Capital One Direct has an interesting promotional offer going with their “Interest Plus Online Savings Account.” Currently when you open one of these online savings accounts you will not only receive an interest rate of 1.60% APY (national average sits at 1.05% APY) but also a 10% bonus on your interest earned (paid quarterly).

For example, if you maintain a balance of $15,000, which is the minimum requirement for this bonus rate, you will receive $240 with the 1.60% interest rate, then an additional $24 as an added bonus ($240 x 10.0% Bonus = $24.00).

Capital One’s savings accounts are FDIC insured and available to consumers nationwide.

Details of InterestPlus Online Savings by Capital One:

• It starts with a great rate: You’ll earn a 1.60% Annual Percentage Yield (APY)* on balances of $2,500 or more. That’s one of the highest rates you’ll find in a savings account.
• Quarterly bonus: You’ll get a 10% bonus on your interest earned four times a year. Just keep an average balance of $15,000 in your savings account each month or use a Capital One credit card at least once a month to qualify.
• Never charged for any fees: Rest easy knowing fees don’t apply to this account.

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