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I’ve written several times this year about the value of checking account bonuses — including information on thousands of dollars we’ve earned this year in my household thanks to bank account bonuses. While we don’t cover every new checking account bonus that comes out, a new offer for $400 with a new checking account and two direct deposits of $1,000 or more from Capital One looks like a great deal for those eligible.
- Capital One is offering a $400 bonus when you open a Capital One 360 checking account with promo code BONUS400 and have two direct deposits of $1,000 or more in the first 60 days
- Direct link to this deal
- Must enter the promo code
- Must Open a 360 Checking account between 12:00 a.m. ET on November 9, 2020, and 11:59 p.m. ET on January 26, 2021. When you open your account, enter your promotional code—BONUS400.
- Must Receive at least 2 direct deposits totaling $1,000 or more to your 360 Checking account within 60 days of account opening. A qualifying direct deposit is an Automated Clearing House (ACH) credit, which may include payroll, pension or government payments (such as Social Security) by your employer or an outside institution.
- This account is subject to approval. This offer cannot be combined with any other 360 Checking account opening offers. Only one promotional code is accepted. Bonus is only valid for one new 360 Checking account.
- If you have or had an open 360 Checking account as a primary or secondary account holder with Capital One on or after January 1, 2018, 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.
- Bonus will be paid out on the following schedule:
There are two main reasons why I thought this Capital One bonus was post-worthy:
- It’s a great bonus: $400 in your pocket that requires no spend and relatively low direct deposit requirements is an excellent deal. This beats many credit card bonuses and requires less effort.
- A Capital One 360 account can be useful long-term when opening other bank accounts for bonuses
The first point above is clear. Four hundred bucks is no small potatoes. If you have a 2-player household, that could pretty easily be $800 in your pockets with very little effort. Who can argue with eight hundred bucks in easy money? It isn’t as big a win as that HSBC account that could put $1300 in the collective pockets of a 2-player team, but given that the HSBC bonus may require a bigger direct deposit, this Capital One bonus will likely appeal to more folks (and if you’ve done the HSBC bonus and collected $1300 in 2-player mode, there’s no good reason not to pick up another $800 here).
The second point is that I’ve found Capital One 360 to be a great account to have for pushing deposits to other banks. I’ve often found that an ACH deposit pushed from Capital One has triggered new account requirements for me at many other banks. YMMV as it won’t always work, but I’m not saying this is a useful account for no reason. See this resource for more.
If not for the fact that my wife and I already have Capital One 360 accounts, I’d definitely go after this one. On that note, it looks like you aren’t eligible if you’ve had a Capital One 360 checking account open on or after January 1, 2018 as either a primary or secondary account holder.
H/T: Doctor of Credit