CapitalOne Direct Banking continues to push for their attractive high yield money market rates now at 1.15% on all tiers. This money market account does not charge any monthly fees and does not require any minimum balance.

Interested consumers can open this money in the bank deal by completing na online application or you can also call 1866-871-7932 so a CapitalOne banker can assist you.

Initial funding of the money market can be done by mailing the bank a check, wiring in money from your existing account, electronic funds transfer from an external account (CapOne will do trial deposits), or if you are an existing client you can do an internal transfer.

Additional deposits can be done via electronic transfer using their free online banking facility. The transfer of money usually takes 3 to 5 business days to complete. Mailing in a check and wire transfer though are still an option.

Withdrawal of your money market funds is also very convenient. You can transfer money to your exisiting account, write yourself a check, withdraw money via ATM, or you can also wire out funds. The last one will cost you $20 service charge. Like other MMAs, taking out of funds through checks and online transfers are limited to six per month. Any exceeding transaction will be subjected to a certain fee. ATM withdrawals are limited to $500 per day.

The bank also has a money market program called Rewards Money Market . This money market deal gives 1.10% APY for all balances. You can open this account for as low as $1. When you deposit $500 during your first month, you can get 2,500 miles of bonus.

Rewards of more miles can also be accumulated depending on your monthly account average. You practically earn a mile for every $20 in you account for the month which you can use for travel, shopping, and more.

These money market rewards can be redeemed by the account holder over the internet or phone. When you have enough miles, you do not have to wait to cash it in.

The rewards money market account does not impose any monthly fees nor require any monthly balance. The procedure to open an account and funding it is similar to how you do it with their High Yield Money Market.

CapitalOne Direct is insured with the FDIC. The interest rates that we have here are still posted on the website as of February 15. They can be changed any time.