If you’re looking for a way to grow your savings account, signing up for a bank account bonus is a good route. Basically, banks will pay out a bonus to get you as a new customer. Typically you’ll have to deposit a certain amount of money, and leave it in the account for a certain amount of time, in order to earn the bonus.
Right now, Capital One is offering a cash signup bonus of between $100 and $500, depending on the amount you deposit into their savings account. You can use code SCORE500 to earn a bonus of up to $500!
Capital One Savings Account Bonus
- Deposit $10,000, earn a $100 bonus
- Deposit $20,000, earn a $200 bonus
- Deposit $30,000 earn a $300 bonus
- Deposit $40,000, earn a $400 bonus
- Deposit $50,000, earn a $500 bonus
To earn the bonus, you must follow this link and sign up using code SCORE500. You must then transfer in the funds within the first 10 days of account opening. Lastly, you need to maintain the required balance for 90 days following the initial funding period.
Be sure to sign up before May 31st, 2020. The promotion may be extended, but right now the deal expires at the end of May.
You will be enrolled in the Performance Savings account from Capital One. This is a competitive savings account even without the bonus, as it earns 1.5% APY. The account has no monthly or annual fees, no minimum balance, and is FDIC insured.
How to Get the Capital One Savings Bonus
If you’re looking for a step-by-step guide, here’s how to go about getting the Capital One $500 savings bonus:
- Follow this link to open a new 360 Performance Savings account by May 31, 2020.
- Use promo code SCORE500 during the signup process
- Deposit $10,000 or more in new money within the first 10 days after signing up (this cannot be money that you already have in a Capital One account)
- Maintain the balance for 90 days after the initial funding period (100 days total)
- Earn a bonus based on your lowest daily balance during the 90 day period.
- You will earn between $100 and $500, depending on how much you deposit ($10,000 to $50,000+)
- The bonus will be deposited into your account within 60 days after the end of the 90 day bonus period.
And that’s it! And remember, in addition to the bonus cash, you’ll also earn a very competitive 1.5% APY interest rate on the money you have deposited.
Keep in mind that the bonus amount will be based off of your lowest daily balance during the entire bonus period. This means that you need to deposit the funds, and keep the balance high for the entire 90 day period. If you deposit $50,000 but then withdraw $20,000 before the 90 days are up, you will only receive a $300 bonus, as your bonus will be based off of a $30,000 balance.
Other than that, this bonus is fairly straightforward. The account itself is quite simple as well – there are no fees to be concerned about, and Capital One has a good reputation.
The 360 Performance Savings Account
This bonus is for the Capital One 360 Performance Savings account. This account offers the following features:
- 1.5% APY
- Interest is approximately 5x the national average
- No account balance minimums (although there is a $10,000 minimum to get the signup bonus)
- No monthly fees
- No account termination fee
- Available nationwide in the US
- Soft credit pull to open
- No debit or ATM card included; this is a basic online savings account, not a checking account
Overall, this is a great online savings account to park some money in, earn a great interest rate, and score a generous cash bonus. It’s a simple account, with no bells and whistles – but also no fees.
Capital One Savings Bonus Fine Print
- Open a 360 Performance Savings account between 12:00 a.m. ET on April 16, 2020, and 11:59 p.m. ET on May 31, 2020. When you open your account, enter your promotional code—SCORE500. If you have or had an open savings and/or money market account (excluding CDs, IRA savings accounts and Kids Savings accounts) as a primary or secondary account holder with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
- Deposit a total of $10,000-$50,000 or more of new money from an external bank (transfers between Capital One accounts will not qualify) within the first 10 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained a daily balance of $10,000 or more for 90 days following the Initial Funding Period. Your bonus will be calculated as follows: an account with a daily balance between $10,000-$19,999.99 will earn $100; $20,000-$29,999.99 will earn $200; $30,000-$39,999.99 will earn $300; $40,000- $49,999.99 will earn $400; $50,000 or more will earn $500. If at any time during the 90 days following the Initial Funding Period your daily balances drop into a lower balance tier, you will be rewarded that lower tier’s cash bonus. If your daily balance decreases to an amount less than $10,000, you will not qualify for a cash bonus.
- This offer cannot be combined with any other Capital One 360 new savings account opening offer, including savings accounts opened through Refer A Friend. Only one promotional code is accepted. Bonus is only valid for one account.
Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.