Capital One 360 New Account Bonus: Up to $500 Cash

Capital One is one of the most recognizable names in the financial world and Capital One 360 is their online banking arm. If you're thinking about opening an account and want to know if they have any bonus offers – you're in the right place.

They offer up to $500 cash bonus for opening a 360 Performance Savings account. It's one of the easiest offers to complete, as it doesn't require a direct deposit, but it requires you to bring a lot of new cash to the bank if you want the top amount.

Let's see how you can get this Capital One 360 bonus:

About Capital One 360

It only felt like yesterday that the term “online bank” felt like a novelty. ING Direct was still doing silly ads where people didn't know how to pronounce “ING” (I still say the individual letters). They were acquired by Capital One in 2011 and turned into Capital One 360 – the bank we're talking about today.

Capital One 360 is FDIC insured as Capital One Bank USA (FDIC #33954) and if you want a deeper dive into the bank's offering – our Capital One 360 review does a good job outlining it all.

Just as an aside – even without the bonus, Capital One 360 is a pretty good online bank. They have great rates, practically no fees, and one of the nice features is that you can open separate savings accounts for different savings goals. You can do it all online pretty quickly and each one will have its own account number, so you can set up automatic transfers to help with savings. It's a good way to do envelope budgeting without actual envelopes.

So it's a case where you come for the bonus but stay for the bank's other features.

How to Get Up to $500 from Capital One 360

You're here to read about the bonus and you're in luck – it's super easy to get.

All you have to do is open a 360 Performance Savings account with the promotion code NEW500. Then, deposit money into the account within 10 days – the more you deposit, the greater the cash bonus.

The bonus is based on the deposit amount:

• Deposit $10,000 and get a $100 cash bonus,
• Deposit $20,000 and get a $200 cash bonus,
• Deposit $30,000 and get a $300 cash bonus,
• Deposit $40,000 and get a $400 cash bonus,
• Deposit $50,000 and get a $500 cash bonus (this is the max)

This has to be new money from another institution. You can't transfer it from another account at Capital One 360.

Then keep that balance there for 90 days and the cash bonus will be deposited in 60 days.

Learn more about the offer
(Offer expires 3/31/2020)

Any Fees or Gotchas?

None – the account has no monthly fees, no minimum balance, and no gotchas to speak of. I've had an account at Capital One 360 for over ten years (it started as an ING Direct account) and have yet to pay a fee. Plus it earns a great interest rate (currently 1.70% APY).

How Does This Bonus Compare?

It's easily one of the easiest bank bonuses to get because there is no direct deposit requirement. All you have to you do is open the account and bring in new money to Capital One. The sums are large – you need $10,000 to get to the lowest $100 cash bonus tier – but certainly doable. Plus your cash earns 1.70% APY while you wait for the bonus.

For example, if you want to get $400 from Wells Fargo, you'll have to open an Everyday Checking account and receive a total of $4,000 in qualifying direct deposits within 90 days. It requires just a $25 minimum deposit so the dollar amount is quite low but you'll have to adjust your financial system so this account gets a direct deposit, likely from your full-time job.

Chase Bank has a competitive bonus too where you can get up to $350 for opening a new checking AND savings account. For their offer, you will have to set up a direct deposit to a Chase Total Checking account AND transfer in $10,000+ in new money to the Total Savings account. This nets you a $200 bonus for the checking and $150 for the savings.

As you can see, this Capital One 360 bonus for their 360 Performance Savings account is simpler because it requires just a transfer of new money.