Update 3/21/23: Deal is back and now earns 3.4% APY. Hat tip to reader Joe M
Update 10/28/22: Account now earns 3% APY (up from 2.25%).
Offer at a glance
Maximum bonus amount: $1,000
Availability: Nationwide
Direct required: $10,000-$50,000
APY: 3%APY
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: 12/14/2022
The Offer
Capital One is offering bonus of up to $1,000 when you open a 360 performance savings account with promo code SPRING23. The bonus you receive depends on the amount you deposit within 15 days of account opening and you must maintain that balance for 90 days
Deposit $10,000+ and get $100 bonus
Deposit $50,000+ and get $500 bonus
Deposit $100,000+ and get $1,000 bonus
The Fine Print
Capital One reserves the right to withdraw this offer, with or without notice, in its sole discretion if it is determined that fraud or any other factor beyond its control is impacting the integrity of the offer and campaign.
If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
Certain deposit transactions initiated through the Capital One website to retrieve funds from your external account are subject to limits. If you are subject to these limits, in order to meet the offer requirements, you would need to initiate the deposit by another external method, such as mobile deposit or setting the initial deposit to send (rather than be retrieved from) from your external financial institution.
Here’s the full scoop on how to earn your bonus:
Open a 360 Performance Savings account between 12:00 a.m. ET on October 11, 2022, and 11:59 p.m. ET on December 14, 2022. When you open your account, ensure the promo code FALL22 is entered in the Promo Code box.
Deposit a total of $10,000 or more (Deposit Amount) of new money from externally sourced funds (transfers between Capital One accounts will not qualify) within the first 15 days of account opening (Initial Funding Period). You will earn a bonus once you’ve maintained the
Deposit Amount of $10,000 or more for 90 days following the Initial Funding Period. The amount of your bonus will be determined as follows:
$100 bonus – The new money deposited from an external bank during the Initial Funding Period was between $10,000-$49,999.99, and you maintained that Deposit Amount for 90 days.
$500 bonus – The new money deposited from an external bank during the Initial Funding Period was between $50,000-$99,999.99, and you maintained that Deposit Amount for 90 days.
$1,000 bonus – The new money deposited from an external bank during the Initial Funding Period was more than $100,000, and you maintained that Deposit Amount for 90 days.
Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above, including fulfilling the 90-day holding period. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.
If at any time during the 90 days following the Initial Funding Period your Deposit Amount drops into a lower tier, you will be rewarded that tier’s cash bonus. If your Deposit Amount decreases to an amount less than $10,000, you will not qualify for a cash bonus.This offer cannot be combined with any other 360 Performance Savings account opening offers. Only one promotional code is accepted. Bonus is only valid for one new 360 Performance Savings account. Bonuses are considered interest and will be reported on IRS form 1099-INT.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about
Early Account Termination Fee
There is no early account termination fee
Our Verdict
This account earns 2.25% APY, this is competitive but still not as good as the top rates. The bonus itself you need to keep the funds invested for 90 days, but probably closer to four months when all is said and done. This works out roughly to be an additional 3% APY, bringing it to a total of 5.25%. That makes it worth doing for a lot of people and we will add this to the best savings bonuses.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times