The banking industry is literally littered with giants that have been at it for hundreds of years. Capital One, however, is an exception because it has been around for just 25 years, and in that short period, this bank has become a powerhouse.
You will remember a few years ago; their fame grew rapidly as a result of their amusing “what’s in your wallet?” commercials for credit cards. Many people lined up after this to open accounts with them, and now, they are at it again with excellent products and bonuses for their existing and new clients.
Most of Capital One 360’s banking activities are conducted online through their cellphone app. You can open their savings and checking accounts for free online. You also do not require any minimum balance to maintain these accounts.
Before we talk about the promotions and bonuses they have on offer, we must understand who they are.
Who are they?
Capital One was formed in 1995, when the Signet Financial Corp – which has since been gobbled up by the Wells Fargo group, spun off of its credit card division – OakStone Financial, as an independent company. This company was then renamed Capital one.
In the beginning, it was a “monoline bank,” which means that it derived most of its revenue from one product. This was credit cards. They then started flirting with auto loans and mortgages for a couple of years, just to test the waters.
Their real breakthrough, however, came in 2012, when they purchased the ING group’s direct banking operations and rebranded further to form the now Capital One 360.
Capital One 360 is mainly an online bank, whose clients can find their branches in eight US states – Connecticut, Louisiana, Delaware, Maryland, New York, Virginia, Texas, and District of Columbia.
In other select cities, the company is testing the Capital One Café concept, which will be a hybrid limited branch location with a full-service coffee bar. Quite unique and exciting! Well, for some, it’s a little bit bizarre, but I think it demonstrates how Capital one is leading the way when it comes to rethinking the stodgy banking approach.
How does Capital One 360 work?
Most people don’t understand the idea behind the capital one. A bank that has few to no branches at all and almost all of their services are done online?
Well, banking really is at the core of Capital one 360’s practices. Their personal banking offers checking and savings accounts and investment opportunities such as the Certificates of Deposits and Money market accounts.
They have few brick and mortar locations, but their first and foremost mode of doing business is through online banking. In fact, if you visit one of their branches, you shall only receive a limited number of services, as compared to logging into their online portal.
This could actually be their biggest drawback as it limits their customer base, but for people who appreciate how convenient online banking can be, this is the best form of banking ever!
However, a few things can be frustrating even to a tech-savvy person. Things such as check deposits, where you are required to take front and back photographs of the checks using your mobile phones can spell disaster if you need it to be clear and legible. Getting the right focus and lighting is a problem because there is a certain clarity required for such transactions.
The 360 checking account:
At Capital One 360, their checking accounts are actually interest-paying accounts, and currently they are paying from APYs from 0.20% to 1.00% for balances of $50,000 – $100,000. This is good enough, considering the industry average is 0.06%.
There are however other banks that have been able to beat these Capital One rates, such as the Ally Bank, that pays an APY of 0.60% on all accounts that have a daily balance of more than $15,000 although their rates for lesser balance is lower than Capital One.
What makes this account attractive?
What you will appreciate most about their checking account is the fact that it is absolutely free. That’s right; they charge zero maintenance fees. They even throw in a checkbook for you when you open a checking account.
You also get to use the 360 cards to access the more than 40,000 Capital One, and the Allpoint branded ATMs across the country for free. There is no minimum amount of money required to open or maintain their accounts.
As if all that is not enough, Capital One 360, does not charge you anything when you need to use your debit card abroad. You don’t even need to make a call to the bank alerting them that you shall be globe-trotting. No. wherever you are, you are free to use their card.
With all of these great benefits, you must be wondering how comes you’ve never used this bank? How has it never crossed your mind? Well, the good news is that I am here to give you as much information as possible about Capital One 360, and I will go a step further and tell you about the bonuses and promotions that are currently ongoing.
The 360 MONEY account:
This is another cool product offered by Capital One. A MONEY account.
Their MONEY account is a checking account for teenagers. It helps them understand what saving is all about, and in addition, they have the opportunity to earn interest on their account. This is a big deal account because most teenagers are never interested in banking, but since this is an online bank, it just could be the motivation they have been looking for.
The account doesn’t charge any fees of operations, and neither does it have a minimum balance, and it pays a 0.25% APY interest on all balances in the account.
Account-holders also get access to real-time alerts on SMS that help them keep track of their spending habits, and you can always tell when the account balance is getting too low.
This account provides a great opportunity for parents to teach their teenagers about money, spending, and saving. They can also start their own college fund with this account.
The 360 Savings account:
Of course, there is a saving account. This plays a very big role in the bank’s overall performance as it is one of their most popular and most profitable accounts.
The Capital One’s 360 saving account pays a not too shabby APY of 1.00%. If you consider that there are no monthly charges or minimum operating balance, then this is quite a sweet deal, and you can use the 360 apps to make deposits into the saving account.
Frankly speaking however, there are banks that have better rates, such as the CIT Bank that offers 1.55% APY, on deposits up to $250,000 and 2.15% for anything above that, but this particular bank does not offer to check accounts, and it charges for operating the account as well, which means that Capital one is still able to look attractive to the ordinary saver.
If your balance exceeds the $10,000 mark, you can also partake in the 360 Money Market account that has an APY of 2.00%, and has no fees. I shall talk about this later on.
Other products offered by Capital One 360 includes the Certificates of Deposit that have a very high APY. I shall also discuss this later on.
Capital One 360 Bonuses and Promotions:
Having established themselves as one of the largest financial institutions in the US, this bank currently has got over 500 convenient branch locations spread out nationwide. They have a driven and dedicated team whose main purpose is to offer you fantastic products and services.
When you open a 360 Money Market account with this bank, you shall be required to deposit $50,000 or more within the first ten days, and ensure to maintain this balance for the next 90 days so you can enjoy the benefits and bonuses associated with the account.
Once you accomplish all of the requirements, you shall not only receive a $500 bonus in your account, but you shall also get to earn 2.0% APY on any balances that exceed $10,000. That is quite an incentive.
In addition, this account doesn’t have any monthly operational fees, and you get to keep all of the bonuses you earn.
Open an account by September 22, 2019, using promo code CASH500 to begin earning your cash bonus.
This account shall also earn you a 0.85% APY when your balance is below $10,000.
A money market account is one of America’s best saving account, and most banks offer attractive APY’s on balances above $10,000.
You must open a 360 Money Market Account on any date that falls between August 1, 2019, at 12:00 am ET and 11:59 am ET on September 22, 2019.
Once you open the account, enter the promo code I have listed above – CASH500. If you happen to already have a savings account other than a certificate of deposit, by January 1, 2016, you are not eligible for this bonus.
Next, you must deposit $50,000 or more in new money from an external bank – this means that you cannot assume the deposits you already have with Capital One, but you must deposit new money within the first ten days of account opening. This is the Initial Funding Period.
You shall earn the bonus of $500 once you maintain a daily balance of $50,000 or more in the first 90 days of opening the account.
If however, you maintain the account balance at only $10,000, you shall only earn a bonus of $200.
This offer cannot be combined with other Capital One Bank, or Capital one 360 savings account offers, which includes savings accounts that were opened through the Refer a Friend promotion. Only one promotional code can be accepted at a time. The bonus is only valid on one account.
The Capital One 360 Bank shall deposit the bonus in your account within 60 days following the 90 days. In case your account is in default, suspended or even closed, or in not so good standing, you shall not receive the bonus.
Capital One 360 Money Market account summary:
$0 – $9,999.99
$10,000 and above
Combined with the cash bonuses, Capital One 360 estimates that an account holder with a $10,000 balance could easily end up with a $400 payout in one year, while a customer with a $50,000 balance can make up to $1,500.
Because of its high minimum deposit, this is a good account to store lots of cash that you will need soon, plus there is the added advantage of earning some good cash in the process. It is, however, not a great idea for a few thousand dollars.
It is essential to note that the bonuses offered at Capital One 360 are subject to taxes, just like other interest-bearing accounts. If you earn interest from any of their accounts, you shall be required to fill the Form 1099 – INT. from the bank to include in your tax returns.
If you are a new client, who has never had a Capital One 360 account before, then, you stand a chance to earn a $25 bonus when you open a new Capital One 360 Checking account or a 360 saving account.
A new money market account can also earn you bonuses ranging from $25 – $100. This will, however, depend on the deposit amount.
Summary of bonus:
Expiry date: This particular offer is still ongoing
Bonus Amount: You shall earn a bonus of $25 on a Checking account, or a $25 on a Savings account, or $25-$100 on a Money Market account.
Eligible Accounts: These are: Capital One 360 Checking, Money Market account, and the Savings account.
Availability: This offer is available Nationwide
Monthly Service Fee: No fees on any of the accounts.
How to earn from the Savings Account:
In the 360 Savings account, bonuses shall only be paid for accounts that have an initial opening balance of at least $250. The initial deposit doesn’t include the bonus amount.
The $25 bonus is only available to new Savings account holders. The bonus shall be deposited into your account automatically when you deposit the money upon opening. The bonus can also earn interest if you do not withdraw any amount within 30 days. This is after all of the requirements have been met.
How to earn from the Money Market Account:
The bonuses shall only be paid to accounts that are opened with an initial deposit of at least $250, and this shouldn’t be from an existing Capital One 360 account. This initial deposit should not include the bonus amount.
Again, bonuses are only available to new 360 Money market account holders and new accounts.
If you deposit $10,000 in the account, you shall earn a $25 bonus, and if you deposit anything above $10,000, you shall earn a bonus amount of $100.
The maximum bonus amount is $100. This is automatically deposited into your account upon account opening, and the bonus shall start earning interest when received. It shall, however, become eligible for withdrawal after 30 days, once all of the requirements have been met.
How to earn from the checking account:
With the checking account, bonuses are paid for accounts that have been opened with an initial deposit of at least $250. This should be from a non-Capital one account, which means it should be new money only.
In addition, you must have a total of 3 Debit Card purchases, or you should have made a Person2Person payment or any of the above two combos. These should be posted to the account within the first 45 days of opening the account.
The initial deposit should not consist of the bonus amount. The $25 bonus is only available to new account holders only.
This bonus is automatically deposited into your account on the 50th day. This is once all of the requirements have been met, and it shall start earning interest upon deposit and available for withdrawal immediately.
Refer a friend bonus:
Once you have opened either the Capital One 360 Checking or Savings account, you can now start referring your friends and family.
All you have to do is log into your online account, click on the “refer a friend” link and start referring them via all social media platforms – Facebook, Twitter, or even email, using your own referral link on the site.
Referrals can earn you $20 per referral and up to a total of $1,000 in bonus money. If you are able to entice your friends and family, they can also sign-up for bonuses by meeting the requirements on the offer pages.
Summary of referral bonus:
Expiry date: This offer has no expiry
Bonus amount: A maximum of $1,000 in total.
Eligible accounts: You can make referrals if you have any capital one 360 accounts.
Availability: The offer is available from any state Nationwide.
Minimum opening balance: The referred must make a deposit in their new accounts of at least $250.
Other requirements: The person you refer must use your referral link and deposit $250 in their new accounts.
The $250 shall be unavailable for withdrawal in the first 30 days.
After the referred party meets all of the requirements, your bonus shall them be deposited in your account.
If you have any of the Capital One 360 Cards such as the Quicksilver, VentureOne card, Savor card, Venture card, or the SavorOne card, you may be eligible for the Capital One 360 Card referral program. You can actually earn some real perks if you refer your favorite card to your friends and family.
Once they get approved, you can get $100 in statement credits and up to $500 bonus per year.
How does this referral program work?
If you love your Capital One credit card, you can be able to refer friends, who, like you also enjoy earning rewards every day. If any of your friends are not current Capital One card customers, you can send them a personal referral link. When they are approved and become eligible for a card, Capital One will thank you with some awesome bonus.
All you need to do is to sign in to your account and go to your account summary page. Once there, you shall see the “I want to” and then “refer a friend” button. Click on it.
You should also double-check that the link is valid and the offer is still available before you can send it. This should take you to your card referral landing page. You must refer using a link to complete the application process.
The referral must first be approved before you can earn your $100 bonus.
Who is eligible to refer friends?
If you are a Quicksilver, VentureOne card, Savor card, Venture card, or the SavorOne card user, then you qualify to enter the card referral program.
However, for you to qualify for referral, your account must be in good standing. This means that none of your accounts should be defaulted or closed.
To check on your eligibility, just click on the refer a friend link, under the “I want to” tab. This should be on the account summary page.
How soon shall you receive the bonus?
If you have sent the referral link to your friend and they clicked on the referral link and applied for a capital one credit card which was approved, all you shall have to do now is wait for the bonus to come into your account.
It should take four weeks, and it will arrive in the form of a statement credit on your account.
Can the people you refer earn a bonus as well?
They shall not receive a bonus for applying for the card, but, they can become eligible for bonuses under the new account promotions.
With the Capital One 360 Venture capital card, your travel plans shall be much easier, because this card turns every purchase into a travel reward. When you use the card to buy things that you need, such as groceries, home repairs, tennis lessons, you shall be eligible for double reward miles for every purchase you make every day. It is just that simple.
There isn’t a limit to the miles you can earn, and also, the miles do not expire for the entire life span of your account.
Currently, the card allows you to earn 2X miles per each dollar you spend on your purchases, during the vacation and after.
How do you redeem the miles?
Redeeming of the miles can be done on any recent travel purchase, which includes hotels, airlines, and even cruises. There are no blackout dates, and this means that you can travel when and however you want to.
You can even transfer miles to any other capital one 15+ travel partners to redeem for aspirational travels such as flying on a business class or even a first-class seat.
The best part of all this is that the Venture makes earning and using the miles seamless. This means that if you happen to have a family reunion or a wedding pops up, you are all set. You may even want to escape for a long weekend with your spouse. Either way, Venture makes it very easy for you to travel wherever you want to go.
This card, however, has an annual fee of $95.
You also get to enjoy special offers with the venture capital card and exclusive curated experiences such as dining out, going to entertainment areas and other sports you may be interested in because you deserve it and you’ve certainly earned it.
Other perks you get to enjoy with this card:
As mentioned earlier, these cards do not expire as long as you have an account with Capital One 360 bank. In addition, you can redeem for travel or cash back for any amount. You can also redeem for gift cards if you want to.
How sweet is it that you can transfer the miles and get to enjoy any other benefit you wish to enjoy while traveling, such as upgrading to a first-class or a business class seat. You can also transfer the miles from one airline to another. Currently, there are 15+ participating airline partners that you can use for more flexibility.
This is definitely good news for you – Venture cardholder. You shall not be charged any transaction fees for making purchases outside of the United States. It doesn’t matter where you are; your card purchases shall be absolutely free.
Global Entry or TSA PreCheck Credit
Keep your shoes on, and avoid long lines. Receive up to $100 credit for either Global Entry or TSA PreCheck when you pay for the application fee with your Venture card.
24-hour customer service:
You can travel with excellent peace of mind because, in case of anything, such as the card getting lost or stolen, there is an emergency replacement of the card and a cash advance program in place. In addition, the customer care team are available 24 hrs, to lend a helping hand.
Accidents happen, but Venture keeps you stress-free. Get automatic insurance for a covered loss at no extra charge when you use your Venture card to purchase your travel fare.
We’ve got your back. Get additional warranty protection at no charge on eligible items purchased with your Venture card.
The beautiful part about this bank for most of us who are tech-savvy is the fact that it is online, and almost all transactions are carried out in the comfort of your phone or home computer. How advance the banking industry has become!
It is however prudent that you understand the requirements for each of the bonuses and promotions before you enter them because if you do not fulfill the requirements, you shall not be eligible for any of the bonuses.
In addition, if you are an existing customer, ensure to read the fine print extra carefully, because not all existing customers qualify for the bonuses.
Finally, be patient, as the bonus takes a while to hit your account, and ensure to keep the account open for the duration of time required to receive the bonus amount.