Capital One is currently offering a $500 bonus when you open a new business checking account, deposit either $5,000 within 30 days, leave the funds in the account for 60 days, and then make at least 10 qualifying transactions (like a remote check deposit or ACH transfer).
If you have the cash, that’s a pretty easy return without worrying about any direct deposit requirements. This bonus is available nationwide.
Note that there is usually a $1,000 option that requires $30,000 in deposits, but that’s not on the menu this time around.
The Deal
- Capital One is offering either a $500 bonus when you open a new business checking account, deposit the $5,000 within 30 days, keep the funds in the account for at least 60 days, and make at least 10 qualifying transactions.
- Must use the promo code SBOFFER500 when opening the account.
How to earn the bonus
- Open a new Basic or Enhanced Business Checking account with promo code SBOFFER500.
- $5,000 Deposit required balance from non-Capital One accounts within 30 days of account opening.
- Maintain the minimum required end-of-day balance for at least 60 days during the first 90 days of account opening.
- Make 10 qualifying electronic transactions within 90 days of account opening. Qualifying transactions include electronic wire, electronic ACH, and remote check deposit.
- Basic Checking account incurs a $15 monthly service fee, which can be waived with a minimum balance of $2,000. Enhanced Checking account incurs a $35 monthly service fee, which can be waived with a minimum balance of $25,000.
Terms and Conditions
- How do you earn the cash bonus?
- Apply for a new Basic or Enhanced checking account online with the promo code SBOFFER500 . Promo code MUST be used when completing the online application.
- To become eligible for the offer bonus, you must complete the following qualifying activities on the newly opened Basic or Enhanced checking account:
- 1) Within 30 days of account opening, deposit between $5,000-$29,999.99 from an external source (cash deposits and funds sourced from an account with another financial institution that was not affiliated with Capital One prior to January 1, 2025, qualify; transfers between Capital One accounts do not qualify); 2) maintain a minimum end-of-day balance between $5,000-$29,999.99 for at least 60 days within 90 days of account opening; 3) make 10 qualifying electronic transactions within 90 days of account opening. Qualifying transactions include electronic wire (credits or debits), electronic ACH (credits or debits) and electronic remote check deposit.
- When will you get your bonus?
- Capital One will deposit the bonus into your new business checking account within 60-90 days of meeting all the offer requirements. The bonus will be reflected on your monthly statement. The amount of the bonus will be reported to the IRS (and state revenue authorities, where required) on IRS Form 1099‑INT for tax year in which you receive the bonus. If at any time during the offer period your account is in default, closed, suspended, or otherwise not in good standing, you will not receive the bonus.
- Offer restrictions: 1) Capital One reserves the right to stop taking applications for this offer at any time without notice. 2) Applicants who are users on Capital One Business checking accounts open in the last 365 days are ineligible for the bonus. 5) All applications are subject to approval. 6) Only one account per business will be eligible for the bonus offer.
- Basic Checking account incurs a $15 monthly service fee, which can be waived with a minimum balance of $2,000. Enhanced Checking account incurs a $35 monthly service fee, which can be waived with a minimum balance of $25,000.
Quick Thoughts
Based on the terms, you only have to leave $5K in the bank for 60 days to get the bonus. It doesn’t matter how the funds get there (ie, no direct deposit requirement), so long as they don’t come from another Capital One account. These business checking bonuses used to require you to have a Capital One business credit card in order to apply, but there’s no such requirement on this one as far as I can see.
It’s important to note that the net upside is slightly below $500. You’re effectively losing 60 days of interest on the money that you put in. Still, the $500 bonus is like earning ~60% APR on your money for two months. That’s clearly far better than you could do with a normal high-yield deposit account. It’s a no-brainer if you have $5,000 that you can free up for a couple of months.
Do note that there is a $15 monthly fee for the basic checking account, which can only be waived with a $2,000 minimum daily balance. That’s obviously not an issue when you have the required amount in the account, but remember to factor it into the deposit, or add at least $2,000 initially to avoid the fee being taken off in the first month.
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So most likely a stupid question but I want to be 100% sure. If ACH credit or debit counts as a transaction could I do $2,000 just to make the minimum daily balance and then 9 more ACH’s to hit the 10 transactions? Again dumb question just trying to make sure I fulfill all the requirements.
The offer restrictions are incorrect. Should be “Applicants who are users on Capital One Business checking accounts open on or after January 1, 2025 are ineligible for the bonus.”
Im currently doing the 360 Checking with the debit card ( had to make 20 $10+ charges). Is this Capital One Business Checking account offer different?
yes
360 checking is not a business account
They take incredibly long to pay out for the record. I’ve been waiting since November and there are reports it could take 150-180 days