Note: Some readers have reported in the past that they were not able to apply the promo code even as new customers, and Capital One responded that this was a targeted promotion even though there is no such language on the offer page nor in the terms and conditions. I would make sure that the promo code “FALL22” was accepted before moving forward with this promo.

Promo is back:

Capital One has brought back a deposit promotion worth up to $1,000 for new 360 Performance Savings accountholders. Note the following:

If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2020, 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.

Here are the details:

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.

• Open a new 360 Performance Savings account with promo code SPRING23 by 5/10/2023.
• Make a deposit of $10,000+ of external funds within 15 days of opening. Hold the money in your account for an additional 90 days past the initial 15-day period.
• $10,000+ deposited = $100 bonus.
• $50,000+ deposited = $500 bonus.
• $100,000+ deposited = $1,000 bonus.
• Capital One will deposit the bonus into your account within 60 days following the 90-day period. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
• You’ll also earn their normal interest rate (currently 3.50% APY as of 4/10/23). No monthly fees or minimum balance requirements.

Note that the 90-day “maintain balance” period is after and in addition to the end of the 15-day “initial funding period”. So if you are counting from the opening day, that is a total of 105 days after opening. This is important as other readers have gotten denied for the bonus when withdrawing after only 100 days. You may wish to chat with Capital One to confirm the exact date.

In terms of APY, you are getting 1% of your deposit with a minimum holding period of 105 days (could be shorter if you funded at last moment). Let’s call it 120 days to be safe. This works out to the equivalent of (a little more than) a 3% annualized yield. If you assume the current 3.50% APY holds, that would be an estimated 3.5% + 3% = 6.5% annualized yield for those 120 days.

Not a bad deposit bonus on top of a currently competitive base interest rate, if you qualify of course. Again this one is only for new customers or those that have closed their previous CapOne360 accounts by January 1, 2020.

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Capital One 360 Performance Savings Deposit Bonus (Up to $1,000, Spring 2023) from My Money Blog.

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