If you have been thinking about opening a new bank account, Capital One has a deal that might catch your attention. Right now, the bank is offering a $250 cash bonus when you open a 360 Checking account and meet a couple of simple requirements.
It is not the biggest bank bonus out there, but it is straightforward and does not come with hidden fees that will eat into your reward.
How to qualify for the $250 capital one bonus
To earn the $250, you need to open a new Capital One 360 Checking account and follow these steps:
- Use the coupon code on Capital One’s official promotion page when you apply online.
- Receive two direct deposits of $500 or more within 75 days of opening the account.
- Keep your account in good standing.
Capital One will review your account after the 75-day period. If you met the requirements, the $250 bonus will be deposited into your account within the next 60 days.
Recommended:
What are the best products to stop unwanted subscriptions
What are the restrictions for the capital one bonus?
Like most promotions, there are a few rules to know before you apply. You are not eligible if:
- You currently have a 360 Checking, Simply Checking, or Total Control Checking account.
- You had one of those accounts open on or after August 22, 2024.
So if you are new to Capital One or you closed your old account before that date, you can still qualify.
Does the capital one 360 checking account have fees?
One of the best things about this offer is that the 360 Checking account does not charge monthly fees. Here are some of the key features:
- No minimum balance required.
- No monthly service fee.
- No overdraft fees.
- Access to Capital One’s ATM network without fees.
This makes it a good option even if you are mainly opening it just for the bonus.
Recommended:
Is the capital one bonus worth it?
The value of the bonus depends on how you look at it. Getting $250 for just setting up two deposits of $500 each is simple compared to some bank promotions that require multiple transactions or higher balances.
Here is how it stacks up:
- Return on deposit: If you deposit the minimum of $1,000 (two deposits of $500), you are earning 25%.
- Comparison: Many bank account bonuses pay a return closer to 30%, while some of the best promotions can reach 80% or more.
So while this is not the most lucrative bank bonus available, it is still a solid offer if you want a fee-free account and a quick reward.
Are capital one bank bonuses taxable?
Yes, the $250 bonus is considered taxable income. The IRS treats it the same as the interest you earn on a savings or checking account. Capital One will issue a tax form, and you will need to report the bonus when you file your taxes for the year.
Recommended:
What are the best banks in the US? Here’s what their customers say
How often does capital one offer bonuses?
Capital One does not run promotions as often as some of the big banks. That is why offers like this stand out. If you miss this one, it may be months before another bonus comes along.
For now, if you are looking for an easy way to earn a quick cash reward, this Capital One promotion is one of the simpler ones you will find.
