click to close
help
edit

Forums ›
Finance

Capital One Savings Account (4.80%) - now with better transfers

  • Text Only
  • Search this Topic »
  • switch to 'Classic' view
   posted: May. 22, 2004 @ 5:54p
alert mods    

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.

Current Interest Rates and Account Application

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.

   posted: May. 22, 2004 @ 5:54p

Capital One ABA Routing # : 056073502

   posted: May. 22, 2004 @ 10:59p
alert mods    

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?

   posted: May. 22, 2004 @ 11:55p
alert mods    

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.

   posted: May. 23, 2004 @ 5:14a
alert mods    

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.

https://promotions.capitalone.com/ioecampaigns/content/html/faqs.html#Features

I'm having trouble finding a good link to their product, but this was the phone number 1-800-550-0232 when I logged in to my account.

   posted: May. 23, 2004 @ 7:38a
alert mods    

Yeah you can link more than one account (I have five linked)

   posted: Jul. 10, 2004 @ 11:46a
alert mods    

Good news & bad news:

Good news: now seems to be open to everyone Text

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.

   posted: Jul. 10, 2004 @ 12:16p
alert mods    

Thanks for the update Mark.

Is the the contact number, etc the same?

Please keep us updated as to whether your (likely grandfathered) account and these publicly available accounts merge.

   posted: Jul. 10, 2004 @ 2:43p
alert mods    

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.

   posted: Jul. 10, 2004 @ 10:18p
alert mods    

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

   posted: Jul. 10, 2004 @ 10:52p
alert mods    

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.

   posted: Jul. 11, 2004 @ 2:48a
alert mods    

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).

   posted: Jul. 11, 2004 @ 10:17a
alert mods    

ot

   posted: Jul. 11, 2004 @ 11:35a
alert mods    

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.

   posted: Jul. 11, 2004 @ 12:12p
alert mods    

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.

   posted: Jul. 11, 2004 @ 1:05p
alert mods    

ot

   posted: Jul. 11, 2004 @ 3:06p
alert mods    

ot

   posted: Jul. 11, 2004 @ 4:27p
alert mods    

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.

   posted: Jul. 11, 2004 @ 4:33p
alert mods    

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.

   posted: Jul. 11, 2004 @ 8:02p
alert mods    

ot

 Close

Sign Me In
Nickname: 
Password: 
Remember My Login Information:

Forget your login information?

Not Already A Member?
Sign Up Now!


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.