Costco Capital One High Yield Savings Plus Account Opening Bonus

If you have a Costco membership, you may consider the new Costco / Capital One Interest Plus Savings Account. I am not sure when exactly they started this account, but I just found out about it today.

Currently the rate is at 1.75% when you have $5000 or greater balance in your account which is a decent rate for the current economy,  however if you have an average balance of $15,000 you will receive a 10% quarterly bonus on your interest earned that quarter.

So for example if you deposit $15,000 for one year, you will receive the following:
$15,000 * 1.75% = $262.50 (regular interest)
$262.50 * 10% = $26.25 (10% bonus on interest earned)
for a total of $288.75 which is a 1.92% yield for the year!

And to sweeten the deal you will get a bonus when opening the account. Executive Members get a $65 Incentive, Gold Star and Business Members get a $25 Incentive – when you open your first account through Costco and deposit $5,000 within 30 days. The bonus will up your APY over 2% for that year.

To get the bonus you need to enter the promo code: COSTCOMVM
on the Account Opening Page.

For more details on the account take a look at the Account Details Page

This is a great deal if you are looking for a place to stash some cash and get a better than average interest rate.

If you are a Costco member, there is also a $25 bonus when opening the Costco American Express Card