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Up to $1000 Bonus for new Capital One 360 saving account

+87 Deal Score
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Open a capital one savings account by 12/24 and fund the account in 15 days and have a party. You have to hold the fund for 90 days. APY 2.35% as we speak.
I guess this is similar to Ally bank doing 1% bonus deal, but Capital one has physical banks in North East and customer service is better than Ally Bank
Up to $1000 bonus based on your deposit amount.


https://www.capitalone.com/bank/fall22/
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Up to $1000 Bonus for new Capital One 360 saving account
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Joined Nov 2009
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> bubble2 206 Posts
80 Reputation
Grezex
10-23-2022 at 10:31 AM.
10-23-2022 at 10:31 AM.
What about avoiding fees to transfer large sums of money between banks (eg. wire)?
Reply
Joined Nov 2013
L6: Expert
> bubble2 1,663 Posts
47 Reputation
ndj123
10-23-2022 at 11:13 AM.
10-23-2022 at 11:13 AM.
Quote from TheBondKing :
Let's say this 94986RMK4 WFC Floating rate MTN maturing 12/28/22 BBB+ is yielding 13%...
is WFC = wells fargo?
what MTN means?
Thanks
Reply
Joined Jun 2017
New User
> bubble2 2 Posts
10 Reputation
Ryanpatell
10-23-2022 at 12:13 PM.
10-23-2022 at 12:13 PM.
bonus depending on how much you deposit
deposit --> Bonus
$10,000 --> $100
$50,000 --> $500
$100,000 --> $1,000
2
Reply
Joined Jan 2015
L10: Grand Master
> bubble2 1,405 Posts
144 Reputation
Deal_Hunter_X
10-23-2022 at 12:16 PM.
10-23-2022 at 12:16 PM.
Quote from Grezex :
What about avoiding fees to transfer large sums of money between banks (eg. wire)?
ACH, takes 3-5 business days but it's free.
Reply
Joined Jan 2015
L10: Grand Master
> bubble2 1,405 Posts
144 Reputation
Deal_Hunter_X
10-23-2022 at 12:18 PM.
10-23-2022 at 12:18 PM.
Quote from BeigeIdea523 :
Take a screenshot. Capital One can be shady so always have proof ready.
From my own experiences, US Bank is the shady one, Capital One was fine. Got the bouns within 5 days (90 +5).
Reply
Joined Mar 2017
FREE99
> bubble2 245 Posts
73 Reputation
MONEYMACHINEMELO
10-23-2022 at 12:33 PM.
10-23-2022 at 12:33 PM.
See how much you'll earn with your bonus.
DEPOSIT EARN
$10,000+ $100
$50,000+ $500
$100,000+ $1,000
2
Reply
Joined Nov 2008
L10: Grand Master
> bubble2 8,102 Posts
607 Reputation
dtmamg
10-23-2022 at 12:56 PM.
10-23-2022 at 12:56 PM.
Quote from Tokar :
So, you want to make some money in these next 90 days on a bank bonus because you don't want to play the stock market. Here are your current options:
  • i-Bonds - if you buy before Oct 28 you'll lock in the 9.62% interest for 6 months and then 6.47% for the following 6 months. Problem is that any money you put down will be locked in for 12 months, plus if you want to sell before 5 years you'll get 3 months of interest deducted as a penalty. So you won't see your "bonus" until at least a year or more.
  • Ally Savings/MM - Create an account using GETPAID promo code by Oct 26. Transfer at least $1,000 by Nov 4 and keep it there until Jan 15 and receive a 1% bonus on top of the money already generating 2.35% APY (max $500, i.e. 1% on $50,000).
  • Ally CD - same as above for the savings/mm. You get a higher rate but lock in your money for a period of time. So you won't see your bonus until at least a year (12 mo CD = 3.25% APY)
  • CapitalOne - deposit and hold for 90 days $10,000+, $50,000+, or $100,000+ for bonuses of $100, $500 and $1,000 respectively. 2.35% interest rate (same as Ally).
  • Chase - Same old $600 offer. Opening checking and savings (0.01% APY) accounts. Direct deposit into checking and get $300, hold $15,000 in the savings for 90 days from coupon enrollment and get $200. Do both and get an additional $100.
  • M&T - Open a MyChoice Premium checking account. Receive a direct deposit of $500+ and receive $150. Keep $10,000+ in the account for the entirety of December and January and receive an additional $300.

So which is best?


Assumptions:
  1. immediate transfers to maximize daily interest days
  2. Direct deposit requirement will be met for M&T and Chase to get full bonus
  3. Ally is your primary bank earning 2.35% interest regardless
  4. APY of 2.35% doesn't change from now until January
  5. Start exercise today get earliest end date for Chase to transfer back to Ally
  6. Run the exercise until May 24, 2023 (180 days is the minimum days to avoid early closure fee at M&T. If you open on Nov 25 to start the bonus, it'll go until this date).
  7. Chase will require $1800 to be kept in the account ($300 savings, $1500 checking) after 90 days to avoid fees and to allow the account to be passively idle.
  8. Downgrade the M&T account on Feb 1 to EZChoice checking so you can keep $0 at the bank and avoid fees.
  9. Close Chase account after 180 days from open, April 21.
Rough numbers, but if you do everything timed well, the numbers will be around this amount.

Run the exercise with $15,000:
  • i-Bond + Ally - $711* (includes Ally interest on $5000 because i-bond max is $10,000, * indicates your part or all of your money is stuck for at least 1 year)
  • Chase - $642
  • M&T - $571
  • Ally CD - $434* (your money is stuck for a year)
  • Ally Savings/MM - $356
  • CapitalOne - $356 (this will be the same as Ally until you do this exercise with $50,001, which gets you more than the Ally max $500).
Run the same exercise above, but if you now only have $10,000 to play with:
  • i-Bond - $593*
  • M&T - $504
  • Ally CD - $289*
  • Ally Savings/MM - $237
  • CapitalOne - $237
  • Chase - n/a (need $15,000 to play)
Run the same exercise above, but if you now only have $5,000 to play with:
  • i-Bond - $296*
  • Ally CD - $145*
  • Ally Savings/MM - $119
  • CapitalOne - $n/a (need $10,000 to play)
  • Chase - n/a (need $15,000 to play)
  • M&T - n/a (need $10,000 to play)

These numbers are extremely ideal, i.e. they assume instant transfers so I could maximize the number of interest-bearing days (as well as 5 day deposit time for bonuses). We all know bank transfers generally take 2 days and bonuses could take up to a month to arrive. So, I'd say deduct like $10-$20 or so from lost interest for Chase, M&T due to expected bank-transit-time.

Summary:
If you don't already have an i-bond and you have money you don't mind being unable to touch for a year, buy an i-bond now before October 28 (order will process on Oct 31).
If you already have an i-bond and have $15,000 to play with, the Chase deal is your best bet.
If you already have an i-bond and have $10,000 to play with, the M&T deal is your best bet.
If you already have an i-bond and have under $10,000 to play with and don't mind being unable to touch it for a year, a 3.25% APY Ally CD is your best bet.
Hi,

Appreciate the write up.

For the MT bank, I saw $200 with DD, but not the $300 for additional $10k is there a link or code? TIA

Seems like MT does not operate in my area
Reply
Last edited by dtmamg October 23, 2022 at 01:16 PM.

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Joined Nov 2014
L7: Teacher
> bubble2 2,233 Posts
408 Reputation
TurtlePerson2
10-23-2022 at 01:02 PM.
10-23-2022 at 01:02 PM.
Quote from Adinel-RobertN :
Would be worth it to park some money in here and wait for CD rates to go even higher? I'm wonder if the CD rates are still going up in the next 3 months or so?
3 month treasuries are paying more than this and don't have state or local tax on the interest. 6 month treasuries are above 4%. Your money is better off in treasuries than CDs right now. I think that you're smart to wait for rates to climb a bit higher before buying longer term though.
Reply
Joined Oct 2006
L7: Teacher
> bubble2 2,663 Posts
458 Reputation
Original Poster
desitoyota
10-23-2022 at 01:04 PM.
10-23-2022 at 01:04 PM.
Quote from idfw2003 :
Remember, Uncle Sam will take a small chunk of your interest earnings over $10 as income if i remember correctly. It's not as straight forward as you think. Still much better than the pathetic 0.01% interest from other banks.

You can't avoid uncle SAM. He will catch you now or later(except Roth or HSA)
Reply
Joined Oct 2006
L7: Teacher
> bubble2 2,663 Posts
458 Reputation
Original Poster
desitoyota
10-23-2022 at 01:05 PM.
10-23-2022 at 01:05 PM.
Quote from TurtlePerson2 :
3 month treasuries are paying more than this and don't have state or local tax on the interest. 6 month treasuries are above 4%. Your money is better off in treasuries than CDs right now. I think that you're smart to wait for rates to climb a bit higher before buying longer term though.

Market timing is never a good idea
Reply
Joined Jul 2018
L4: Apprentice
> bubble2 454 Posts
304 Reputation
PurpleRaccoon2149
10-23-2022 at 01:24 PM.
10-23-2022 at 01:24 PM.
Quote from idfw2003 :
Remember, Uncle Sam will take a small chunk of your interest earnings over $10 as income if i remember correctly. It's not as straight forward as you think. Still much better than the pathetic 0.01% interest from other banks.
Yes, Uncle Sam will tax interest it pays on its treasuries...
However...that interest is EXEMPT from state income taxes...and that can save a tax payer a lot, depending on the state they live in!!
Reply
Joined Jul 2005
L6: Expert
> bubble2 1,631 Posts
993 Reputation
Tokar
10-23-2022 at 01:27 PM.
10-23-2022 at 01:27 PM.
Quote from dtmamg :
Hi,

Appreciate the write up.

For the MT bank, I saw $200 with DD, but not the $300 for additional $10k is there a link or code? TIA

Seems like MT does not operate in my area
I saw it on DoctorOfCredit. Looks like it is limited to certain states in the mid-Atlantic. CT, DC, DE, MD, NJ, NY, PA, VA, WV... Stick Out Tongue.

https://www.doctorofcredit.com/mt...-pa-va-wv/
Reply
Joined Dec 2011
Two Minds Became One
> bubble2 13,978 Posts
Peerless_Warrior
10-23-2022 at 01:29 PM.
10-23-2022 at 01:29 PM.
Quote from desitoyota :
Market timing is never a good idea
Seems like the end of 2021 hinted at the collapse of the market we now have, no? Some stocks like $NVDA fell hard from their 2021 highs.
Reply
Joined Nov 2008
L10: Grand Master
> bubble2 8,102 Posts
607 Reputation
dtmamg
10-23-2022 at 01:34 PM.
10-23-2022 at 01:34 PM.
Quote from Tokar :
I saw it on DoctorOfCredit. Looks like it is limited to certain states in the mid-Atlantic. CT, DC, DE, MD, NJ, NY, PA, VA, WV... Stick Out Tongue.

https://www.doctorofcredit.com/mt...-pa-va-wv/
Yea, I actually found the promo page, zip code said not for me lol

But great post thx repped
Reply

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Joined Oct 2006
L5: Journeyman
> bubble2 686 Posts
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geekebay
10-23-2022 at 01:59 PM.
10-23-2022 at 01:59 PM.
I did read the whole thread but I don't understand the part about the 1% bonus - Any details would be appreciated
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