Capital One 360 Checking Bonuses: $250 Without Direct Deposit, $300 With Direct Deposit

Updated with new offers. Currently, Capital One is offering two distinct checking bonuses for new customers: one requires direct deposit, and the other is based on debit card usage. You will need to select one of these options.

$250 bonus without Direct Deposit:

• Open a 360 Checking account and use the promotional code DEBIT250.
• Complete at least 20 qualifying transactions of $10 or more using your 360 Checking debit card within 75 days of account opening.

What qualifies as “new”? If you have ever held a 360 Checking, Simply Checking, or Total Control Checking account with Capital One as a primary or secondary account holder since January 1, 2014, you will not be eligible for this bonus. Special thanks to DoC for this info.

$300 bonus with Direct Deposit:

• Open a 360 Checking account with the promotional code OFFER300.
• Establish and receive at least two Qualifying Direct Deposits of $500 or more each to your 360 Checking account within 75 days of account opening.

For this option, if you have or have previously had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One as a primary or secondary account holder since January 1, 2013, you won’t be eligible for the bonus.

The 360 Checking account currently offers a rather low interest rate of 0.10% APY, and aside from easy linking to 360 Savings, there aren’t many standout features. Here are some key points:

• No monthly fees and no minimum balance requirement.
• 0.10% APY across all balance tiers.
• Remote check deposit available through the mobile app.
• Paper checks are available for a fee of $20 for 50 checks or $25 for 100 checks.
• In addition to their own ATMs, Capital One partners with the Allpoint ATM network for fee-free access.
• Your 360 Savings can serve as an overdraft backup source.

While the checking bonus is quite attractive for eligible customers, the account itself may not hold long-term appeal unless you already utilize CapOne 360 Savings. Capital One tends to regularly provide these bonuses each year, making it worthwhile to consider closing any inactive Capital One 360 accounts.