As discussed here in Dave's archived thread, Capital One offers a similar no-frills internet savings account to ING, but offering a better rate (see below) with no minimums or other hassles.
They have recently upgraded their site. Previously you could moving funds back and forth between CapOne and only one other bank account via free ACH transfers. Now with the new site, you can now add multiple other bank accounts (at least 2 external accounts, I haven't tried more but probably no limit). This makes their service considerably more valuable in my opinion, and I wanted to mention it here for any CapOne members (or prospective members) since CapOne themselves didn't exactly go out of their way to publicize the new feature.
Edit: Updated 1/17/05 for the new slightly higher rate of 2.35% APY vs 2.25% Edit: Updated 2/7/05 for the rasied rate, now 2.45% APY Edit: Updated 2/13/05 for the raised rate, now 2.60% APY Edit: Updated 2/23/05 for the raised rate, now 2.65% APY Edit: Updated 3/06/05 for the raised rate, now 2.75% APY Edit: Updated 3/09/05 for the raised rate, now 2.90% APY Edit: Updated 3/16/05 for the raised rate, now 3.05% APY Edit: Updated 3/22/05 for the raised rate, now 3.10% APY Edit: Updated 3/29/05 for the raised rate, now 3.15% APY Edit: Updated 7/26/05 for the raised rate, now 3.30% APY About time! Edit: Updated 8/9/05 for the raised rate, now 3.45% APY Edit: Updated 10/12/05 for the raised rate, now 3.75% APY About time! Edit: Updated 12/7/05 for the raised rate, now 4.00% APY Edit: Updated 3/1/06 for the raised rate, now 4.25% APY Edit: Updated 5/2/06 for the raised rate, now 4.55% APY Edit: Updated 6/28/06 for the raised rate, now 4.75% APY Edit: Updated 7/16/06 for the raised rate, now 5.00% APY Edit: Updated 8/30/06 for the raised rate, now 4.80% APY ... What! I didn't see the Fed lowering rates
Edit: I closed my account today 9/22, inspired by the troubles mentioned here regarding their new systems. Unless their rates become a lot more competitive, I will cease maintaining this thread and leave the updates to those with current accounts.
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posted: May. 22, 2004 @ 5:54p
Auream
Senior Member - 1K
posted: May. 22, 2004 @ 10:59p
I can't find any way to sign up for this account. The link in the original thread appears to be dead. Anyone know how to get into this or is it by invite only?
gnat
Senior Member - 1K
posted: May. 22, 2004 @ 11:55p
xerty, how did you sign up for this account? was it invite only? and were you a capital one credit card holder before the invitation?
thanks.
xerty
Senior Member - 2K
posted: May. 23, 2004 @ 5:14a
I signed up based on a solicitation I got along with my Capital One credit card statement. From reading the old thread, I believe you need a CapOne CC but not a specific invitation. Here is a FAQ I found, which talks about the account at the bottom. You want a "high yield savings" account, rather than a "money market" account.
Bad news: rate advertised there is 2% (1.98%). I just checked my existing account and still get 2.25% (2.23%) though. Hope that doesn't change.
edit: At least I THINK this is the same account ... it has the same naem, but a lower rate, and now that I read the FAQ, it uses "linked account" in the singular.
Please keep us updated as to whether your (likely grandfathered) account and these publicly available accounts merge.
mbaker4096
Senior Member - 1K
posted: Jul. 10, 2004 @ 2:43p
I'd noticed the same just a week ago. Went to sign up my father for the 2.25% and noticed the drop in rates. Checked my own account and it's (thankfully) still offering a 2.23% APR / 2.25% APY rate.
jdopple
Senior Member - 1K
posted: Jul. 10, 2004 @ 10:18p
You guys must have 100's of thousands in these account to be 'thankful' that an extra .25 % is being paid. On 10,000 its a big $25 a year.
Yee
Ha
mbaker4096
Senior Member - 1K
posted: Jul. 10, 2004 @ 10:52p
Nothing wrong with being thankful. It's the ingrates of the world that annoy me.
Truthfully, every little bit helps.
I used to have ~$50K in my CapitalOne. These days it hovers between $25-35K, largely due to funds being drawn away into my Presidential (2.75% for the first $25K) account and an SMCU 6 month CD that yields 4%.
If my CapitalOne account were reduced to 2.00%, I'd move those funds over to ING, which currently yields 2.10% APY.
armus
Ancient Member
posted: Jul. 11, 2004 @ 2:48a
mbaker4096 said: If my CapitalOne account were reduced to %2.00, I'd move those funds over to ING, which currently yields %2.10 APY.
Capital One's MM acct currently yields 2.11% for Costco members. I originally opened a MM acct with them about 3.5 years ago, when the APY was above 6.0%. This year when the rates got down below 2% I finally called to have my acct upgraded to the Costco rate (originally the Costco benefit only added 0.05% so I figured it wasn't worth the hassle, but I changed my mind when the Delta jumped to around 0.3% [it's now down to ~0.1%] ).
When I originally opened the acct, the phone reps were knowledgeable, professional, and nice to deal with. It's now degraded to poor service from unhelpful reps that have an attitude and can't do anything without first placing you on hold while they talk to a manager. One example is my attempt to upgrade to the Costco rate (which required a transfer to a new account). They botched this up twice, and in the process they also incorrectly bounce a check I wrote (which then triggered my Credit Union [the receiver of the check] to "capture" my ATM card because of suspected fraud). What a pain, even just to get Capital One to remove the $25 fee they assessed for the check they bounced (I had even explicitly warned them in advance to expect the check).
Mark, I don't even know on the contact numbers...I was just wondering if it's a product that's treated identically except for the grandfathering of older rates, or whether there's something more to it.
armus wrote, "Capital One's MM acct currently yields 2.11% for Costco members."
True, but only for balances over $1K. They do give executive members a $25 signup bonus.
mbaker4096
Senior Member - 1K
posted: Jul. 11, 2004 @ 12:12p
MarkM said: Deleted QuoteTrue, true... All excellent reasons to be grateful.
Let them "invest" in Lotto tickets while we slowly compound our way to the top.
MarkM
Tired Member
posted: Jul. 11, 2004 @ 1:05p
ot
MarkM
Tired Member
posted: Jul. 11, 2004 @ 3:06p
ot
mbaker4096
Senior Member - 1K
posted: Jul. 11, 2004 @ 4:27p
Bizarre.
Guessing Mr. Dipple got his feelings hurt and went and complained to mommy.
Now that there's nothing more for him to complain about, there's no reasons for the mods to return and answer you. Guess you could always click on the "Alert Moderators" on your own post and see what kind of response you get.
Heh.
tooshy
Frivolous Member
posted: Jul. 11, 2004 @ 4:33p
I agree, I read MarkM's remark earlier and did not think it was particularly inflammatory. IMO it was just an 'in general' remark about people who don't value small gains.
It is partly true what the other poster said though....small percent gains on small interest is not very much. But in the case of .25% of 2.25%, that is an additional 12%!! and when applied to big money....
True, sometimes we waste our time chasing small gains. But especially because safe returns are so small, every bit counts. Even one-time sign up fees and especially cash rewards on credit cards. Taken together, it all adds up. One thing I have noticed in my spending habits, small wastes do add up, so why not small gains too. In the end, if you watch both ends, it should add up to something good!!
I personally have noticed how easy it is to waste an extra $20 a day, not being careful about my spending choices, and how easy it is to earn an extra $20 a day using the internet like this forum as a savings tool.
My experience is that if a member makes a remotely plausible complaint, mods here are quick to edit or take similar action.
One example: a couple of weeks back, I posted a thread titled, "Former Reagan/Bush Treasury official: Conservatives should like Clintonomics Better than Bush's policies", and excerpted the article. It was a piece on economic policy, not politics, and like many other issues we've discussed in this forum.
A reader complained, and it was moved to OT, where no one who doesn't use FatCash can even visit, and where many interested in this economic discussion wouldn't venture. Rather than raise a fuss, I let it die.
Those who can read it and are interested may do so here.
Certainly saw no problem with your post. Reminds me of tattletales at grade school who are jealous of individuals who are interested in hard work and succeeding in achieving their goals and saving -- even if it is slow and steady. When my husband's company down-sized in sept 01, he was unemployed for 1 1/2 years (59 years old.) I have never been wasteful, but I discovered how much can really be saved by closely watching your expenses and tracking your spending. I am not cheap, but very aware of the money I spend and take advantage of ways to save.
---- If the mods want to exercise their jobs in a more meaningful manner they should check out the posts where the posters are discussing the recon braun electric razor at Amazon and discuss the returned razors have probably been used to shave their "pubs" ... now that is offensive.
bluegenie
Senior Member
posted: Jul. 13, 2004 @ 6:04a
jdopple said: You guys must have 100's of thousands in these account to be 'thankful' that an extra .25 % is being paid. On 10,000 its a big $25 a year.
Yee
Ha
Why get a rewards card? you know you only get a few bucks a month.
MarkM
Tired Member
posted: Jul. 25, 2004 @ 11:34a
ot
jdopple
Senior Member - 1K
posted: Jul. 25, 2004 @ 8:37p
lol, complain to mommy? I didn't even follow the thread until today, where I see I created some kind of stir. Yes, I was responding to the use of the word 'thankful' as if a cancer had been cured where only a .25% extra interest was paid.
I'm as much of a chisler as anyone here, but I wouldn't think huge sums of cash were being kept in ING accounts, not enough to make .25% a big deal. Sure if you want to compound it out 20 years on 100k it adds up. I think you'd be better off in a longer term investment paying more though.
jdopple
Senior Member - 1K
posted: Jul. 25, 2004 @ 8:39p
Gee, I made 1500 in the last year on ATT rewards alone and more than few thousand before that on other cards over the years . If you're only making a few $ a month you're not following the FW mantra.
MarkM
Tired Member
posted: Jul. 28, 2004 @ 2:11p
OK, jdopple, you seeme to have the power dude, or at least know someone with it. I'll mess with you no more. But let's agree to dump the OT posts, it's not for me to proclaim how much much I've benefitted from this deal, nor for you to characterize that as chump change. I've wiped clean all my posts related to this episode. Mods, you can delete the entire posts AFAIAC (this one included) & clean up the thread; you have my permission, if it matters.
xerty
Senior Member - 2K
posted: Jul. 28, 2004 @ 3:01p
MarkM - thanks for your efforts in cleaning up the thread. Let's try to stay on topic, thanks.
Can you download transactions from Capital One Savings account into Microsoft Money as you can with ING and Virtual bank ?
xerty
Senior Member - 2K
posted: Oct. 19, 2004 @ 5:43a
I didn't see an obvious download option, but I don't use those programs so I didn't look too hard. Overall, I'd say my only complaint with the new system is their annoying security system, which keeps making me change my password every 3-4 months or so. And it remembers the old ones and won't let you use those either. Oh well, if xxxxxxx is secure, I bet xxxxxxx01, xxxxxxx02, etc are just as secure .
xerty said: Now with the new site, you can now add multiple other bank accounts (at least 2 external accounts, I haven't tried more but probably no limit).I cannot find this capability when I log into my Capital One CostCo account.
The CostCo account is a Savings Money Market account, not a High Yield Savings account, so no checking accounts can be linked to it. The HYS account is currently offered online to everyone and pays 2.18% with a 2.20% yield. Are you early sign-ups still getting the 0.25% higher rate, almost 2.45% today ?
xerty
Senior Member - 2K
posted: Nov. 19, 2004 @ 3:16p
Rate is still 2.25% annual.
mbaker4096
Senior Member - 1K
posted: Nov. 20, 2004 @ 2:23a
Ditto. I can confirm it's still 2.23% APR, 2.25% APY.
prozario
Senior Member
posted: Nov. 20, 2004 @ 9:37p
can someone give some details about ease of use. How easy it is to link outside account, how many accoutns can i link? do i need to send check like ING, or is it simpler. The best is the etrade checking where you can just type in the info, and link in few mins - but they've lots of fee, and low interest rate.
mbaker4096
Senior Member - 1K
posted: Nov. 21, 2004 @ 12:09a
prozario said: can someone give some details about ease of use. How easy it is to link outside account, how many accoutns can i link? do i need to send check like ING, or is it simpler. The best is the etrade checking where you can just type in the info, and link in few mins - but they've lots of fee, and low interest rate.Easy to link. Up to four external account. Just give them the account number and type of account and then verify the amount of the transfers in and out of your account.
spidy said: Can you download transactions from Capital One Savings account into Microsoft Money as you can with ING and Virtual bank ?
bump for reply from someone using Money and Capital One Savings.
hiddendragon999
Senior Member
posted: Jan. 3, 2005 @ 6:55p
Just opened the Capital One HYS account, and I'm shocked at how primitive their website is compared to ING Direct. A company the size of Capital One with such an unprofessional interface, I'm almost afraid to transfer real money there. I opened the account with $1 to get the ball rolling, but I'm having second thoughts. They should be ashamed of themselves. I'll transfer a few more dollars in to see what happens.
manuel
Greedy Member
posted: Jan. 3, 2005 @ 7:11p
Been using it for about a year. Is a kludgy interface but I find their in and out transfer times faster than ING. Speed seems more important.
mbaker4096 said: Easy to link. Up to four external account.Very easy, you dont have to send in a physical VOID check ala Virtual Bank or any amount check ala ING Direct. One bad thing is that during the first 30 days after opening a new account, online transfer deposits have a 10 business day hold. 6 days after that.
Skipping 228 Messages...
mbaker4096
Senior Member - 1K
posted: Sep. 22, 2006 @ 7:30p
Thanks for linking that in, Xerty...I originally started a post here when I found the UI wasn't showing my transactions, and bumped it up to a brand new thread when the CSR I spoke to told me my account had been closed and my balances sent to Washington's Unclaimed Property department. Needless to say, I wasn't impressed.
Alas, the annoying new security measures are everywhere. I do like the new UI at CapitalOne...it's long needed an overhaul and the new interface is much cleaner and more functional (calendar widgets rock, etc.). I also like their transfers better than HSBCs...HSBC leaves you in limbo for 3 days or so with your funds reflected *nowhere* whereas CapitalOne's always shown in the target account the same day it disappears from the source.
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