Capital One Direct Banking is offering special signup bonuses for Costco Members. If we sign up for a Capital One's Online Savings account, then Executive Costco Members will earn $60 as a sign up bonus while Gold Star or Business Costco Members will earn $20. This account offers an APY of 1.90% for balances greater than $10k and 1.06% for balances less than $10k. This is a fairly good APY for an online savings account if you consider our current inflation rate which is negative :).
- Sign Up Link: Deal & Details
- The minimum deposit required to open an Online Savings Account and earn the bonus is $5,000.
- Bonus: Costco Member Bonus - $60 for Executive; $20 for Gold Star and Business.
Executive Members receive a $60 bonus interest credit and Gold Star and Business Members receive a $20 bonus interest credit* on their first Direct Banking account of any kind opened through the Costco program with at least $5,000 deposited into the account in the first 30 days after opening.
- No fees. Service and maintenance fees do not apply to this account. There is no minimum balance required to earn interest, but rates depend on how much we have in our account.
- Easy online transfers Access your money securely and easily with free online transfers to and from our existing external bank accounts*.
- FDIC insured to at least $250,000 per depositor.
However it is to be noted that Capital One holds our initial funds for 10 business days before it becomes available in our accounts for any transaction. But we begin to earn interest on our funds as soon as the ACH transfer is through (though the funds may be on hold). We called their customer service about this issue and they said that it was a security feature via which they wanted to make sure that the funds were "really" available to the bank. Subsequent funds transfers will be held for 5 business days before they become available to us.
We'll keep you posted about our experience with this bonus. Meanwhile, if you have applied for this bonus, let us know how it went for you.