Bank Bonus Offers

[rrppve]

Just noticed today that Capitol One is offering another sizable bonus, but this time it's for existing customers with 360 Performance Savings accounts. From the email they sent me:

In this time of uncertainty, one thing is for sure—your money is in a safe place in your 360 Performance Savings account with FDIC insurance. And right now, we want to help you save even more with a special bonus offer.

Here’s how it works:

1) Earn a $450 bonus when you deposit $50,000 or more, or earn $150 when you deposit $20,000–$49,999.99, of new money into your 360 Performance Savings account ending in 5934 by May 31, 2020.

2) Keep your deposit in your account until August 29, 2020.

3) Bring on the bonus—and use this extra cash for whatever you decide.

Does anyone know how this works with the current balance in one’s Performance Savings account? I routinely transfer funds from it to my checking account to pay credit card bills.

 

[RetiredAt55.5]

Just noticed today that Capitol One is offering another sizable bonus, but this time it's for existing customers with 360 Performance Savings accounts. From the email they sent me:



I just setup a $50k transfer from my Ally savings account to my Cap One 360, so I'm looking forward to getting the $450 bonus. Including the standard 1.5% interest rate, this is equivalent to an APY of 5.15% (assuming the funds are transferred just before the May 31 deadline).

You make this sound good, but you only get 5.15% for 3 months.

If you kept the $50,000 there for a year, then it works out to ~ 2.4%

Still not a bad deal.

 

[calmloki]

Just noticed today that Capitol One is offering another sizable bonus, but this time it's for existing customers with 360 Performance Savings accounts. From the email they sent me:



I just setup a $50k transfer from my Ally savings account to my Cap One 360, so I'm looking forward to getting the $450 bonus. Including the standard 1.5% interest rate, this is equivalent to an APY of 5.15% (assuming the funds are transferred just before the May 31 deadline).

Thanks for this. Believe it's invitation only, but need to inquire - worth moving some funds around if we are eligible. (we haven't seen that email yet)

 

[Drake3287]

I believe it's for anyone. I don't qualify simply because I have a currently have a CD account already. I received the bonus last year when I joined. It's a great deal, $500. cash for a $50,000. deposit. Interest rate is 1.50%

 

[Helen]

I have a regular online checking account with Capital One. I called them yesterday to see if I qualified for a $500 signup bonus if I switched to a Performance account. She said no, since I'm already a customer. Then I mentioned that I pulled money from T-bills and needed a place to move it and she still said I didn't qualify for a bonus.

I think I will open an account with Ally Bank and park the money in penalty free CDs. I have about 1/2 million to invest.

 

[Dtail]

Perhaps a silly question.
If one has a credit freeze on their accounts, does one have to unfreeze it if the bonus bank performs just a soft pull?

 

[Sunset]

I opened a bank account at a different bank with my credit reports frozen, and it worked fine, no unfreeze required.

 

[pb4uski]

I believe it's for anyone. I don't qualify simply because I have a currently have a CD account already. I received the bonus last year when I joined. It's a great deal, $500. cash for a $50,000. deposit. Interest rate is 1.50%

It would be sweet if it applied to the accounts that I opened up yesterday for the $500 bonus... I'd do another $50k on those terms.

 

[Dtail]

I opened a bank account at a different bank with my credit reports frozen, and it worked fine, no unfreeze required.

Okay will give it a shot.

 

[mrfeh]

I received my $500 bonus from CapOne yesterday, roughly 3 months +10 days after opening the account.

 

[pb4uski]

Good to know, I funded mine on May 18, so hopefully I'll get my bonus next week. I wonder if Cap One will hear a giant sucking sound after the bonuses are posted having gone from 1.5% to 0.8% in the three months since I opened my account.

I have some 1.35% 1-year add-on CDs at Navy Federal that I can move the money to and pick up 55 bps.

Boy, getting 1% with negligible risk is a lot of work these days.

I just opened a Capital One online savings account that pays 1.5% and is FDIC insured and no interest rate risk. The cherry on top is a 1% bonus ($100 for each $10,000 up to $50,000) so if the 1.5% rate holds then my yield for a year will be 2.5%.

 

[mrfeh]

Good to know, I funded mine on May 18, so hopefully I'll get my bonus next week. I wonder if Cap One will hear a giant sucking sound after the bonuses are posted having gone from 1.5% to 0.8% in the three months since I opened my account.

Our other savings account is at Ally, which is also at .8% currently, so I'm not rushing to transfer money out of CapOne.

For anybody else that went after this bonus - don't close your CapOne account. IIRC, the account needs to remain open for a couple months (?) after the bonus is awarded.

 

[pb4uski]

I'll keep the account but drain it down to some negligible balance... who knows, at some point their interest rates might be attractive and I'll go back.

 

[Chuckanut]

Boy, getting 1% with negligible risk is a lot of work these days.

+1

The current 12 month inflation rate through July is 1%. well we all know that story. If not for the bonus, after taxes.... Well, we all know that story.

I opened a few 1 year CDs with Ally a few months ago for 1.1%. Makes me look like a champ.

 

[njhowie]

+1

The current 12 month inflation rate through July is 1%. well we all know that story. If not for the bonus, after taxes.... Well, we all know that story.

I opened a few 1 year CDs with Ally a few months ago for 1.1%. Makes me look like a champ.

It's at times like these where the bonus offers are huge. If you can pick up a $300 bonus in just a few months for a $500 one time deposit, that's the equivalent of $30,000 in a 1% CD for a full year.

 

[pb4uski]

Good to know, I funded mine on May 18, so hopefully I'll get my bonus next week. I wonder if Cap One will hear a giant sucking sound after the bonuses are posted having gone from 1.5% to 0.8% in the three months since I opened my account.

I have some 1.35% 1-year add-on CDs at Navy Federal that I can move the money to and pick up 55 bps.

Boy, getting 1% with negligible risk is a lot of work these days.

I'll keep the account but drain it down to some negligible balance... who knows, at some point their interest rates might be attractive and I'll go back.

Just transferred all but $100 to checking... from there I'll reserve what we need for spending, but most of it will go to 1.35% Navy Federal CD that matures in May 2021.

 

[MJ]

I just got my $200 bonus from PNC which I received with a qualified monthly direct deposit to the checking account. Anyone know when I can stop the direct deposit and close the account without losing the bonus?

 

[Sunset]

I just got my $200 bonus from PNC which I received with a qualified monthly direct deposit to the checking account. Anyone know when I can stop the direct deposit and close the account without losing the bonus?

There may be a $25 charge if you close the account prior to 6 months.

 

[Perryinva]

My CapitalOne 90day bonus ended 9/30/2020. I transferred all but $10 on 10/2/2020 to my bank, then to my DERI account. No bonus posted yet, but I assume it will take 2 weeks to a month. Giant sucking sound indeed, now that they are at 0.4% for their MM account.

 

[Crabby Mike]

My CapitalOne 90day bonus ended 9/30/2020. I transferred all but $10 on 10/2/2020 to my bank, then to my DERI account. No bonus posted yet, but I assume it will take 2 weeks to a month. Giant sucking sound indeed, now that they are at 0.4% for their MM account.

I just looked for the same info, and found an email from June or so. The end date was 9/28, and we get the bonus within 60 days, but only if the account is still open and in good standing.

 

[pb4uski]

My CapitalOne 90day bonus ended 9/30/2020. I transferred all but $10 on 10/2/2020 to my bank, then to my DERI account. No bonus posted yet, but I assume it will take 2 weeks to a month. Giant sucking sound indeed, now that they are at 0.4% for their MM account.

I wasn't quite as greedy... I left $100 in in case their interest rates ever become attractive again or they run another offer.

In the meantime, after the bonus I had an annual yield of 4.78% for the 3 months I was in.

	4.78%
05/18/20	-50,000.00
08/21/20	50,611.26

 

[Drake3287]

Make sure you don't leave a small balance in some of these accounts such as Ally, Capital One and the others after you receive your bonus. Several of these companies have a long history of offering these special bonus and if you're still a current account holder next time you won't qualify for the next time around.

 

[Chuckanut]

Here's a small bonus offer I just got from AMEX.

I can use the tap to pay feature of my card for any purchase over $5 and get a $2 credit from Amex. This can be done 5 times. It's only $10, but, hey, ten dollars is ten dollars. And it's tax free money.

I might use it to make myself a deal at the local doughnut shop. If they have tap to pay up and running.

 

[njhowie]

Here's a small bonus offer I just got from AMEX.

I can use the tap to pay feature of my card for any purchase over $5 and get a $2 credit from Amex. This can be done 5 times. It's only $10, but, hey, ten dollars is ten dollars. And it's tax free money.

I might use it to make myself a deal at the local doughnut shop. If they have tap to pay up and running.

With money market funds at the brokerages paying 0.01%, it takes a year to get 10 cents on $1000. If you can get $10 on $25 within a couple days, that's the equivalent of $100,000 sitting in the account for a full year.

Nothing wrong with free money these days. The bonus offers are going to be where the money is made for the next couple years. Cash in the bank earns nothing.

 

[MJ]

Time to wake this sucker up for 2021!
I got an email from Marcus offering a $100 bonus for a new deposit of $10K which you must leave for 90 days. Their current savings account rate is .50% same as Ally. That is the equivalent of 4% for 3 months. Offer is good until 02/12/21 .
https://www.marcus.com/us/en/savings/osa-savingsbonus-1