![]() ![]() That said, there are high-yield savings accounts and money-market accounts that offer an APY of 2% or more (without the bonus) for much lower balances, like Ally and Marcus by Goldman Sachs. The relatively high minimum balance required to get the cash bonus is not uncommon among comparable offers. If you earned interest throughout the year from a high-yield savings account, you'll get Form 1099-INT from your bank to include with your tax return. It's important to note the Capital One cash bonus offer is also subject to taxes like other interest-bearing accounts. Some also have low minimum deposits and access to a debit card or checks. They typically come with low or zero monthly fees and high interest rates. Money-market accounts, like high-yield savings accounts, are a popular and expert-recommended vehicle for storing cash you'll need in the short-term - think: emergency fund. Any balances under $10,000 earn an APY of 0.85%, which is lower than interest rates offered on some competing money-market accounts. It may not be the best place for a few thousand dollars. Within 60 days, the cash bonus will be deposited in the account.īecause of its high minimum deposit, Capital One's money-market account is a good place to store a lot of cash you may need soon. The account must also maintain the $10,000 or $50,000 balance minimum for 90 days after the first deposit. To earn the bonus, customers who haven't had a Capital One savings product since Janumust open a new money-market account at Capital One using the promo code "EARN500" with cash transferred from a different bank. The account can be accessed anytime through the Capital One mobile app.Ĭombined with the cash bonus, Capital One estimates an account holder with a $10,000 balance could end up with a $400 payout in one year, while a $50,000 balance would yield a $1,500 payout. While it does not come with a debit card or check-writing capabilities, as some money-market accounts do, it has no monthly fees. The Capital One 360 Money Market account earns an annual percentage yield (APY) of 2% for balances above $10,000. Balances of at least $50,000 or more for 90 days get a cash bonus of $500. ![]() Capital One 360 Money Market accounts have no monthly fees and earn an APY of 2% for balances above $10,000.īy clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept ourįrom now until May 19, Capital One is offering $200 and $500 cash bonuses for new customers who open a new money-market account at the bank.įor a 90-day balance of at least $10,000 in a Capital One 360 Money Market account, the bank will pay a cash bonus of $200.Then, they must maintain a minimum balance of at least $10,000 (for a $200 bonus) or at least $50,000 (for a $500 bonus) for 90 days.To earn the bonus, customers who don't currently save money with Capital One must open a new money-market account at Capital One using the promo code "EARN500" with cash transferred from a different bank.Capital One is offering cash bonuses of up to $500 for new money-market accounts until May 19.We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Terms apply to offers listed on this page. In some cases, we receive a commission from our partners however, our opinions are our own. Our experts answer readers' banking questions and write unbiased product reviews ( here's how we assess banking products). ![]()
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