks offer 2.5% interest or more. so if you figure what 6 months at 1.65 is plus the 500 it is pretty much a wash.
If CO offered 2.5% on balance plus the 500, then you have a great deal… otherwise.. eh!
1.85% on $50,000 for 1 yr = $925. Adding $500 to that equals $1495. You need 3% to top that. How long are you going to have to tie up your money for 3%?
Comparing CDs to a money market savings account is ridiculous. There are a lot of people that have a reserve cash fund needed to transfer money around to various places as needed (i.e. checking account, college, other banks, etc.). CDs do not give you this ease or luxury and if you need the money you will most likely incur a penalty. The bottom line is that for a reserve MM cash fund this is an excellent bonus and no other savings account can beat it.
Great promo info, but it does not tell you how to sign up
All you need to do is click “Promotion Page” and it takes you to the sign up page. It’s an easy google search as well.
[…] passed across my Twitter feed yesterday that seemed like a good bank account signup bonus: “$500 Bonus for New Money Market Account at Capital One.” $500 is a lot of money, so I clicked through to check out what the requirements were. As […]