capitalonedirect.com

Capitalonedirect.Com

Capitalonedirect.com is a subsidiary of Capital One, the Fortune 500 Corporation that made a fortune with mass-marketed credit cards in the nineties.  This time around, the outfit has done away with physical branches altogether.  With Direct Banking Experts available by phone six days a week, and a secure online banking portal, customers can expect the same level of convenience and accessibility with less overhead costs, which in turn means better rates.  And make no mistake: this is from a 22-year-old corporation worth 165 billion dollars, not some snazzy venture capitalists trying to cut-and-run.

It takes only five minutes or so to complete an online application for a savings account on capitalonedirect.com, and two business days for the whole process.  Its High Yield Money Market Account is one of the most attractive plans on the market – $1 initial deposit, no service and maintenance, FDIC-insured at $250K.  The biggest draw is accessibility: free checks, ATM withdrawal ($500 a day), and online transfers.  If you’re feeling nostalgic, you can still wire money out at $20 a pop.

If you’ve got a bit more tucked under your mattress, InterestPlus Online Savings offer 1.35% APY with $1000 or more in the account.  If you use the credit card once a month, they will throw in an extra 10% quarterly bonus on your interest earned.  This makes it one of the most lucrative offers from the big national banks.

While capitalonedirect.com does offer business savings and CDs (certificate-of-deposits – just a fancy name for safe time deposits), it’s still the no-frills savings that sealed the deal for me.

More information about Capitalonedirect at:

Capitalonedirect.Com

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Saturday, February 26, 2011