Capital One is at it again

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richard.h.gao
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Re: Capital One is at it again

Post by richard.h.gao »

Up to 0.90% now.
Doc7
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Re: Capital One is at it again

Post by Doc7 »

richard.h.gao wrote: Wed Jun 15, 2022 11:13 am Up to 0.90% now.

I see this advertised, but under my log in my performance savings accounts are still only showing 0.80%.
motiv8ed
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Re: Capital One is at it again

Post by motiv8ed »

Doc7 wrote: Wed Jun 15, 2022 2:37 pm
richard.h.gao wrote: Wed Jun 15, 2022 11:13 am Up to 0.90% now.

I see this advertised, but under my log in my performance savings accounts are still only showing 0.80%.
In my account, clicking the (i) button shows 0.80%, but if you click the "View Current Terms & Conditions" link at the bottom of the pop-up window, there's this note:
Rate Information - The Interest Rate on your account is 0.8963% with an Annual Percentage Yield of 0.90%. The interest rates and annual percentage yields are variable and may change at any time at our discretion.
The (i) summary will probably update overnight.


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anon_investor
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Re: Capital One is at it again

Post by anon_investor »

richard.h.gao wrote: Wed Jun 15, 2022 11:13 am Up to 0.90% now.
Wow, now Marcus is the laggard at 0.85%.
cubs1999
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Re: Capital One is at it again

Post by cubs1999 »

Alliant CU up to 1%
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Re: Capital One is at it again

Post by student »

anon_investor wrote: Wed Jun 15, 2022 9:35 pm
richard.h.gao wrote: Wed Jun 15, 2022 11:13 am Up to 0.90% now.
Wow, now Marcus is the laggard at 0.85%.
AMEX is only 0.75%.
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Leif
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Re: Capital One is at it again

Post by Leif »

motiv8ed wrote: Wed Jun 15, 2022 5:55 pm ...
The (i) summary will probably update overnight.

motiv8ed
Yep. Maybe we need a new thread. Capital One is up again.
patrick
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Re: Capital One is at it again

Post by patrick »

Still way behind Bask Bank which pays 1.5%.
GoodOmens
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Re: Capital One is at it again

Post by GoodOmens »

Wealthfront and E-Trade just bumped to 1.4%. Curious when others will follow suit.
Creditcardguy
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Re: Capital One is at it again

Post by Creditcardguy »

My Capital One money market just went from .3 to .5 yippee. Do I have to close it and get the performance money market?? That’s irritating.
e5116
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Re: Capital One is at it again

Post by e5116 »

Waiting for for $450 bonus to come in August while also getting almost 1% interest. Hey, I'll take it....
Turbo29
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Re: Capital One is at it again

Post by Turbo29 »

Creditcardguy wrote: Fri Jun 17, 2022 4:26 pm My Capital One money market just went from .3 to .5 yippee. Do I have to close it and get the performance money market?? That’s irritating.
CapitalOne came out with the Performance account at a higher rate a few years back. You must have missed it. You can switch online in <5min.
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Creditcardguy
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Re: Capital One is at it again

Post by Creditcardguy »

Thanks. Who would have thought Cap One’s savings account would pay almost twice as much as their money market account? Crazy.
richard.h.gao
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Re: Capital One is at it again

Post by richard.h.gao »

GoodOmens wrote: Fri Jun 17, 2022 4:08 pm Wealthfront and E-Trade just bumped to 1.4%. Curious when others will follow suit.
What were they at before the bump?
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Re: Capital One is at it again

Post by zeugmite »

Turbo29 wrote: Fri Jun 17, 2022 5:06 pm
Creditcardguy wrote: Fri Jun 17, 2022 4:26 pm My Capital One money market just went from .3 to .5 yippee. Do I have to close it and get the performance money market?? That’s irritating.
CapitalOne came out with the Performance account at a higher rate a few years back. You must have missed it. You can switch online in <5min.
How do you switch online? Don't see the option.
Doc7
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Re: Capital One is at it again

Post by Doc7 »

zeugmite wrote: Mon Jun 20, 2022 3:44 pm
Turbo29 wrote: Fri Jun 17, 2022 5:06 pm
Creditcardguy wrote: Fri Jun 17, 2022 4:26 pm My Capital One money market just went from .3 to .5 yippee. Do I have to close it and get the performance money market?? That’s irritating.
CapitalOne came out with the Performance account at a higher rate a few years back. You must have missed it. You can switch online in <5min.
How do you switch online? Don't see the option.
When I did it, I had to shut down 10 savings accounts and open 10 new performance ones. I thought the whole exercise was ridiculous.
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Re: Capital One is at it again

Post by nguy44 »

zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
zeugmite
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Re: Capital One is at it again

Post by zeugmite »

nguy44 wrote: Mon Jun 20, 2022 4:00 pm
zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
Yeah so that's not switching. I know I can open a new account any time...
gtrplayer
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Re: Capital One is at it again

Post by gtrplayer »

zeugmite wrote: Mon Jun 20, 2022 4:16 pm
nguy44 wrote: Mon Jun 20, 2022 4:00 pm
zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
Yeah so that's not switching. I know I can open a new account any time...
I got a bonus for switching a while back. May still be available although not sure how to go about it. I’d investigate whether you would qualify before switching with no bonus.
Turbo29
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Re: Capital One is at it again

Post by Turbo29 »

zeugmite wrote: Mon Jun 20, 2022 3:44 pm
Turbo29 wrote: Fri Jun 17, 2022 5:06 pm
Creditcardguy wrote: Fri Jun 17, 2022 4:26 pm My Capital One money market just went from .3 to .5 yippee. Do I have to close it and get the performance money market?? That’s irritating.
CapitalOne came out with the Performance account at a higher rate a few years back. You must have missed it. You can switch online in <5min.
How do you switch online? Don't see the option.
I just opened the new one and transferred all the money from the old one in to it.
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Re: Capital One is at it again

Post by LadyGeek »

^^^ Caution about switching accounts - Be sure that the old account is not being used for ACH withdrawals.
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Creditcardguy
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Re: Capital One is at it again

Post by Creditcardguy »

We are opening a “Performance” savings account tomorrow, then closing the “bad performance” money market. If you do it by June 30 and put in $50k you get a $450 bonus, just fyi.
mortfree
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Re: Capital One is at it again

Post by mortfree »

Creditcardguy wrote: Mon Jun 20, 2022 7:28 pm We are opening a “Performance” savings account tomorrow, then closing the “bad performance” money market. If you do it by June 30 and put in $50k you get a $450 bonus, just fyi.
Where/How did you get that offer?

I only see $250 to open the checking account.
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Re: Capital One is at it again

Post by Mudpuppy »

Creditcardguy wrote: Mon Jun 20, 2022 7:28 pm We are opening a “Performance” savings account tomorrow, then closing the “bad performance” money market. If you do it by June 30 and put in $50k you get a $450 bonus, just fyi.
Where did you see that offer? Usually offers like that have to be targeted to be valid for existing customers. The fine print for bonuses for new Capital One accounts for years is having no prior business relationship for the last x years (usually 4 years) before one can qualify for the general new account bonus.
greenway23
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Re: Capital One is at it again

Post by greenway23 »

e5116 wrote: Fri Jun 17, 2022 4:59 pm Waiting for for $450 bonus to come in August while also getting almost 1% interest. Hey, I'll take it....
Per the fine print the $450 will not show up in your account until October.
protagonist
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Re: Capital One is at it again

Post by protagonist »

By my reading, to get the $450 bonus you have to tie $50K up for at least 3 months, right?
$450 is less than 1% of $50K, which translates to an annualized pre-tax yield of less than 4%.
That isn't bad, but I wouldn't jump through hoops to tie up that much money for that kind of yield. I think there are probably better deals around.
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Re: Capital One is at it again

Post by Mudpuppy »

Mudpuppy wrote: Mon Jun 20, 2022 8:38 pm
Creditcardguy wrote: Mon Jun 20, 2022 7:28 pm We are opening a “Performance” savings account tomorrow, then closing the “bad performance” money market. If you do it by June 30 and put in $50k you get a $450 bonus, just fyi.
Where did you see that offer? Usually offers like that have to be targeted to be valid for existing customers. The fine print for bonuses for new Capital One accounts for years is having no prior business relationship for the last x years (usually 4 years) before one can qualify for the general new account bonus.
I looked it up myself this evening. If Creditcardguy is referring to the SAVE22 bonus offer (https://www.capitalone.com/bank/save22/), then note that the fine print says:
If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.

greenway23 wrote: Mon Jun 20, 2022 9:51 pm
e5116 wrote: Fri Jun 17, 2022 4:59 pm Waiting for for $450 bonus to come in August while also getting almost 1% interest. Hey, I'll take it....
Per the fine print the $450 will not show up in your account until October.
The fine print says that the October 12th posting date for the bonus is only for accounts opened in April. For accounts opened in May, the bonus will post on November 12th. For accounts opened in June, the bonus will post on December 12th. Also, the funds have to be deposited within 15 days of account opening and must be maintained in the account for at least 90 days.

So the bonus will post approximately 6 months after the account was opened, although the funds are only required to stay in the account for 3 months to qualify for the bonus. And existing Capital One account holders are not eligible for the SAVE22 bonus.
Creditcardguy
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Re: Capital One is at it again

Post by Creditcardguy »

Well darn, no bonus for me. At least I’ll get the .9 instead of the .5 though.
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anon_investor
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Re: Capital One is at it again

Post by anon_investor »

zeugmite wrote: Mon Jun 20, 2022 4:16 pm
nguy44 wrote: Mon Jun 20, 2022 4:00 pm
zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
Yeah so that's not switching. I know I can open a new account any time...
Hence Capital One is at it again! This kind of BS is why I closed my Capital One accounts. Ally's money market and savings accounts both are paying 0.9%.
Creditcardguy
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Re: Capital One is at it again

Post by Creditcardguy »

anon_investor wrote: Tue Jun 21, 2022 7:42 am
zeugmite wrote: Mon Jun 20, 2022 4:16 pm
nguy44 wrote: Mon Jun 20, 2022 4:00 pm
zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
Yeah so that's not switching. I know I can open a new account any time...
Hence Capital One is at it again! This kind of BS is why I closed my Capital One accounts. Ally's money market and savings accounts both are paying 0.9%.
Yes, I am not a fan of Cap One but too many accounts to change. The Money Market is going bye bye though, competition is heating up, here’s a savings account now paying 1.65%

https://www.firstfoundationinc.com/pers ... ne-savings

https://smartasset.com/checking-account ... view-58647
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anon_investor
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Re: Capital One is at it again

Post by anon_investor »

Creditcardguy wrote: Tue Jun 21, 2022 7:47 am
anon_investor wrote: Tue Jun 21, 2022 7:42 am
zeugmite wrote: Mon Jun 20, 2022 4:16 pm
nguy44 wrote: Mon Jun 20, 2022 4:00 pm
zeugmite wrote: Mon Jun 20, 2022 3:44 pm
How do you switch online? Don't see the option.
There is no option to "automatically" switch. I asked them as I am in a similar boat. You have to open a Performance Savings account - which is very quick - and then transfer from the Money Market. The effort depends on how many different accounts you have with them.
Yeah so that's not switching. I know I can open a new account any time...
Hence Capital One is at it again! This kind of BS is why I closed my Capital One accounts. Ally's money market and savings accounts both are paying 0.9%.
Yes, I am not a fan of Cap One but too many accounts to change. The Money Market is going bye bye though, competition is heating up, here’s a savings account now paying 1.65%

https://www.firstfoundationinc.com/pers ... ne-savings

https://smartasset.com/checking-account ... view-58647
I am not making more accounts. I might move some cash to my Vanguard settlement fund which pays over 1.1% now or buy T-Bills which pay more.
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Leif
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Re: Capital One is at it again

Post by Leif »

It has been a while since money market funds exceeded HYS. My Fidelity MM fund is now paying > 1%, while Cap 1 is currently paying 0.9%. If this pattern holds there is no reason is keep my HYS account at Cap 1.
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Chip Munk
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Re: Capital One is at it again

Post by Chip Munk »

Capital One's 360 Performance Savings Account is now paying 1.0%

Ally's Online Savings Account is also up to 1.0%
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Re: Capital One is at it again

Post by HMSVictory »

Doc7 wrote: Wed Jun 15, 2022 2:37 pm
richard.h.gao wrote: Wed Jun 15, 2022 11:13 am Up to 0.90% now.

I see this advertised, but under my log in my performance savings accounts are still only showing 0.80%.
It takes one day for your account info to change over to the higher rate! 10 bps!!!! Wooooo hooooo !
Stay the course!
e5116
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Re: Capital One is at it again

Post by e5116 »

greenway23 wrote: Mon Jun 20, 2022 9:51 pm
e5116 wrote: Fri Jun 17, 2022 4:59 pm Waiting for for $450 bonus to come in August while also getting almost 1% interest. Hey, I'll take it....
Per the fine print the $450 will not show up in your account until October.
Right, good point, still okay with me. Can take out the cash in August if one desires is what I should have said.

Although my bonus is for an existing account, not a net new one. (There are two different but similar sounding offers, so terms may differ). I think the timing is still about the same but my last bonus actually posted earlier than expected so we shall see. I was planning on having it in cash anyways so it's better than sitting in my mega bank checking account paying nothing.

Certainly not earth shattering bonus though admittedly, but took 2 minutes for me to simply initiate the transfer. Slightly more effort for those opening a new account, but still not too arduous.
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Re: Capital One is at it again

Post by Mudpuppy »

Chip Munk wrote: Fri Jun 24, 2022 1:05 am Capital One's 360 Performance Savings Account is now paying 1.0%

Ally's Online Savings Account is also up to 1.0%
That probably means all the big name banks will be moving up to 1.0% over the next week or two. They all seem to play a game of follow-the-leader and even out at about the same rates. The rates are nowhere near keeping up with inflation though, so the "big money" would still be in chasing account bonuses (and putting in your annual max towards I-Bonds if you can afford to have the money inaccessible for a year).
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Re: Capital One is at it again

Post by Emerson11 »

I too recently discovered that Cap One created a new type of account at a higher rate and didn't tell me that my money could get a higher rate. When I called to switch to that type, I was told that I need to close the old MM account and open the new and improved account. Instead, I transferred the bulk of the lousy Cap One account over to my Marcus by Goldman account, which dependably pays a higher rate than Cap One. Marcus, automatically bumps my account with the higher rates, has better customer service, and generally doesn't spurn existing clients.
mortfree
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Re: Capital One is at it again

Post by mortfree »

They have a 18M CD paying 2.5%

Not sure if that was mentioned here or elsewhere.
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LadyGeek
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Re: Capital One is at it again

Post by LadyGeek »

Thanks for the heads up on the new savings rate. I took a quick look at changing banks to Ally or Marcus, but it was too easy to simply create a new account.

Since I clicked on Up to $450 Bonus Cash (SAVE22 bonus offer), the application automatically filled in the SAVE22 promo code. The promo code was denied as expected - "You have or had an account which makes you ineligible for this offer."

I created a new Capital One 360 Performance Savings Account online in no time flat and transferred every last penny from my old 360 Money Market account into it. The money was transferred instantly.

There was a bit of stress at this point, as my 360 Money Market account balance was 0.00, but my new account didn't appear anywhere. :shock: The universal fix worked - log out, then log back in again. My new account appeared with the full balance. :)

I'll transfer the June interest to the new account at the end of the month.

I added the new account in Quicken by viewing the Performance Savings account in my browser --> Account Services & Settings --> Download Transactions. Double-click the file to open in Quicken and create the new account. Do the usual stuff to get things organized, done.
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Re: Capital One is at it again

Post by LadyGeek »

I forgot to mention that I also setup a beneficiary for the new account.

View the account --> Account Services & Settings --> Manage Beneficiaries

You may already have a beneficiary, but it wouldn't hurt to double-check. I checked and found that it needed an update.
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Re: Capital One is at it again

Post by 02nz »

mortfree wrote: Sun Jun 26, 2022 8:10 pm They have a 18M CD paying 2.5%

Not sure if that was mentioned here or elsewhere.
LOL I totally read that as $18 million at first! While that's a good rate for a direct CD right now, you can get brokered 18-month CDs at 3% - I just bought one this morning. Brokered CDs have some differences to direct CDs, but the main one - inability to pay the penalty to get out, instead you have to sell it on the secondary market - is less of an issue for such a short term.
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Re: Capital One is at it again

Post by anon_investor »

Emerson11 wrote: Sun Jun 26, 2022 11:35 am I too recently discovered that Cap One created a new type of account at a higher rate and didn't tell me that my money could get a higher rate. When I called to switch to that type, I was told that I need to close the old MM account and open the new and improved account. Instead, I transferred the bulk of the lousy Cap One account over to my Marcus by Goldman account, which dependably pays a higher rate than Cap One. Marcus, automatically bumps my account with the higher rates, has better customer service, and generally doesn't spurn existing clients.
They did this to me a couple of years ago and I moved all of my money to an existing Ally Bank Savings account and never looked back!
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