What’s the most important thing you can do today for your financial health?
Set up a system to pay yourself first using automatic transfers into a savings account that’s separate from your primary checking account.
I’ve been saving this way since 2006 with a Capital One 360 Savings Account (formerly ING Direct). I’ve used this account to save for a down payment on a home, vacations and a new car. Today, my wife and I share a joint Capital One 360 account that holds about a year’s worth of living expenses in an emergency fund.
If you’re ready to open a savings account, here’s an offer you won’t want to miss.
Open and fund your very first Capital One 360 Savings Account before 11:59 PM (Eastern Time), February 29, 2016 and receive a cash bonus of up to $500.
How can you earn the bonus?
To qualify, you must:
- Have never before had a Capital One 360 or ING Direct savings product.
- Deposit at least $5,000 within the first 10 days of account opening and maintain at least a $5,000 average daily balance for the following 90 days. Deposits made from another Capital One 360 account won’t qualify.
How much can you earn?
Your average daily balance during the first 90 days will determine the bonus you can earn according to the following schedule:
- $5,000+ earns a $50 bonus
- $10,000+ earns a $100 bonus
- $20,000+ earns a $200 bonus
- $30,000+ earns a $300 bonus
- $40,000+ earns a $400 bonus
- $50,000+ or more earns the maximum $500 bonus
When will you receive the bonus?
If you qualify for a bonus, you will be paid on or before day 130 (measured from the day after your account is opened).
About the Capital One 360 Savings Account
Yes, as a blogger, I am an affiliate of Capital One 360, but their savings account is one of a few financial products I would enthusiastically recommend without being paid for it.
Put simply, the Capital One 360 savings account is simple, secure and friendly.
The account is fee-free and there is no minimum deposit requirement to open an account. (You’ll need to deposit at least $5,000, however, to qualify for a bonus.)
With Capital One 360, setting up automatic savings deposits from your existing bank accounts is foolproof. It’s equally fast to withdraw your savings when you need it. One feature I love is the ability to set up multiple accounts on the fly – perfect for compartmentalizing your savings for different goals (e.g. your vacation fund, emergency fund and new house fund).
If you want, you can also open a linked free, interest-bearing Capital One 360 checking account that includes mobile check deposit, a MasterCard® debit card and thousands of free ATMs nationwide.
Capital One 360 offers some of the most convenient and friendly banking I’ve experienced via Web and mobile app. I’ve rarely needed it, but contacting a live Capital One 360 customer service rep has always been a fast and pleasant experience, too.
Next steps: How to open a Capital One 360 Savings Account
Opening an account should only take about ten minutes. You’ll want to have your Social Security number and the account and routing numbers for your existing checking account at the ready.
Once your account is approved, you’ll need to prove you own your linked checking account by logging into Capital One 360 and verifying the amounts of two small deposits into your other account. This takes a couple of business days.
After that, you’re set and ready to start saving!
Disclosure: Money Under 30 is an affiliate of Capital One, meaning we may be compensated if you follow our links and open an account. As such, consider this a paid endorsement. If you choose to support our free content in this way, thanks!