[Expired] Capital One Money Market $500 Bonus + 2% APY (Requires Deposit of $50,000)

Deal has expired, view more bank account bonuses by clicking here

Update 8/11/19: Deal is back with a new promo code ‘CASH500’. Hat tip to reader BuckStacker

Offer at a glance

Maximum bonus amount: $500
Availability: Nationwide
Deposit Required: $50,000+
Deposit Length: 90 days from account opening
Hard/soft pull: Soft, as long as you opt out of overdraft protection
ChexSystems: Mixed
Credit card funding: None
Monthly fees: None
Early account termination fee: None
Household limit: None listed
Expiration date: ~~August 31st, 2019~~ September 22nd, 2019

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
4 Our Verdict

The Offer

Direct link to offer

Capital One is offering a bonus of $500. To receive the bonus you must use the promo code CASH500 & deposit $50,000 within the first 10 days of account opening and then maintain that balance during the following 90 days.

The Fine Print

Open a 360 Money Market account between 12:00 a.m. ET on August 1, 2019, and 11:59 p.m. ET on August 31, 2019.
When you open your account, enter your promotional code—CASH500. If you have or had an open savings product (excludes CDs) with Capital One on or after January 1, 2016, you’re ineligible for the bonus. This account is subject to approval.
Deposit $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 the $500 bonus once you’ve maintained a daily balance of $50,000 or more for the first 90 days following the Initial Funding Period.
This offer cannot be combined with any other Capital One Bank or 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 following the 90-day period. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
A rate of 2.00% Annual Percentage Yield (APY) applies to accounts with balances of $10,000 or more. A rate of 0.85% APY applies to accounts with balances less than $10,000. Advertised rates are effective and variable as of 6/6/2019. Rates are subject to change at any time after account opening.
To calculate interest, we apply a daily periodic rate to the principal in the account each day.
360 Money Market accounts don’t have debit cards or check-writing capabilities.
There’s no monthly cycle service charge for this account, and no minimum balance required to open or maintain the account. Accounts are subject to statement cycle transaction limits. This account is a consumer-only product. If you have an Individual Taxpayer Identification Number (ITIN), you cannot open an account online. You may open an account in a branch using your ITIN if you’re a U.S. person for tax purposes and can complete an IRS Form W-9.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.

Avoiding Fees

This account has no monthly fees and there is also no early account termination fee.

Our Verdict

Offer is similar bonus amounts to what we’ve seen in the past from Capital One. This bonus appears to be publicly available for anyone, though many people won’t be eligible due to having a Capital One savings product since 2016 (“savings product” seems to include both savings accounts and money market accounts).

You do need to tie up the funds for 90-100 days. The good thing is that the account earns a competitive 2% APY interest rate. Personally, I’d probably go for this bonus if I wasn’t an existing Capital One savings customer. We’ll add this to the best bank bonus page. Keep in mind that cumulative deposits no longer work for these Capital One bonuses.

Big thanks to reader AKJohnny who let us know about this offer. Learn how to find bonuses and contribute to the site here.

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64 Comments

newest

oldest most voted

Stephen (@guest_863251)

December 31, 2019 13:11

#863251

Fast turnaround on this one!

DP:
9/20 Opened account
9/26 Funded $50k
12/30 $500 bonus posted to account

Tom (@guest_834816)

November 4, 2019 08:19

#834816

This was for the SPREE500 $500 bonus with $50,000 deposit

Opened account on : 07/15/2019
Date $50,000 posted: 07/17/2019
$500.00 bonus paid on: 10/28/2019
$282.42 Total interest earned through 10/31/2019
Combined total earnings: $782.42
Total days: 106
Interest Rate, first 2.00% then dropped to 1.90%
Equivalent combined bonus & Interest rate: 5.36225%
Equivalent combined bonus & Interest APY: 5.49602%
ACH Pull on: 11/04/2019
Close account on: 11/06/2019

dKailers (@guest_826944)

October 18, 2019 01:17

#826944

New bonus out as of 10.18.19 –

Use the code SAVE1000 to earn $200 on $10,000 or $1,000 on $150,000 if opening an account before December 31st, 2019. Must have that amount in the account for 90 days or more.

I don’t know if this is targeted, but seems like a great deal!

Johnny (@guest_821902)

October 10, 2019 17:04

#821902

6/25/19: Account opened with $50,200
10/10/19: Bonus posted

BR (@guest_814790)

September 25, 2019 17:02

#814790

Data Point:
6/16/19: Account opened with $50,050 from EBSB
6/18/19: Initial deposit posted
9/24/19: Bonus posted

LinusP (@guest_813465)

September 23, 2019 11:50

#813465

Looks like the deal was pulled after the stated expiration date (yesterday) – glad I was able to get in on this one. I suspect their expiration date was 9/22 because 9/22 + 10 days funding period + 90 days holding period = 12/31

Mr G (@guest_811705)

September 18, 2019 16:39

#811705

Chuck Interestingly I just noticed the 360 Money Market account is no longer listed under the types of Savings accounts offered on the Capital One site. It is now called “360 Performance Savings” which unlike the MM does not have a $10,000 minimum to get the 1.90% interest rate. I logged into my account and it still shows I have a 360 Money Market.

https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/

Mr G (@guest_811183)

September 17, 2019 13:22

#811183

Interest rate dropped to 1.90%

Ken (@guest_807514)

September 8, 2019 13:02

#807514

Will they tell us if we’ve had a Capital One savings account previously? I have a current checking account with them but can’t remember if I’ve had savings and I don’t have it in my notes going back to 2015 when I started doing these bonuses.

DP719 (@guest_807554)

September 8, 2019 14:56

#807554

Ken

Ken – couldn’t you just log on to your account and see whether you also have a saving in addition to checking? Or, sign up online and there should be a screen which says, ‘You’ve successfully opened….etc. To Earn a bonus your account must be funded… etc ’. Or, just call them to make sure you are eligible for the bonus before you fund.

Ken (@guest_810533)

September 15, 2019 20:22

#810533

DP719

If I did have a savings account and it was closed it wouldn’t show up in my login.

Tom (@guest_815458)

September 27, 2019 08:01

#815458

If you go in the statements section it shows statements for previous accounts held. When I log into my current account I can see the statements from a account that I had previously closed back in 2014.

Ken (@guest_815508)

September 27, 2019 10:22

#815508

Tom

Unfortunately it doesn’t show the acquired banks like ING and that will disqualify for these bonuses but I can’t find out if it was savings or checking.