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Capital One Savings: 3.40% APY + Up to $1000 Bonus with Up to $100K Deposit

+24 Deal Score
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Capital One 360 PERFORMANCE SAVINGS
Earn up to a $1,000 bonus. Open with promo code SPRING23 by 5/10/2023.

Here's the full scoop on how to earn your bonus:
  1. Open a 360 Performance Savings account between 12:00 a.m. ET on March 22, 2023, and 11:59 p.m. ET on May 10, 2023. When you open your account, ensure the promo code SPRING23 is entered in the Promo Code box.
  2. Deposit a total of $10,000 or more of new money within the first 15 days of account opening. You will earn a bonus once you've maintained the Deposit Amount of $10,000 or more for 90 days. The amount of your bonus will be determined as follows:
    • $100 bonus – The new money deposited from an external bank during the Initial Funding Period was between $10,000-$49,999.99, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
    • $500 bonus – The new money deposited from an external bank during the Initial Funding Period was between $50,000-$99,999.99, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
    • $1,000 bonus – The new money deposited from an external bank during the Initial Funding Period was more than $100,000, and you maintained that Deposit Amount for 90 days following the Initial Funding Period.
  3. Capital One will deposit the bonus into your account within 60 days after you have completed all the requirements above, including fulfilling the 90-day holding period.


https://www.capitalone.com/bank/spring23/
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Created 03-21-2023 at 11:19 AM by addictedsaver
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Joined Sep 2010
L6: Expert
> bubble2 1,147 Posts
224 Reputation
03-21-2023 at 01:23 PM.
They are counting on interest rates dropping and you missing out on your no penalty CDs higher rate.

Do the math before jumping on this
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Joined Mar 2005
L2: Beginner
> bubble2 162 Posts
65 Reputation
03-21-2023 at 01:33 PM.
In comparison to a recent post on Charles Schwab of 5.x% 3 months CD; with the same amount of $100k, comes out to be $1,325 for the same amount time.

Short-term, within 3 months, small variation gain with CD, but much higher gain with CD if more than 3 months to keep the money parked.
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Joined Nov 2014
L6: Expert
> bubble2 1,345 Posts
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Our community has rated this post as helpful. If you agree, why not thank

03-21-2023 at 03:01 PM.
I'm not including compounding interest here, but I think the conclusions are going to be more-or-less the same for everyone:
If you deposit $100,000, you'll earn roughly $838 from your money in 90 days from the interest. The $1000 bonus would bring that up to $1838. Earning $1838 on $100,000 in 90 days is an annualized rate of return (again, no compounding here) of ~7.5% for those 90 days.

That's a pretty good deal, but there's two things to remember. First is that you will pay tax on all of the $1838 as though it were ordinary income. Sometimes people mistakenly believe that these sign up bonuses aren't taxable, but they definitely will appear on a 1099-INT that will be sent to you and to the IRS. Second, you really need to move your money after 90 days for this to make sense. That's a little bit of a hassle and so I think this deal makes a lot less sense at $10k than at $100k.

Important question - it says they'll deposit the money 60 days after you meet the requirements, does this mean you actually need to keep the money there for 150 days? Or would one need to deposit $100k, keep it there for 90 days, then clean out the account and wait 60 days for the interest?
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Joined Mar 2004
L5: Journeyman
> bubble2 557 Posts
153 Reputation
03-21-2023 at 03:02 PM.
I'm getting message that promo code SPRING23 is expired.
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> bubble2 3,274 Posts
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03-21-2023 at 03:08 PM.
Quote from donkinuts :
I'm getting message that promo code SPRING23 is expired.

I don't think the code is valid until tomorrow. Per terms "Open a 360 Performance Savings account between 12:00 a.m. ET on March 22, 2023, and 11:59 p.m. ET on May 10, 2023"
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Joined Dec 2015
L3: Novice
> bubble2 147 Posts
26 Reputation
03-21-2023 at 03:21 PM.
I just finished the FALL22 deal of the same details. Wondering now what to do with the 100k+ that I have sitting in Capital One. Was tempted to move it across to my Sofi checking which is getting 4% APY, or maybe another deal like this that gives ~$1,000 bonus.

Any suggestions?
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Joined Jul 2008
L10: Grand Master
> bubble2 6,057 Posts
1,073 Reputation
03-21-2023 at 03:27 PM.
This is essentially 4.40% APY unless you plan to exit after 90 days. There are better return elsewhere. I would lock 5% CD any day over this if I don't need to use the money asap.
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Joined Jun 2006
L8: Grand Teacher
> bubble2 3,102 Posts
564 Reputation
03-21-2023 at 03:27 PM.
So correct me if wrong but I had a similar Citibank promo with bonus after 90 days. BUT it didn't accrue any interest during those first three months. If it is the same with this Cap-1 deal keep that in mind. 100,000k with the normal 3.4% account yield would generate roughly $1,150 in interest in three months. If the $1,000 promo stacks with $1,150 accrued interest that that is pretty slick. If not, you are losing money.
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Joined Apr 2009
L4: Apprentice
> bubble2 347 Posts
28 Reputation
03-21-2023 at 03:31 PM.
i got his last year -- am eligible for this?
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