Capital One 360 Checking $400 Cash Bonus w/ Direct Deposit

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Capital One is running a $400 bonus for new 360 Checking accountholders. Note that if you have or had an open 360 Checking product on or after January 1, 2018, you’re ineligible for the bonus. Here are the details:

  • Open a 360 Checking account by January 26, 2021, using promo code BONUS400.
  • Receive at least 2 direct deposits totaling $1,000 or more within 60 days of account opening.
  • Capital One will deposit the bonus depending on your opening month. If you open in November 2020 and complete the direct deposit requirement within 60 days, and you’ll get your bonus by the end of March 2021. Opening a month later pushes the bonus date a month back, etc.

Selected fine print:

If you have or had an open 360 Checking account as a primary or secondary account holder with Capital One on or after January 1, 2018, you will be ineligible for the bonus. If your account is in default, closed or suspended, or otherwise not in good standing, you will not receive the bonus.

(I should probably close my idle account now, so I can pick up another one of these bonuses in a couple years.)

Their definition of direct deposit sounds broad, but I don’t know what exactly will work. I would try a transfer from a brokerage account if possible, as opposed to another online bank.

A qualifying direct deposit is an Automated Clearing House (ACH) credit, which may include payroll, pension or government payments (such as Social Security) by your employer or an outside institution.

The 360 Checking account is similar to many other online checking options, solid but nothing extraordinary. Highlights:

  • No monthly fees, no minimum balance required.
  • 0.10% APY on all balance tiers, as of 11/15/2020.
  • Remote check deposit via app.
  • In addition to their own ATMs, Capital One uses the Allpoint ATM network for fee-free ATM access.
  • You can use your 360 Savings as the overdraft backup source of funds.

Bottom line. Capital One 360 Bank has a pretty solid promo for new checking accounts, but you’ll have to switch over your direct deposit at least temporarily, or at least simulate it with a transfer.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

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Comments

  1. I won’t be giving Capital One any more of my business after they slashed my credit limit in half for no reason.

  2. Link s/b capitalone.com/bonus400

  3. Your URL for the $400 bonus is incorrect. It should be: http://www.capitalone.com/bonus400

  4. Thanks, Jonathan – this seems like one of better deals. Appreciate you sharing these….

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