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Capital One offers exceptional bank accounts, but it doesn’t have as many promotional offers as some other large banks. Occasionally it offers cash bonuses on checking accounts or extra-high rates on CDs; see Capital One’s current promotions below.
11-Month CD – 5.00% APY [EXPIRED]
- Bonus Amount: 5.00% APY
- Promotion Expiry: March 14, 2023
- Qualifications: Deposit
- Open a new 11-month 360 CD. Unlike most banks, Capital One doesn’t have a minimum opening balance to get started with this or any other CD. You can deposit as little as a penny if you want, although you’ll get the most return by making as large of a deposit as possible.
- Earn 5.00% APY on your deposit until it matures. Unlike with most account-opening bonuses, you won’t receive a single cash payout—you’ll only receive a higher interest rate that pays out on a monthly basis into your CD account. (In comparison, Capital One is only offering 4.15% APY on its 12-month CD, as of March 2023.) If you withdraw the deposit early, you’ll pay an early withdrawal penalty equal to three months’ worth of interest.
- Allow your CD to automatically renew or withdraw it during the grace period. Once the 11-month waiting period is up, Capital One will automatically renew your account for another 11-month term. You can leave the money there if you like, or you can withdraw it. You’ll have a brief 10-day window after the account renews as a “grace period,” during which time you can withdraw the funds without paying any early withdrawal fees.
- Available to U.S. citizens and permanent residents with taxpayer ID numbers
- Must have a U.S.-based mobile phone number and address (or military address)
- No further eligibility restrictions for this promotional offer—current Capital One customers are also eligible
- Early withdrawal penalty equal to three months’ worth of interest
As long as there isn’t a chance you’ll need to make a withdrawal before the CD matures, depositing as much as you can is a good idea. For truly exceptional savers, remember: It’s best to keep your deposits at any one bank below $250,000 so you’re not going over the limits of your FDIC insurance.
- Banking Products: Savings, checking, CDs, credit cards
- Other Products: Auto loans, business accounts and services, commercial banking solutions
Competitive interest rates
Mobile banking options
No monthly maintenance fees
Few local branches
Capital One should appeal to consumers looking for a full-service, online bank. It may be a good fit for customers who want to:
- Earn a competitive APY through an online savings account
- Avoid paying monthly maintenance fees
- Do the majority of their banking online
- Access accounts and credit score from their phone
Compare Capital One Bonuses
|March 14, 2023
Frequently Asked Questions
Are Capital One Bank Promotions Taxable?
Yes. The promotion that Capital One Bank offers for opening a new account is considered taxable income, just the same as any interest you earn on a savings account. It’s the same for any bank; not just Capital One.
Are Capital One Accounts Available Nationally?
Yes, you can open a bank account with Capital One from anywhere as long as you’re a U.S. citizen or permanent resident with a U.S.-based or military address. You’ll also need a taxpayer ID number and a U.S.-based mobile phone number.
How Often Does Capital One Offer Account Bonuses?
Capital One bank promotions aren’t as frequent as with many other large online banks, like Chase or Bank of America. Instead, the bank features promotional offers for its Capital One credit cards much more frequently than for its bank accounts.
If you’re looking for banks that offer bigger cash payouts on a more regular basis, try scoping out the best bank account opening bonuses for more relevant options.
Is Capital One a Real Bank?
Yes, Capital One Bank is definitely real, and it’s an excellent choice for online banking. All of its accounts come with low fees and high interest rates.