- Updated 1/9/24
Capital One is throwing a huge promotion for new customers (anyone who has not opened an account with them ever or since January 2021). By using the code FALL23, you can earn up to a $1,500 bonus.
The different bonus tiers are shown below. They all amount to a 1.5% return on the deposit amount.
The turnaround time to get the deposit is roughly 165 days (15 day funding + 90 day hold + 60 day for bonus to arrive). If we round that up to 180 days, you are looking at about 6 months or half a year. That may seem like a long time waiting for the bonus, but since this is a high yield savings account, your holdings will accrue a ~4.35% APY while it's sitting in the account.
All in all, you are looking at a ~7.35% APY return for your funds in a 6 month time frame which beats most interest bearing options right now. After the 105 day period, you can move your money elsewhere if needed.
It's rare to see bonuses like these offered by banks. Typically it's for brokerage accounts. If you have a $100,000 sitting in an HYSA or cash elsewhere, it might be worthwhile to take up on this offer if you are not an existing Capital One customer.
As an additional note, I actually really like Capital One as a banking option. They are one of the few major banks that offer joint accounts for high yield savings accounts (e.g. 360 Performacne Savings). I use them to manage my joint account with my wife and their app and web platform is very easy to use. Unfortunately, I opened my accounts mid-2021 so I don't qualify for this bonus, but I hope this offer comes around again next year!
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