I like Capital One 360. It’s been one of my go-to banks for over 10 years now.
They offer competitive interest rates and modern conveniences like easy-to-use apps. They let you create sub-accounts within your main accounts, and you can link multiple external bank accounts online.
I also like the bank’s no-cost P2P payments and growing ATM network. You can find many more details about the bank in our Capital One 360 review.
This post is about the bank’s Refer-a-Friend program which returned earlier this year after going dark a couple years.
As a Capital One 360 account holder you can earn money every time you refer a new customer to the bank, so long as you meet certain stipulations which we’re about to go into.
Capital One 360 Referral Bonus – $20 for Each New Account
My wife and I both have accounts with Capital One 360, and we’ve both found ourselves recommending the bank to friends who need a reliable, yet modern, bank with nice interest rates.
Then we learned we could be earning cash each time we refer a friend to Capital One 360 through the bank’s Refer-a-Friend button online.
Why would your bank pay you to refer someone? Just about any successful business owner knows the power of a word-of-mouth referral.
Word-of-mouth referrals pack a lot of punch, so Capital One 360 decided to encourage those referrals by offering $20 for each one.
And, when your friend opens a new account that meets a few requirements, he or she will also get a $25 bonus and, possibly, even $100 bonus.
Here’s how it works:
You Get $20 for Referring a Friend
As a Capital One 360 customer, you’ll just log into your account online and look for the Refer-a-Friend button.
You can also start at this link, though you’ll need to log in before making the referral.
The friend you refer will get an email with directions for opening new accounts. If the friend follows through, you’ll get $20 deposited into your account.
Your $20 will start generating interest right away, but you won’t be able to withdraw it for 30 days.
This 30-day waiting period gives your friend time to meet the qualifying requirement: Transferring at least $250 into his or her new Capital One 360 savings account via electronic transfer from another bank.
The referral program also works for Capital One 360 checking accounts with the same rule about a $250 balance transferred from a non-Capital One 360 account.
You can refer up to 20 friends for a total of $1,000 in bonus money.
Your Friend Gets $25 for Opening an Account
After successfully opening a checking or savings account and transferring in a $250 minimum balance, your friend will get a $25 bonus independent of your $20 bonus for making the successful referral.
Your friend’s $25 bonus will appear in savings right away but it can’t be withdrawn for 30 days, and it will not count toward the $250 account balance minimum. Your friend will still need to transfer in $250 even though he or she may see a $25 initial balance, thanks to the bonus.
The checking account bonus is a little more complicated: Along with the $250 minimum opening balance, the new account holder also needs to make three debit card purchases within the first 45 days.
On day 50, if these qualifications have been met, the $25 bonus will appear and be available.
It’s even possible for your friend to get a $100 bonus if she or he opens a Capital One 360 Money Market account and moves $10,000 into the account from another bank.
That’s a higher hurdle for most of us, but if you have a friend looking for a new home for his or her $10 grand, why not claim a $100 bonus while netting you $20?
It wouldn’t be worth it for just any bank, but as I said above, I like Capital One 360, and I like it enough to refer friends.
Capital One 360 Bonuses Apply Even Without a Referral
If you don’t have a Capital One 360 account but you’re looking for a new bank, you don’t have to wait for an invitation.
You can go ahead and claim your new account bonuses by opening new qualifying accounts today:
- Capital One 360 Savings: You’ll enjoy no-fees and competitive interest rates compared to traditional banks’ basic savings options. Remember to move $250 over from another bank to claim your $25 bonus.
- Capital One 360 Checking: Checking accounts at Capital One 360 do not charge fees or require minimum balances. You’ll need to transfer in $250 to get the $25 bonus, and you’ll need to use your debit card associated with the account at least three times in the first 45 days. I’ve rated Capital One 360 as one of the best no-fees checking accounts out there.
- Capital One 360 Money Market Savings: These accounts offer higher interest rates, closer to a high yield online only bank. If you can move $10,000 into the new account, you’ll get a $100 bonus; if not, be sure to move at least $250 over to claim your $25.
And as I said above, remember that the bonus will not count toward your minimum account transfer to claim the bonus, even though you may see it appear as part of your initial savings balance.
The bonus money will start generating interest immediately in a savings account, but it will not become available for withdrawal for 30 days.
For a checking account, the bonus will appear on day 50 if you’ve met the minimum balance and debit card use stipulations in the first 45 days.
Know Who You’re Recommending: A Capital One 360 Recap
I don’t recommend financial services without knowing a lot about the organization I’m recommending, and I’m betting you don’t either.
Still, if it’s been a while since you’ve opened your Capital One 360 accounts, you may have forgotten some of the details you learned while shopping for a bank.
So here’s a recap:
Basically, Capital One 360 combines great two characteristics in a bank: competitive interest rates and great customer service.
Sure, you can shop around and find higher interest rates than what you’ll earn in Capital One 360’s Money Market savings accounts. Chances are, though, the bank with the highest rates will not offer as many services as Capital One 360.
On the other hand, you can find a bank with more branches and more ATMs than Capital One 360, but it won’t pay competitive interest rates in savings or checking accounts.
Capital One 360 strikes a nice balance by doing really well at both interest rates and customer service.
Here’s a general list of Capital One 360’s offerings for personal accounts:
- Interest bearing checking accounts.
- Traditional savings accounts.
- Money Market savings accounts.
- Certificates of deposit.
- IRAs (traditional and Roth)
- Kids savings accounts.
- Teen checking accounts.
- Auto loans (with car finding service).
- A variety of credit cards with rewards programs.
The bank’s app helps you see all your accounts in one place, and you can now send direct payments to someone using the bank’s free Peer-to-Peer (P2P) service.
Business Accounts Also Available
Capital One 360 also offers business services including Merchant Services, lending, and escrow accounts.
The Capital One Spark Business Savings Account is a high yield savings account and offers a much higher interest rate than most regular banks offer for their business savings accounts.
Other Bonus Offers from Banks
Of course, Capital One 360 is not the only bank offering bonuses when you refer someone or open a new account.
Check out these other Bank Bonus Offers. Many banks are offering sign up bonuses of $100, $200, or even $300 for opening a new checking or savings account.