Update 4/13/22: Deal is back, subject line is ‘🎁 Earn up to a $450 bonus💰’. Must deposit by May 13, 2022 and hold until August 12, 2022
Update 11/19/21: Deal is back. Must deposit by 12/17/21, must hold until 3/17/22. Hat tip to reader Peek.
The Offer
Direct Link to offer (note: there’s targeted language there)
- Capital One 360 Money Market customers who deposit $50,000.00 or more from an external bank account into your 360 Money Market account will receive $450 bonus. Must maintain the daily balance of the new amount deposited in the account until 11:59 p.m. ET, August 20, 2019.
- Capital One 360 Money Market customers who deposit $20,000 – $49,999 from an external bank account into your 360 Money Market account will receive $150 bonus. Must maintain the daily balance of the new amount deposited in the account until 11:59 p.m. ET, August 20, 2019.
The Fine Print
- This bonus offer is meant only for the original recipient. Please don’t share it.
- Funds transfer must occur between 12:00 a.m. ET on May 9, 2019, and 11:59 p.m. ET on May 22, 2019.
- Transfers between Capital One accounts will not qualify.
- A portion of your balances from your 360 Money Market account that have been withdrawn and redeposited back into that account will also not qualify.
- If your daily balance drops to the lower tier at any point between 12:00 a.m. ET on May 23, 2019, and 11:59 p.m. on August 20, 2019, you’ll earn the lower tier bonus. If you make additional deposits after May 22, 2019, to reach the higher tier, you’ll only be eligible for the lower tier bonus.
- This offer cannot be combined with any other Capital One Bank or Capital One 360 offers.
- The bonus is only valid for one account.
- Capital One will deposit the bonus into your 360 MMA account within 60 days following August 20, 2019.
- If your account is in default, closed, suspended, or otherwise not in good standing, you will not receive the bonus.
- The 2.00% Annual Percentage Yield (APY) applies to the entire account balance for accounts with balances of $10,000 or more; 0.85% APY applies to the entire account balance for accounts with balances less than $10,000. Rates are subject to change at any time after account opening. We use the daily collected balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Our Verdict
Account now earns 0.30% APY now, making it significantly worse.
The Capital One 360 money market earns a respectable 2% APY interest so long as you have $10,000+ in the account (.85% if balance is lower). You need to leave the $50k in the account for around 3 months to get the bonus. Overall, you may lose a bit by transferring the funds from another account which earns more, but you’ll be getting around 3.5% bonus from the $450 bonus, so overall you’re coming out nicely ahead.
An email blast was just sent out today about this offer; many readers sent it in. The fine print states that the offer is only for the email recipient so it’s apparently targeted; it may have been sent out to all 360 Money Market account holders. Just be aware that if you’re lazy and end up leaving the funds there for a while instead of another bank where you earn, say, 2.50% APY, you can end up eating into the $450 bonus.
If I’d gotten this offer, I’d go for it. There’s a similar bonus of $500 for opening a new Money Market account and funding it with $50,000; many people are not eligible for that offer because we have or had any savings product (savings or money market) from Capital One since 2016.
