Costco and Cap1 have a new online savings account, InterestPlus. The rate is slightly higher (1.85% vs 1.80%) and if you maintain $15K+ they pay a bonus equal to an additional 10% of your quarterly interest earnings. That makes the effective rate equal to 2.04%.
I have an existing Cap1 account, the regular Costco online savings, so the application was fast and easy, and I was able to immediately fund the new account via an internal Cap1 transfer.
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posted: Aug. 1, 2009 @ 11:04a
ThePessimist
Ancient Member
posted: Aug. 1, 2009 @ 11:21a
It's worth mentioning the incentives for new account holders:
Costco Member Incentive * $60 for Executive Members * $20 for Gold Star & Business Members When you open your first account and deposit $5,000 within 30 days.
Is it worth moving from Ally to costo cap 1 interest + online savings given that ally has gone to 1.75% and cap 1 will be ~2%
UncaMikey
Happy Member
posted: Aug. 1, 2009 @ 12:15p
quizzer25 said: Is it worth moving from Ally to costo cap 1 interest + online savings given that ally has gone to 1.75% and cap 1 will be ~2%
It is worth it, to me. I already have an Ally account, and I can easily move money back and forth between Ally and CapOne based on who is paying the higher interest.
ThePessimist said: It's worth mentioning the incentives for new account holders:
Costco Member Incentive * $60 for Executive Members * $20 for Gold Star & Business Members When you open your first account and deposit $5,000 within 30 days. Here is the fine print. As I read it, one can open and fund with 5k and immediately withdraw it and still get the $20/$60 incentive as a Costco member. Anyone know otherwise? Costco Member Incentive: To receive the $60 Costco member incentive, you must be a Costco Executive Member at the time you open your account. To receive the $20 Costco member incentive, you must be a Costco Gold Star or Business Member at the time you open your account. This must be your first Capital One Direct Banking account of any kind through the Costco program and you must fund your account with at least $5,000 within 30 days of account opening. The member incentive will be credited to your account 4-6 weeks after you fund your account and may occur as two partial credits. The amount of the incentive may be reported to the IRS as required by applicable law. Please keep this incentive disclosure for your records.
slappycakes said: xoneinax said: Wait till CostCo has one of the $90/$50 coupons for this; it will come.
Awesome call Xoneinax! Looks like there should be a coupon in the next Costco coupon booklet (per the last Costco monthly mag)... Just received the coupon book from Costco. It is $65/$25 for executive/goldstar member.
GermanExpat said: Interesting. Curious if I can get the bonus when I open it and empty out my current Costco savings accountI would imagine that the initial deposit should come from a non-Capital one account; plan ahead.
quizzer25 said: Is it worth moving from Ally to costo cap 1 interest + online savings given that ally has gone to 1.75% and cap 1 will be ~2%Many HYC accounts pay much more than this. 10 debits a month is not that hard to do.
uutxs said: slappycakes said: xoneinax said: Wait till CostCo has one of the $90/$50 coupons for this; it will come.
Awesome call Xoneinax! Looks like there should be a coupon in the next Costco coupon booklet (per the last Costco monthly mag)... Just received the coupon book from Costco. It is $65/$25 for executive/goldstar member. Is the coupon code unique? If not, could you pls share it?
Savemeister said: jclau001 said: looks like rate for InterestPlus Online Savings dropped to 1.75 from 1.85
Sad! Offer a new product and then lower the rate within one month of launching the new account. Can you say "Bait and switch"? I'd understand a bait and switch if they dropped it to something ridiculous like 0.25, but a 0.10 drop in this economy isn't bad, especially since it's still a great rate compared to other banks.
nu2this
Addicted Member
posted: Oct. 15, 2009 @ 8:21a
5 business day hold placed on all inbound ACH transfers. Capital One Customer Service said: Dear Valued Direct Banking Customer, Thank you for your message. We regret to hear of your dissatisfaction with our hold policy. An online transfer is not considered to be a form of guaranteed funds. To remain consistent, Capital One applies a standard hold to these deposits as we do with our deposit checks and this hold policy is non-negotiable.
UncaMikey said: Costco and Cap1 have a new online savings account, InterestPlus. The rate is slightly higher (1.85% vs 1.80%) and if you maintain $15K+ they pay a bonus equal to an additional 10% of your quarterly interest earnings. That makes the effective rate equal to 2.04%.
I have an existing Cap1 account, the regular Costco online savings, so the application was fast and easy, and I was able to immediately fund the new account via an internal Cap1 transfer.
What are the hold times if ACH is initiated from other account like Ally?
Hows the overall ACH process?
Is there a hard pull during opening process?
Hows the customer service?
Any catch i should know before opening the account?
How long does it take to get the costco credit and 10% quarterly interest?
Thanks
adamjt1234
Member
posted: Nov. 17, 2009 @ 12:12p
Anyone know if they do a hard credit pull when you open an account?
sharky1985
Member
posted: Nov. 18, 2009 @ 9:55a
For those who are not Costco members, Cap1 offers this same gig with a slightly lower interest rate (1.7%) Link.
UncaMikey
Happy Member
posted: Nov. 18, 2009 @ 10:36a
quizzer25 said: Hows your experience so far with costco cap1?
Sorry, didn't see this earlier.
ACH is easy to set up (trial deposits), high limit ($250K), but can take 3 days. Not sure about hold times, never needed to check.
Don't know about hard pull. No catches I'm aware of. Bonus interest showed up on 10/15, two weeks after end of the quarter.
Customer service has been fine. The online acct works perfectly, and the only time I needed to contact a CSR was to close the older Costco account and transfer to this new one, which I did all quickly via email.
No complaints at all -- this acct is now my primary place to park liquid FDIC-protected cash.
Hold times are quite long, basically 5 business days on incoming funds. Even my 5 year old CapOne Online Savings accounts do not get better hold times.
up to 1.4%. there's an promo for new accounts in the latest coupon book. 40 for basic members, 65 for executive. it could be that they raised rates to attract new accounts during this promo.
TheKa
Happy Member
posted: Jul. 7, 2010 @ 10:00a
Anyone know how long it takes to fund this account? I set it up online last week, and the money has already left my ING account but hasn't shown up in my CapOne account yet.
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