Capital One is offering a $400 bonus when you open a new 360 checking account and receive two direct deposits of $500 or more within 75 days of account opening. That’s quite an easy bonus to hit, and at $800 for those playing in two-player mode, it becomes even more attractive.
This same bonus appeared a couple of weeks ago, but was targeted only to current Capital One customers. This version seems to be open to all.
The Deal
- Capital One is offering a $400 bonus when you open a new 360 Checking account with bonus code FLASH400 and receive two direct deposits of $500 or more within 75 days of account opening
- Direct link to this deal
Key Terms
- This is a limited-time offer and can be removed at any time at Capital One’s sole discretion.
- Capital One reserves the right to end or change the terms of this offer at any time prior to you accepting the offer, with or without notice. Changing the terms of this offer could result in changes to any of the offer requirements, such as, but not limited to, the required deposit amounts, qualified external deposit sources, bonus amounts, or expiration date.
- Please note that once your account is opened with a promotional code, the terms of the offer will not change without our prior notice. Offers may vary by channel, and this offer may not be available to you again if you navigate away from this page.
- If you have or had an open 360 Checking, Simply Checking, or Total Control Checking account as a primary or secondary account holder with Capital One on or after Jan. 1, 2024, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing before you receive the bonus, you will not receive the bonus.
Here’s the full scoop on how to earn your $400 bonus:
- Starting May 4, 2026 at 12:00 a.m. ET, open a 360 Checking account using FLASH400. Account must be opened with the FLASH400 before the offer ends. Offer can end at any time.
- Set up and receive at least 2 Qualifying Direct Deposits, each of $500 or more to your 360 Checking account within 75 days of account opening.
- Capital One will deposit the bonus into your account after the first two requirements listed above are completed. See below for when the bonus will be posted.
- What is a Qualifying Direct Deposit?
- A Qualifying Direct Deposit is a regular periodic payment, such as salary, pension, government payments (for example, Social Security), or other monthly income that occurs as an automated clearing house (ACH) or real-time payment network credit from your employer or an outside entity not affiliated with Capital One prior to Jan. 1, 2025.
Quick Thoughts
This is a fairly easy bonus to earn on a checking account, especially given the $400 upside. While the terms require two direct deposits of $500 or more and state that ACH transfers will not count, data points show that the direct deposit requirements can be easy to meet through a variety of activities.
Nick has had a Capital One 360 account for many years and has frequently used it to meet direct deposit requirements at other banks, as ACH pushes from his 360 Checking account almost always trigger those requirements. The 360 Checking account has no fees or account minimums, so it has been very easy to keep the account open over the years.
There’s no early termination fee if you meet the promo terms, earn the bonus, and then decide you no longer want to keep the account. On the flip side, if you have or had an open 360 Checking, Simply Checking, or Total Control Checking account as a primary or secondary account holder with Capital One on or after January 1, 2024, you will be ineligible for the bonus.
Overall, this bonus looks like easy money. We like checking account bonuses with low requirements and often look at them in terms of the total being doubled if you’re in 2-player mode.
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
Does opening a Capital One checking account (but not having any C1 credit cards) preclude P2 from getting a referral bonus if they later refer me to a C1 credit card?
I just saw this offer on my CapitalOne account, but for $350 after at least 2 direct deposits, each of $250 or more, within 75 days of account opening. Open a new account by October 18, 2023, using the promo code BONUS350.
Thanks for the heads up. We posted about that more than a month ago, but it’s always good to get a heads up in case we miss something: https://frequentmiler.com/350-checking-bonus-with-capital-one-360/
And here I thought I was being clever! LOL! Two new Capital One checking accounts opened and $700 just a few months away. Keep up the good work!
Data point: Opened account in Nov 2020. DD x2 in November 2020. Called 2021.05.16 regarding $400 bonus. Agent said that the promo code was not applied, but that she would request an exception. That request will take 20 days.
Signed up P1/P2 on Nov 14. Did two 1k DDs for each of us (4 DDs total across the two accounts) and was supposed to get the SUBs by tomorrow. Called CapOne today and they said promo code was not on either account. Luckily I took screenshots of each signup clearly showing account number and promo code applied, so we’ll see if they honor it. Anyone else have this experience?
I’m curious if anyone has received their $400? I met the requirement in early December, with a greater than $1000 DD in late November then a $200 in early December. The table shows I am receive it by end of April, but haven’t received it yet (still 2 days left :)).
FM just tweeted “If you opened a Capital One 360 checking account in the past couple of months for a $400 bonus, you need to complete the direct deposit requirements by tomorrow – here’s more about that offer. #LastChanceFM”
Terms listed above just say 60 days after account opening though. What am I missing?
You’re absolutely right. I’ve edited the Facebook post and we’ll get the tweet deleted / re-posted. Thanks for bringing this to our attention!
Hey troops, I’ve employed the “throw everything but the kitchen sink” methodology to get bonus for capone 360. I’ve transfered money in from four banking entities. They all document the transfers differently by means of memo.
HSBC: P2P
Wells business account: dda to dda
sofi: transfer
schwab: p2p
Obviously won’t know if I’ll get the bonus at all in a couple of months, but if you had to guess, which of these are what we want and which aren’t?
Schwab should work (according to DoC’s DP’s)
Less than 5 minutes to open account. Now we wait for the eight hundred clams….
Do I have to keep the deposit a certain amount of time to get the bonus?
No
Does anyone know if having an existing Capital One account, but NOT an existing Capital One *360* account, would preclude you from taking advantage of this offer?
If you mean a Capital One credit card account, no – that will not preclude you from earning this bonus to my knowledge (both my wife and I had credit cards with Capital One when we earned bonuses on the 360 accounts).
If you mean a Capital One bank account, I’m not sure.
Possibly the easiest bank account I’ve ever opened. Took me less than 5 mins. Just be sure to add the promo code for the bonus when they ask for a deposit!
I signed up myself and my wife. I skipped funding from an external account, which is apparently the only opportunity to add the promo code. I called and spoke to a rep, and they stated it was now too late to apply the promo code to my account. She indicated my only option was to complete the direct deposit requirement and then call back, at which point they will make an exception and apply the bonus.
TL;DR: Go through with external funding – it’s the only way to apply the promo code!
Given that I’ll have to manually call in… Anyone know if ACH’s are working to trigger this?
Nick, how hard/easy is it to move money out of this account? I did the recent suntrust bonus, but was surprised that they wanted to charge me a fee to move my money back to my “main” credit union. I ended up using their Zelle connection, but even that is annoying with daily/monthly limits. I’m having my paycheck sent to suntrust for the time being to satisfy their fee waiver requirements.
Didn’t see a place to put in the promo code. By just opening the account through the link am I eligible for the promotion?
The bonus payment schedule is a bit of a bummer for making sure that some of the older methods of making a deposit reported on the DOC site actually still work. I have to try Fidelity for my P2’s account and I’m hoping it really won’t be until March 2021 to find out if it still works.
Doesn’t opening bank accounts decrease your credit score for a while?
My score is pretty high but I’ve noticed it has dropped a few points because I’ve had a lot of stuff going on, and the only negative thing has been opening some bank accounts to store money from a home sale (didn’t want to go over the FDIC limits).
Generally speaking, no. The vast majority of bank accounts do not require a hard credit pull — rather, they do a soft pull that has no effect on your score. Exceptions sometimes occur when you opt in to overdraft protection — sometimes that requires a hard pull. I always opt out of overdraft protection when given the choice. Between my wife and I, we’ve opened at least a dozen accounts this year with zero hard pulls.
Is it 2 deposits totaling $1000, or 2 deposits amounting $1K each?