Capital One offers an online high interest savings account that earns 1.70% APY. This high yield savings account is called InternetPlus Online Savings.

This high interest savings account is similar to their online savings account but it has several advantages:

Account holder gets a 10% bonus on earnings if you can maintain a balance of at least $15,000 or if you use the Capital One credit card once a every month
The best interest rates can be achieved by maintaining a balance of at least $2500
The top savings account rate is at 1.60% APY as of November 25

One downside of this savings account is that it has 0%% for deposits below $2500 while the OSA is still earning if your balance goes below $10,000.

A similar program was implemented July 2009 by Capital One for clients who are Costco customers. The program had an interest rate which was 5 basis points higher but it also required a higher minimum balance of $5000 to get the top interest rate. This current program gives account holders another option to qualify for the 10% bonus by using your credit card from Capital One.

The InternetPlus savings account does not collect monthly fees and it also gives you access to their ACH facility. Some notable features of their ACH transfer includes high limit of up to $250K inbound or outbound, you can link up to 99 external accounts, you can do the account linking online with trial deposits done to verify the accounts.

The inbound ACH service of the bank has improved with transactions being completed the next business day. Consumers can also schedule a transfer up to 7PM EST and expect posting the next business day for both the external and Cap One account.

The outbound ACH is still a bit slow. The transfers still take 3 business days and you are losing earnings for the 2 business days during the process.

Capital One N.A. with certificate number 4297 holds most of the deposits of Capital One. This institution gets a bankrate.com performance grade of 3 stars.