1.45% APY highest interest rate for online savings account with CapitalOne Direct Banking
CapitalOne Direct Banking invites consumers to take advantage of their high yield savings account called InterestPlus Online Savings that has a current interest rate of 1.45% APY for deposits of at least $2,500.
The high interest savings account alos gives a 10% bonus on a quarterly basis on top of the interest earned by the account. You can qualify for this savings account bonus if you can maintain $15,000 in you account every month or use a CapitalOne credit card for your purchases at least once a month.
According to the savings account disclosure, the bonus will be credited to your account within 1 or 2 months after each quarter. You will also be able to see it on your account statement.
Those who want to open an account can conveniently do so from the comforts of their own home. CapitalOne has an online application that you can complete. The initial deposits can be done by mailing in a check, transferring money from another bank account, or do an internal transfer from your other CapitalOne account.
Withdrawal of funds is also very easy with their online banking facility. You can transfer funds from your online savings account to your other existing bank accounts. Take note though that online withdrawals is quite different from your regular savings since this is limited to six withdrawals per moth.
Likewise, deposits can also be done by transferring money from your existing bank account to your online savings account with CapitalOne. Transactions usually complete after one banking day. Another option is to mail in a check or wire money to your account.
There are no fees associated with this savings account. Special fees apply for outbound wire transfers that will cost you $20.
All online savings accounts are deposited with Capital One Bank (USA), N.A. It is also owned byCapital One Financial Corporation.
Last March 2009, Bankrate.com issued 4 stars for soundness and safety of Capital One. BauerFinancial stamped 3 ½ stars for its performance. The bank is insured with the FDIC through certificate number 4297.
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