Capital One Direct Banking is offering another $50 bonus to open a savings account or money market account online. To get the bonus you need to open an account and fund it with at least $10,000 by 11/25/2009.
Details of the offer include:
- Online available to accounts opened online
- Must have opened account with offer code SAVER50DF and funded it with $10,000 by 11/25/2009
- This account must remain open 4-8 weeks after 11/25/2009 during which time the bonus will be deposited into your account.
The savings and money market accounts are currently paying 1.60% APY which is currently the 20th amongst the best savings account rates on the BestCashCow rate tables. That's competitive.
Let's do a little math. If you deposit $10,000 and get a $50 bonus, that's a .5% return. Add that to the 1.6% APY and you get an 2.1% APY, which would put it third on the rate table for return. If you deposit more money then that return will go down.
Capital One also has a Costco account. Costco members can open a savings account that currently yields 1.75% APY instead of 1.6% APY. With that bonus, the Capital One account would have the top 1 year APY for deposits of $10,000.
ACH Transfers Improved
As reported by BankDeals, Capital One Direct has also improved the speed of its incoming ACH transfers. Incoming transfers now post the next day as long as the transfer is made for 7:00 PM. Outgoing transfers though still take 2-4 business days. To me, the outgoing transfer speed is the bigger issue. If I need the cash, I want it quick. I'm less concerned about losing a day or two of interest on the way in.
Please share any questions or experiences you've had with this account and bonus.
Comments
jojibro
October 12, 2009
FYI:
MM int is now 1.21% NOT 1.6%(good only for online savings $10k & above).
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