[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

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.

Useful posts regarding bank bonuses:
    Chuck
  • On August 11, 2019, 20:16

View Comments (64)

  • Fast turnaround on this one!

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

  • 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

  • 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!

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

  • 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

  • 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.

    • 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.

      • 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.

    • 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.

  • I have never ever had any relationship with Capital One of any type and I get this message on the 2nd screen after I put all my details:

    "...your Social-Security number has an account associated with it, so we can bypass all of this boring paper-work and get straight to the good stuff."

    Any clues anyone?

Leave a Comment