Capital One $400 bonus for new checking account

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sunny_socal
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Joined: Tue Mar 24, 2015 4:22 pm

Capital One $400 bonus for new checking account

Postby sunny_socal » Thu Jun 15, 2017 8:00 pm

Use this link:
https://www.capitalone.com/bonus400/

Make sure to use in the indicated bonus code PLUS400

Requirements:
- Two $250 direct deposits within first 60 days
- Deadline to open is June 30, 2017


I got my $400 about a week after my two DDs went through!

By far the easiest bank bonus I've ever found. :beer

EDIT:
There is no credit pull. All my accounts are frozen, the CapOne application was approved instantly.
Last edited by sunny_socal on Fri Jun 16, 2017 9:19 am, edited 1 time in total.

stlutz
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Re: Capital One $400 bonus for new checking account

Postby stlutz » Thu Jun 15, 2017 9:13 pm

From the link:

"IF YOU DID NOT RECEIVE AN EMAIL OR MAIL PIECE DIRECTLY FROM CAPITAL ONE 360 WITH THE ABOVE CODE, YOU ARE INELIGIBLE FOR THIS BONUS OFFER."

sunny_socal
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Re: Capital One $400 bonus for new checking account

Postby sunny_socal » Fri Jun 16, 2017 1:13 am

So?

Worked for me just by using the link, I never got an invite.

YoungBoglehead
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Re: Capital One $400 bonus for new checking account

Postby YoungBoglehead » Fri Jun 16, 2017 1:22 am

I get offers like these every once in a while.

It's tempting, but probably not worth me moving my employers direct deposit.

How else could I get a "direct deposit" there without redirecting my work check?


Is it bad for your record to open a checking account for a month or two then close it in any way?
Started investing around 21, joined Bogleheads at 23.

iamlucky13
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Re: Capital One $400 bonus for new checking account

Postby iamlucky13 » Fri Jun 16, 2017 2:23 am

I just don't get it. They keep ramping up the rewards for being an unloyal customer, while the interest rate stays stagnant.

At this point, it would not take much more of a rate increase on Ally's part to finally get me to ditch CapitalOne.

annielouise
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Re: Capital One $400 bonus for new checking account

Postby annielouise » Fri Jun 16, 2017 5:26 am

YoungBoglehead wrote:I get offers like these every once in a while.

It's tempting, but probably not worth me moving my employers direct deposit.

How else could I get a "direct deposit" there without redirecting my work check?


Is it bad for your record to open a checking account for a month or two then close it in any way?


Capital One 360* Checking (which is the account with this offer) considers many account ACH deposits as "direct deposit". If you search BH, you can find the link that shows which ones. However, if your paycheck is serviced online, it is usually very easy to split the direct deposit and change it back.

Capital One 360 Checking is one of 2 national checking accounts (that I am aware of) that offer 0% foreign transaction fees when using their ATM card while traveling. A reason, perhaps, to maintain a second checking account.

*As someone who lives where the Capital One brick and mortar banks exist, I find it worthwhile to distinguish which one is being discussed, since their rules and offers are completely different.

simmias
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Re: Capital One $400 bonus for new checking account

Postby simmias » Fri Jun 16, 2017 5:50 am

Unfortunately I think I'm ineligible due to having an ING Electric Orange checking account in the past.

sunny_socal
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Re: Capital One $400 bonus for new checking account

Postby sunny_socal » Fri Jun 16, 2017 9:17 am

iamlucky13 wrote:I just don't get it. They keep ramping up the rewards for being an unloyal customer, while the interest rate stays stagnant.

At this point, it would not take much more of a rate increase on Ally's part to finally get me to ditch CapitalOne.


Their money market interest rate is 1%. There's a $200 bonus for opening their MM account.

$600 for about a half hour of "work", pretty good deal IMO. Take it or leave it...

FWIW, I've had a CapOne credit card for years. I don't plan on deleting the MM and checking accounts, they might come in handy.

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marti038
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Location: Birmingham, AL

Re: Capital One $400 bonus for new checking account

Postby marti038 » Fri Jun 16, 2017 10:57 am

sunny_socal wrote:So?

Worked for me just by using the link, I never got an invite.


Was this true for anyone else?

runfast4
Posts: 18
Joined: Wed Feb 24, 2016 7:16 pm
Location: Arkansas

Re: Capital One $400 bonus for new checking account

Postby runfast4 » Fri Jun 16, 2017 11:46 am

One of the conditions is you must live in greater Boston, MA area. sunny_socal if your name is an indication of where you reside, I am surprised it worked. It worked with you just typing in the promo code??

sunny_socal
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Re: Capital One $400 bonus for new checking account

Postby sunny_socal » Fri Jun 16, 2017 12:34 pm

runfast4 wrote:One of the conditions is you must live in greater Boston, MA area. sunny_socal if your name is an indication of where you reside, I am surprised it worked. It worked with you just typing in the promo code??


That's correct. And live in CA.

I figured I had nothing to lose. The application is simple, no credit check, already had their MM account. (For all I know having the MM is the key.)

iamlucky13
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Re: Capital One $400 bonus for new checking account

Postby iamlucky13 » Fri Jun 16, 2017 1:49 pm

sunny_socal wrote:
iamlucky13 wrote:I just don't get it. They keep ramping up the rewards for being an unloyal customer, while the interest rate stays stagnant.

At this point, it would not take much more of a rate increase on Ally's part to finally get me to ditch CapitalOne.


Their money market interest rate is 1%. There's a $200 bonus for opening their MM account.

$600 for about a half hour of "work", pretty good deal IMO. Take it or leave it...

FWIW, I've had a CapOne credit card for years. I don't plan on deleting the MM and checking accounts, they might come in handy.


Don't get me wrong. I don't see any reason for people who are eligible not to take the offer. I'm debating whether to try this and see what results from it, since it sounds like I'm not intended to be eligible.

But for the length of time I've been with ING/CapitalOne360, even 1/4 percent higher interest rate would have returned about the same amount by now, but would also continue doing so in the future, and would presumably result in more stable deposit levels for them and lower churn-related costs.

gvsucavie03
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Joined: Sat Feb 16, 2013 8:30 am

Re: Capital One $400 bonus for new checking account

Postby gvsucavie03 » Fri Jun 16, 2017 8:58 pm

Giving it a shot! I have a MM acct already and live in MI. Thanks for the info! The worst that can happen is it doesn't work, right?

SrGrumpy
Posts: 209
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Re: Capital One $400 bonus for new checking account

Postby SrGrumpy » Fri Jun 16, 2017 11:32 pm

iamlucky13 wrote:I just don't get it. They keep ramping up the rewards for being an unloyal customer, while the interest rate stays stagnant.

At this point, it would not take much more of a rate increase on Ally's part to finally get me to ditch CapitalOne.


Ally is 30 bp ahead of Capital One. That's some expensive inertia.

I agree about CapOne's peculiar preference for disloyalty, though. However I keep my account open with a few dollars because bonuses at other banks (Chase, e.g.) are often triggered by DDs from CapOne, so I rationalize that CapOne chipped in.

iamlucky13
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Re: Capital One $400 bonus for new checking account

Postby iamlucky13 » Mon Jun 19, 2017 2:43 pm

SrGrumpy wrote:
iamlucky13 wrote:I just don't get it. They keep ramping up the rewards for being an unloyal customer, while the interest rate stays stagnant.

At this point, it would not take much more of a rate increase on Ally's part to finally get me to ditch CapitalOne.


Ally is 30 bp ahead of Capital One. That's some expensive inertia.

I agree about CapOne's peculiar preference for disloyalty, though. However I keep my account open with a few dollars because bonuses at other banks (Chase, e.g.) are often triggered by DDs from CapOne, so I rationalize that CapOne chipped in.


CapitalOne's online savings is 0.75% vs. 1.05% for Ally, so there is a 30 bp difference there.

However, CapitalOne's FDIC-insured money market account is 1%, versus 0.85% for Ally, so since I have a money market account, the difference is only 5 basis points. That doesn't add up very quickly.

Aside from inertia, I've also been hesitant to change for the sake of interest rate "market timing." I could just see CapitalOne finally raising their rates once I make the change.

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VictoriaF
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Re: Capital One $400 bonus for new checking account

Postby VictoriaF » Tue Jun 20, 2017 11:42 am

SrGrumpy wrote:However I keep my account open with a few dollars because bonuses at other banks (Chase, e.g.) are often triggered by DDs from CapOne, so I rationalize that CapOne chipped in.


This is good to know. If I am to play the bank bonus game, I need a set of places qualifying as DD.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

runfast4
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Location: Arkansas

Re: Capital One $400 bonus for new checking account

Postby runfast4 » Tue Jun 20, 2017 4:23 pm

sunny_socal wrote:
runfast4 wrote:One of the conditions is you must live in greater Boston, MA area. sunny_socal if your name is an indication of where you reside, I am surprised it worked. It worked with you just typing in the promo code??


That's correct. And live in CA.

I figured I had nothing to lose. The application is simple, no credit check, already had their MM account. (For all I know having the MM is the key.)


I've got 360 savings, so I may give it a shot as well. Won't hurt.

gvsucavie03
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Re: Capital One $400 bonus for new checking account

Postby gvsucavie03 » Tue Jun 20, 2017 9:37 pm

VictoriaF wrote:
SrGrumpy wrote:However I keep my account open with a few dollars because bonuses at other banks (Chase, e.g.) are often triggered by DDs from CapOne, so I rationalize that CapOne chipped in.


This is good to know. If I am to play the bank bonus game, I need a set of places qualifying as DD.

Victoria


Hustler Money Blog and Doctor of Credit have good data points on what constitutes as a DD.

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siamond
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Re: Capital One $400 bonus for new checking account

Postby siamond » Thu Jun 22, 2017 7:19 am

All right, I gave it a try... Thanks for the tip.

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simplesimon
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Re: Capital One $400 bonus for new checking account

Postby simplesimon » Thu Jun 22, 2017 7:27 am

I don't remember the last time I did something like this...is the bonus considered interest and therefore taxable?

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Pranav
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Re: Capital One $400 bonus for new checking account

Postby Pranav » Thu Jun 22, 2017 8:01 am

simplesimon wrote:I don't remember the last time I did something like this...is the bonus considered interest and therefore taxable?


Yes
Pranav

gvsucavie03
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Re: Capital One $400 bonus for new checking account

Postby gvsucavie03 » Thu Jun 22, 2017 8:46 am

Pranav wrote:
simplesimon wrote:I don't remember the last time I did something like this...is the bonus considered interest and therefore taxable?


Yes


Bank bonuses are taxable. Credit card bonuses and rewards are considered a rebate and thereby are not taxable.


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