Back in July we posted an article on a unique online savings account Capital One Direct Banking had available to Costco members. The product is called InterestPlus online savings and it is now available nationwide. So what makes this product so special? Here are some of the details:
- To receive the top APY of 1.75%, all you need is a minimum deposit of $2,500
- No monthly fees
- It offers a 10% quarterly bonus on interest earned the previous quarter.
- To earn the bonus you are required to maintain a minimum average balance of $15,000 OR use a Capital One credit card at least once a month
The bonus will be paid to your InterestPlus Online Savings account within 4-8 weeks after the end of each quarter and will be reflected on your periodic statement
Compared to the original Costco product there aren’t too many differences. If you are a Costco member, you can receive up to $60 when you open your first Costc associated Capital One Direct account. The one big difference we saw was the 0.05% increase to the APY for a new rate of 1.75%. The Costco product does require a $5,000 minimum balance and the overall rate has actually decreased from 1.85% since July.
The promotional pages associated with these offers are here for InterestPlus – Nationally Available, and here for InterestPlus – Costco Exclusive.
Capital One Direct Bank also has a standard Online Savings account with an APY of 1.60% with a minimum deposit of $10,000 – click here for more detail.