**Update: You can now get a $50 bonus for opening a free checking account
If you are serious about changing your financial life, then you know I recommend using an online bank for your emergency fund. I bank with Capital One 360 (formerly ING Direct) and right now they are offering huge cash bonuses to new customers who open and use new accounts.
We’ve seen these types of offers in July and again on Black Friday, but historically, the July bonus offers are higher than what we see in the fall. My point: act now if you’re interested because this is free money.
Get a $76 Bonus for a Free Savings Account
Open a totally free, no catch 360 Savings account and get a $76 bonus; typically you get $0, as in the a big goose egg, when you open a 360 Savings account so this is a great opportunity! I have personally had a 360 Savings account for well over 10 years.
- This has to be your first 360 Savings account. (Darn, I don’t qualify!)
- You need a minimum $500 deposit required that cannot be withdrawn for 30 days. Your deposit will be made via a transfer from your existing bank account at another institution.
- 0.75% variable Annual Percentage Yield effective 6/30/2013.
This bonus offer expires on Wednesday, July 3rd at 11:59 PM ET.
Get a $100 Bonus for a Free Checking Account
Open and use a totally free, interest-earning 360 Checking account and you’ll get a $100 bonus. This is twice the typical $50 bonus for new accounts. Checking with an online bank isn’t hard as you can set up direct deposits, transfer money between your 360 account and accounts at other banks, and they have an app that lets you deposit checks via a photo.
- This needs to be your first 360 Checking account.
- Make a total of 5 purchases (either signature or PIN-based) using your 360 Checking Debit Card, make 5 CheckMate deposits or any combination of the two within 45 days.
- Your $100 bonus will be automatically deposited into your account on day 50.
- 0.20% variable Annual Percentage Yield effective 6/30/2013 on account balances less than $50,000.
This bonus offer expires on Wednesday, July 3rd at 11:59 PM ET
Capital One 360 FAQ
I opened an ING Direct account around 2000/2001 and it has since become a Capitol 360 account, so let me answer a couple of questions you may have. Feel free to visit the Capitol One 360 Help Center for even more info on more topics.
- What is Capital One 360? It is an FDIC-insured bank like any other, except it doesn’t have bricks & mortar branches.
- Do I really earn interest on my checking account? Yes, because Capital One 360 doesn’t have branches, they have lower costs than other banks. They pass those savings on to customers in the form of free interest-bearing checking accounts and higher-interest savings accounts.
- How do I access my money if there are no branches? You’ll get a debit card, plus can withdraw money without fees at 35,000 ATMs nationwide. You can make deposits and transfers via the free mobile app. You can also link your 360 Checking account to another bank account at a different institution and make transfers between them. (This is what I mainly do).
- Why do you (Carrie) recommend Capital 360 Savings account as a place to keep an emergency fund? There are lots of reasons. Most importantly it’s because of the way you can access your money. It’s easy to automate deposits into the account via a transfer from a main checking account (whether a 360 Checking or at another institution), which helps me save. Plus, transferring money into another account to get it out takes 3-4 days to process. That helps me actually keep the money in the savings account, since I’m not able to use it to cover a potential overdraft.
Your turn: What other questions do you have?