Capital One's online savings account sign-up bonus: $50

October 8, 2009 No Comments »

capital one checking bonusUpdate – Capital One is no longer featuring a $50 bonus with their online savings account, nor is their online savings account featuring a rate of 1.60% APY. As of 2012, their current savings rates are on par with the nation’s other largest banks – and that is quite miserable. They have, however, acquired ING Direct and are in the process of integrating their products into their system. You can still sign up for the $50 online checking bonus from ING Direct here.

Due to the fact that savings rates are at all time lows, no banks or credit unions are offering sign up bonuses with these accounts at this time. With the FED providing extremely cheap capital to banks, they have little need to compete for consumer deposits. The FED has most recently cited 2014 as the year in which they will consider raising rates.

Scroll through our database of online savings accounts to find today’s most lucrative offers.

- Offer from Archive -

Capital One has a pretty decent promotion going on with their online savings account. Thanks to BankVibe reader James for tipping us off on this one!

When you sign up for Capital One’s online savings account and fund it with at least $10,000 they will toss in an extra $50 into your account. This account is also yielding a fairly respectable 1.60% APY.

Click here and use the promotional code: SAVER50DF

…So if my math serves me correct, this account essentially yields an APY of 2.10% APY for the first year when you add in the $50 bonus (assuming you only fund it with the minimum balance required -$10k).

Quick breakdown:

$50 is 0.50% of $10,000.

add the 0.50% to the 1.60% they already provide and you have just netted yourself a 2.10% APY.

As of the date of this post, the national average for money market rates sits at roughly 1.25% APY  – to put this offer in perspective. If you know of a more lucrative online savings offer, please share by leaving a comment!

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