Wow, that IS a nice surprise. Now I wish I hadn’t transferred almost all my money out during the month. I had only $5 in the account at the end of the month, but got some decent interest from earlier in the month.
Just when I thought I was out, they pull me back in.
Same here! I took most of my funds out of Northern Bank earlier in the month. When I found out about the raise in the rate I put $500 back in & received good interest for the whole month.
Yesterday I talked to a rep about how long the 2.5% would last, her response was, “They don’t tell us.”
Sorry, it was EBSB that I asked about how long their 2.5% would last. No guarantee!!
No guarantee but someone upthread has stated they had talked to a rep and the rep said she had never seen them lower an interest rate before. I’ve had very good experiences with EBSB so far as well.
Hmm … you withdrew you post, but here’s the link. I have a referral link but I’m not sure the CELEBRATE promo code can be used with the referral link, so here is the direct link.
Wow, this Capital One deal sounds pretty good. Deposit $50K in 360 Money Mkt act 2% rate for 90 days & gain $500 bonus. Am I missing something?
Probably not. But I can tell you why I’m not in:
I do not trust Capital One to make good, in a timely manner, on their commitment to pay the bonus money.
Capital One is not Ally Bank. They’re not “in my wallet”, either.
I have been reading clearly (I think) about this offer with Capital One. I can see that your money is basically tied down for 5-6 months. Using a balance of $50K.+ $500 bonus. You must maintain the balance $50K for 90 days & the bonus will be paid 60 days following the 90 days.
Someone, I’m sure, could figure just what a person would earn here. 2% rate + $500= what rate for 5 months??
I’ve had issues with a Capital One credit card in the past, so I am not a Capital One cheerleader. However, I don’t see this offer much differently than the Ally offer. Yes, the holding period is 90 days rather than 60, and the maximum you can put on the table is $50K, not $100K.
Still putting $50K in for an effective interest rate of nearly 6% for 90-100 days seems like a no-brainer to me. Not sure how you are seeing the money tied up for 5-6 months any more than the Ally deal. Two days after the holding period ends, virtually all of the funds can go elsewhere.
I was a little irritated with Capital One during the funding process because it took three days to do the trial deposits, and another week before my funding of the account completed “processing”. However, once it did complete “processing”, the date the deposit was posted was when the ACH process began.
I have done numerous bank bonuses with Capital One over the past 2-3 years. I have never had a problem with the payout. Good luck!
I’m going to go ahead with this one. For a change I have a small Capital One bank here in my small town. It is located in the Safeway store.
Since you mentioned $50K in for an effective interest rate of nearly 6%, sounds good to me. I opened the online account & plan to deposit one of my Alliant CU checks at the Capital Bank. That way I don’t have to go through the small deposits for ACH funding.
Good luck!
My wording implied $50K was the max that you can deposit. You can actually deposit all you want (up to FDIC limit, I suppose) but you won’t get any additional bonus. I used $50,001.
There is a separate Capital One deal that has a $600 bonus on $100,000 but that didn’t appeal to me. The $500 on half that did.
Just an FYI - the local branch might not help you on this… a couple years ago I had an issue trying to open one of the Capital One 360 accounts and the branch couldn’t help me – they said its an online only product and they were completely separate from the actual bank locations.
Woo hoo! Ally $1000 bonus just posted. Ka-ching!
There should be no need to keep the $50K for 5 months. Keep it for 95 days maybe to be on the safe side, then move $50K elsewhere (leaving enough to keep the account open for another 60 days). Assuming you do that , the rate of return is simple 90 days at 2% is $250 so $750 total in interest on $50K over 3 months = about 6%.
If you left the money there for 5 months, it’d come down to 4.4%. Still respectable but you can do better by simply moving the $50K to a higher interest account for the 60 days.
The caveat is that if at any point you get below $50K you only earn $200 bonus. So if your initial funding is not $50K (say you’re bringing money in several transfers from several banks), they could (and most surely will) screw you off the extra $300 bonus.
StatGren, Thanks for the info on the effective interest rate of the $50K MM 6% for 90 days, at Capital One.
I had no problems, in fact I had actually had an acct with Cap One many years ago. They still had all my info, so I was able to check in right away. I made a mistake of thinking we had a small site here in town, so I couldn’t use a check to open the acct. I did have to go through the ACH small deposits, but that processed quickly through Alliant CU. It took 2 more days @ $25K per day.
Today I can see my $50K posted with the 2% interest rate. Hopefully after the 90 days I will see the $500 Bonus. 
Eagle Premium Savings deal is for high rollers only ($100,000).
Interest rate is 3% but you have to jump through a bunch of hoops.
Watch out, there are a lot of “gotchas” with this deal. You might do better to wait for Ken’s writeup. Ken can be relied upon to detail ALL the many pitfalls.
Meanwhile, for those brave souls unwilling or unable to wait who wish instead on their own to ferret out all the details:
Link to Eagle Premium Savings deal
There is additional information about the deal here:
More rate detail here on Eagle Premium Savings deal
ETA
Hmmm. Deal does appear to be offering a six month rate lock on that 3% APY.
Rate is only good for 6 months. After the 6 months, the regular rate of 2.53% applies.
| *$100,000.00 and OVER Introductory Rate (fixed for first 6 months) | 2.96% | 3.00% |
|---|---|---|
| $100,000.00 and OVER (PRIME minus 3.00%) | 2.50% | 2.53% |
So basically $250 additional over the 6 months for 3% versus 2.5% for every $100,000.
First offer for several days… but is it good?
shinobi, name a few gotchas that you see. All I see is Maximum of 1 debit per calendar 6 mo- additional will incur per 1 item charge. I don’t do debits, but I guess I could start. I suppose you would have to have more funds in the Savings to offset the debit.
3% sounds good.
SoFi Money just removed spend and deposit requirements.
Does it qualify for this thread? I think so, but I don’t have any experience with and it would be the first of its kind. They say it’s a hybrid checking + savings account (currently paying 2.25%) offered by a brokerage (?), which I think is most similar to Fidelity’s Cash Management account. FDIC insured up to $1.5MM via deposit sweep at 6 banks (250K * 6). I don’t see the 6/mo withdrawals limit, so it’s really just a high yield checking account with no minimum requirements or monthly fees.