Capital One says new 360 Checking customers can earn a $250 bonus, but collecting it requires a promo code and two qualifying direct deposits.
Applicants must open a new Capital One 360 Checking account with promotion code CHECKING250, the U.S. Sun reported. Capital One says the application takes about five minutes.
The $250 offer hinges on meeting the bank’s deposit rules and waiting through its review period. Missing one condition could cost an applicant the entire bonus.
Capital One requires at least two qualifying direct deposits within 75 days of opening the account. Each deposit must total $500 or more.
Past account ownership also matters. Capital One says people who held or opened certain checking accounts on or after January 1, 2024, are ineligible.
Capital One says qualifying deposits include salary, pension payments and government benefits such as Social Security. Customers must receive at least two separate deposits that meet the $500 minimum.
Moving money between accounts does not necessarily count. Capital One states, “Wire transfers, ACH credits, and funds transfers initiated using Capital One’s website or mobile app are not considered a Qualifying Direct Deposit.”
An ACH credit is an electronic payment sent through the Automated Clearing House system. Under Capital One’s terms, applicants cannot assume every electronic transfer will satisfy the promotion.
The practical rule is simple: Use the CHECKING250 code when opening the account, then arrange two approved deposits before the 75-day window closes.
The bank does not promise an immediate bonus after the second qualifying deposit. Once the first 75 days end, Capital One may take another 60 days to assess and process eligibility.
Capital One states, “This means, if all requirements are met, you can expect your bonus to be deposited into your account within 135 days from account opening.”
That timetable requires patience. Customers should not plan around receiving the $250 soon after completing the deposit requirement.
The 360 Checking account carries a stated annual percentage yield of 0.10% on all balances. Capital One also advertises access to paychecks up to two days early.
The promotion was described as a limited-time offer, but no exact closing date was given. Geographic limits and any additional account-opening restrictions also were not specified.
Prospective applicants should review the current terms before applying. The code, deposit source, dollar amount and timing all determine whether Capital One pays the bonus.
A cash bonus can be a fair deal, but only when customers read the fine print and make the bank honor the bargain it advertised.