You may be most familiar with Capital One through its credit cards, which come loaded with travel reward perks. But the financial institution has more to offer via its personal banking division. Capital One 360 allows you to handle all your banking online through the mobile app or at locations nationwide, including at Capital One Cafes.
A GOBankingRates survey found that more than 30% of Americans don’t even have a bank account. Considering that many banks offer fee-free accounts and cash bonuses, not having an account is like leaving money on the table. Besides providing free checking and savings accounts, Capital One 360 offers promotions that give you the opportunity to earn cash when you sign up for an account.
- Capital One 360 Promotions at a Glance
- Current Capital One 360 Promotions in Detail
- Opening a Capital One 360 Account
- What’s a Capital One Cafe?
- Is Opening a Capital One Account Worth It?
If you have a savings lump sum of $10,000, and you’re not ready to lock down your funds in a longer-term certificate of deposit or mutual fund, you may like the following offers. Here are the current Capital One 360 promotions available when you open a qualifying savings account.
|Capital One 360 Promotions for February 2020|
|Account||Cash Bonus||Expires||Minimum Deposit To Qualify|
|Capital One 360 Performance Savings||$100||March 31, 2020||$10,000|
|Capital One 360 Performance Savings||$200||March 31, 2020||$20,000|
|Capital One 360 Performance Savings||$300||March 31, 2020||$30,000|
|Capital One 360 Performance Savings||$400||March 31, 2020||$40,000|
|Capital One 360 Performance Savings||$500||March 31, 2020||$50,000|
Compare Offers: Best New Bank Promotions and Bonuses
If you’re still not sure if opening a Capital One account is right for you, here’s some additional information. You’ll earn $100 in cash for depositing $10,000; $200 for $20,000; $300 for $30,000; $400 for $40,000; and $500 for $50,000 — just for opening a new savings account.
Besides the cash bonus at sign-up, your money earns interest at a rate of 1.70% annual percentage yield. Adding up your interest and the opening bonus amounts to a payout total of $270 for a $10,000 balance to $1,350 for a $50,000 savings balance in the first year.
Take a closer look at what a 360 Performance Savings account has to offer:
- Minimum deposit to qualify: $10,000
- Expiration date: March 31, 2020
- How to get it: Open account online; enter promotional code of NEW500
- When you’ll get it: After 90 days of funding the account — as long as you’ve maintained a daily balance of $10,000 or more
- Terms and conditions: Savings or money market account owners as of Jan. 1, 2016, not eligible
- Monthly fees: None
Capital One is a newcomer to the banking industry. Founded in 1988, it’s among the top U.S. financial institutions today. You’ll find four ways to open a bank account with Capital One. Here are your options:
- Click on the Capital One 360 promotion link; navigate to “Open Account.”
- Apply online at the Capital One open a bank account page.
- Visit a branch location or a Capital One Cafe.
- Download and apply using the mobile app.
To open a free checking or savings account, gather the following items:
- Two forms of ID: A driver’s license, passport, birth certificate or Social Security card
- Proof of address: A utility bill, mortgage statement, apartment lease or similar
The Capital One Cafe is a unique setup with a casual atmosphere. You can do your banking, just like you would at a traditional bank location. You can pick up a Peet’s Coffee drink, meet with friends or hold a business meeting or conference. Plus, you don’t even have to have an account to visit.
Besides serving as a bank branch, the cafes hold free special events and workshops on money basics, tax planning and lifestyle topics such as vacation planning. Certified life coaches are available by appointment for free one-on-one sessions to answer your questions about money and help you set your financial goals.
If you’re comfortable with mobile or online banking, the free bank accounts, combined with Capital One 360 promotions, may be worth your while. Traditionalists who prefer to visit a bank branch will find that Capital One does offer banking locations in larger cities through Capital One Cafes and other locations, although the number is limited.
Taking advantage of the current promotional offer when you open a 360 Performance Savings account will get you a one-time bonus of 10% of the account minimum required. You’ll also earn an interest rate of 1.70% APY on your balance, making Capital One a good option — without all the fees.
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Rates are updated periodically and subject to change. All other information on accounts is accurate as of Jan. 29, 2020.
This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Capital One.
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