Capital One checking and savings account bonuses: Get up to $1,500

One of the largest banks in the U.S., Capital One is offering a $250 cash bonus to new customers who open a Capital One 360 Checking account. While it's not uncommon for banks to offer cash incentives, the requirements here are much easier than usual — and there's no stated expiration date.

Capital One is also offering big cash rewards to new savings account customers and limited-time cash back bonuses on several credit cards. Here's what you need to know.

To score $250, you'll need to open a Capital One 360 Checking account and make at least two qualifying direct deposits of $500 each. According to Capital One, bonuses are typically deposited within 60 days after completing the required steps.

Requirements:

1. Open a new Capital One 360 Checking account using promotional code CHECKING250.
2. Set up and receive at least two qualifying direct deposits of at least $500 each within 75 days of account opening.
3. After the 75-day period, the bonus will be deposited within 60 days.
4. Qualifying direct deposits include paychecks, pensions, government payments (e.g., Social Security), or other monthly income that is credited to your account via the Automated Clearing House (ACH) or Real-Time Payment networks by your employer or an outside entity.

Restrictions: Customers who have or had a Capital One 360 Checking, Simply Checking or Total Control Checking account on or after Jan. 1, 2024, are not eligible for the bonus. No minimum balance is required, but your account must be in good standing when the bonus is issued.

What to know about Capital One 360 Checking: There's no monthly maintenance fee or minimum balance requirement, and account holders have access to a network of 70,000+ ATMs and a half-dozen Capital One Cafe locations. Overdraft protection is available and eligible account holders can get their paychecks two days early.

New Capital One 360 Performance Savings account holders can earn $300, $750 or $1,500 by making a qualifying deposit. The bonus will appear in your account within 60 days of meeting all the promotional requirements.

Requirements:

1. Open a Capital One 360 Performance Savings account using promo code BONUS1500.
2. Within 15 days of opening, deposit $20,000 to $49,999 to earn a $300 cash bonus; $50,000 to $99,999 to earn a $750 bonus; or $100,000+ to earn a $1,500 bonus.
3. Funds must be kept in your account for 90 days after the initial 15-day funding period, for a total of 105 days.

Restrictions: Customers who have or had a 360 Performance Savings, 360 Savings, 360 Money Market,  Savings Now or Confidence Savings account on or after Jan. 1, 2024, are not eligible for the bonus. No minimum balance is required, but your account must be in good standing when the bonus is issued.

What to know about 360 Performance Savings: There are no monthly maintenance fees or minimum deposit requirements but account holders don't get ATM or debit cards and don't have check-writing privileges. You can create separate accounts for different financial goals, like one for your emergency fund and another for a down payment on a car.

Capital One is well known for its credit cards, which offer cash back, travel rewards and other benefits that you can match to your spending habits. Currently, Capital One has limited-time welcome offers for three cash-back cards

Capital One Savor Cash Rewards card $200 bonus

To earn a one-time $200 bonus with the Capital One Savor Cash Rewards Credit Card, you need to make $500 in purchases within the first three months from account opening. The Savor card has no annual fee, and cardholders earn 3% cash back at grocery stores (excluding superstores like Walmart and Target) and on entertainment, dining and streaming services.

Quicksilver Student and Savor Student cards $100 bonus

Welcome bonuses are rare for student cards, but the Quicksilver Student and Savor Student both offer a $100 cash bonus after you spend $300 within the first three months.

The Quicksilver Student card earns 1.5% cash back on all purchases, while Savor Student earns 3% cash back on dining, entertainment, streaming services and at grocery stores (excluding superstores like Walmart and Target).

Before you take advantage of a sign-up bonus, there are a few things to keep in mind:

You must be a new customer: Cash bonuses are intended to attract new business, so if you already have a Capital One deposit account, you're likely ineligible. In most cases, banks also exclude customers who have closed an account within the past 12 months. You may still qualify if you have another Capital One product (for example, a credit card).

You must meet the enrollment requirements: To receive a bonus from Capital One, you must make a minimum opening deposit or a qualifying number of direct deposits and keep the funds in place for several months.

You must use new money: The funds used to open your account need to come from an outside source, such as a paycheck, government benefits (e.g., Social Security), a transfer from an account at a different bank or an external wire transfer or ACH transfer. Money coming from another Capital One account doesn't qualify.

You might not get the best rate: A promotional bonus doesn't necessarily mean the account is the strongest option. Capital One Performance 360 Savings is a high-yield savings account, for example, but you could earn a better return from an online bank.

Consider the benefits and drawbacks before taking advantage of a new sign-up bonus.

Pros

• Free cash. Even if you have to meet account requirements, a few hundred dollars can help pay down debt or fatten your emergency fund.
• Other perks. Some banks include additional incentives, such as a higher APY on a checking account or cash back on a linked credit card.

Cons

• Eligibility requirements. You'll need to deposit a minimum amount and leave it in your new account for weeks or even months.
• The account offerings may not be great. A hefty bonus may be used to attract customers to an account with little or no interest, high fees, a limited ATM network or other red flags.
• Bonuses are taxable. Bank account bonuses are usually considered taxable income, so a slice of the bonus you earn will have to be given to the IRS.

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