Capital One InterestPlus 1.30% APY + $50 Bonus
When what every bank is doing these days is pretty much the same: cutting interest rate, Capital One surprised me last week with a move that bucks the trend: they increased the yield of the InterestPlus Savings Account from 1.25% to 1.30% APY. That’s pretty rare, considering how much rates have been cut by online banks in the past two years even when the Federal Reserve has kept the benchmark rate steady. From what I can see, it has become a game of racing to the bottom: When one bank cuts its rate, everybody will soon follow. And since everybody basically offers the same rate, between 1.00% and 1.30%, it’s hard to pick a winner if you are shopping for a savings account. What appears to be a winner today, may not be again tomorrow since rates still change very frequently. When Ally Bank made a similar surprise rate increase last August, I thought it was signal that rates might start to reverse course and go up soon. Of course, that never happened. So there probably isn’t much to read into Capital One’s rate increase either.
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Just a couple of days before the rate increase, I also got an email from Capital One with a $50 bonus if I open an InterestPlus Savings Account. I have an Online Savings Account with them, but have no money in the account. The offer is to ask me to go back and try their new savings product. When the InterestPlus account was introduced last year, I indeed thought about getting one myself. Now with the extra incentive, I may actually get one. If you are not familiar with Capital One InterestPlus Savings Account, here’s what it offers and how to get the bonus:
- 1.30% Annual Percentage Yield (APY) with a balance of at least $2,500;
- 10% quarterly bonus on interest earned just by having an average balance of $15,000 or more in your savings accounts or by using your Capital One credit card once a month;
- An extra $50 when you go online, open an InterestPlus Online Savings account with the offer code below, and have a balance of $10,000 or more on May 15, 2010;
If you are interested, you can open an InterestPlus Savings Account with offer code SAVER50DF and get $50 bonus when you meet the requirements above.
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