Capital One Financial Corporation (NYSE: COF) announced late last week that it added InterestPlus Online Savings to its line of high-yield direct banking products. The savings account currently offers a 1.6 percent annual percentage rate (APY) on accounts balances of $2,500 or more.
In addition, the account offers customers who hold a Capital One credit card and use it at least once a month a 10 percent quarterly bonus on the interest earned from the account.
The 1.6 percent rate is one of the best offered amongst the nation’s top banks and only trails the online savings account of Bank of Interest USA, which boasts a 1.64 percent APY, according to Bankrate.com.
“Developing healthy savings habits is essential for reaching financial goals and building wealth,” said Pam Girardo, spokesperson for Capital One Direct Banking in a press release.
“By marrying a high interest rate – plus the opportunity for a 10% bonus – with secure and convenient access, InterestPlus Online Savings encourages customers to make responsible savings decisions and allows them to watch their money grow,” added Girardo.
Account features include: No fees, free online transfers to and from existing external bank accounts and up to six withdrawals online or by wire transfer per calendar month.
Additionally, accounts are insured by the FDIC up to $250,000 per depositor through December 31, 2013.
Capital One also offers an online high yield money market account and fixed rate certificates of deposit all backed by FDIC insurance.
More information about the InterestPlus savings accounts and other products can be found on Capital One’s direct banking website at: http://www.capitalone.com/directbanking/
Capital One is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $114.5 billion in deposits and $209.7 billion in total managed assets outstanding as of September 30, 2009.
