What Would You Do For $75.00?


linda_evangelista_thong-cropped-smallUber-model Linda Evangelista once said, “I don’t wake up for less than $10,000 a day.”  Well, neither should you – if you’ll dial that back to 50-75 bucks.

Are you darn near flat-broke?  If the needle on your fundometer is almost on “E”, why turn your nose up at free cash?  That’s baby-sitter money, a nice dinner, or poker dough!

Capital One 360 simply wants to give you $50 and $25 to date them.  Heck, if you wanted, you could close your accounts after you get your bonuses.  Just say, “It’s not you, it’s me.”  Then spend the $75 on tequila shots.

Remember, you don’t have to leave your current bank.  You are just trying out these Capital One 360 bank accounts.  They can co-exist.  You didn’t get rid of your Pepsi products before you tried Coke.  The scoop:

CapOne360Savings25You’ll get $25 if you get a referral from a Capital One 360 customer (like me) and open a Capital One 360 Savings account with at least $250.  You have to leave the $250 in there for 10 business days while it links to your external bank account.  After that, you could withdraw the $250.  No minimums.  No fees.

The $25 offer is only for new customers.  If you click on my referral link and open your 360 Savings account, you’ll get $25.  I will thank you kindly ‘cuz I’ll get $20 for referring you.  Once your account is up and running, you can make up to $1,000 referring your friends at $20 pop.

CapOne360Savings50You’ll get $50 if you open a Capital One 360 Checking account, then make three debit card purchases or Person2Person Payments within 45 days of opening your account.  Your $50 bonus will be automatically deposited on Day 50.  No minimums.  No fees.

If it were me, which I am, I’d open the account with $5-$10.  When the debit card comes in the mail, go make three small purchases with it.  This will get the spending requirement off your brain and secure your $50 bonus.  A sawbuck will cover a few cups of petrol at the self-service gas pump.

IMPORTANT: Open the 360 Savings with $250 first because you can only be new once.  Then open the 360 Checking.  If you don’t have $250, just do 360 Checking.

capone360If this all sounds familiar, cyber-banking aficionados know Capital One 360 is the shiny new name of what used to be ING Direct.  The names have changed but it is pretty much business as usual for 360 Checking (formerly Electric Orange), 360 Savings (formerly Orange Savings), 360 Kids Savings (formerly Kids Savings), and 360 Money for Teens (formerly Money).

I Was An Idiot
When I first heard of “online banks” like this a decade or so ago, I dismissed them.  I assumed they were a scam and that someone could drain my bank account since it was “on the internet”.  What a maroon.  The result of my ignorance:  I had way too much money, earning way too little interest, sitting way too long in a brick and mortar bank.

In 2005, I finally got some knowledge and opened my first online bank account which is now Capital One 360.  First of all, it is FDIC insured.  The money is just as safe as it is at your local branch.  You can expect much higher interest at online banks than at the building down the street.  You get an email every time a transfer is attempted.  That means, you’d be alerted if someone was trying to swindle you.

Some highlights:

  • You can have up to 25 subaccounts in your of Capital One 360 Savings.  “Vacation Fund”, “New Car Fund”, etc.  Once logged in to your account, click on “Open Account” in top right corner.  Nickname it.  If your employer has direct deposit, you can have money deposited into these accounts.  Imagine that, actually saving money before buying something!  You can also set up automatic recurring transfers to pull money from your linked account into your Capital One 360 accounts.
  • The Federal government limits you to six withdrawals per month from your 360 Savings, but you have unlimited withdrawals out of 360 Checking.
  • Transfers between Capital One 360 accounts are instant.
  • BillPay is free
  • Capital One 360 never charges a fee for using an ATM, but another bank may charge you for using their ATM.  If you use AllPoint ATMs, they are completely free.  Find one near you here.  There is a withdrawal limit of $1,000 per day.
  • You can make a deposit at a Capital One 360 branded ATM, but not at the AllPoint ATMs.
  • You can deposit checks using the App for the iPhone or Android, or by mailing them in.
  • You can open a ShareBuilder brokerage account, and see it when you sign in to Capital One 360.
  • Capital One 360 interest rates are not the absolute highest in the market, but they have always been competitive.  The bonuses make these accounts worth a test drive!



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