Capital One Money Market Increases to 1.10% APY

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FootballFan5548
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Capital One Money Market Increases to 1.10% APY

Post by FootballFan5548 » Tue Jun 27, 2017 11:35 am

Just an FYI, didn't see it posted so thought I'd mention it. Apologies if someone beat me to it.

It looks like effective today, Capital One 360 Money Market increased to 1.1% from 1.0%.

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welderwannabe
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Re: Capital One Money Market Increases to 1.10% APY

Post by welderwannabe » Tue Jun 27, 2017 12:37 pm

Interesting that their MM rates are higher than their savings account. Maybe a teaser rate hoping you get used to it and then they drop it later? Most bank's MM accounts lag their savings accounts for yield.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

aristotelian
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Re: Capital One Money Market Increases to 1.10% APY

Post by aristotelian » Tue Jun 27, 2017 12:43 pm

welderwannabe wrote:Interesting that their MM rates are higher than their savings account. Maybe a teaser rate hoping you get used to it and then they drop it later? Most bank's MM accounts lag their savings accounts for yield.
Minimum balance of $10,000 for the 1.1% rate.

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AAA
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Re: Capital One Money Market Increases to 1.10% APY

Post by AAA » Tue Jun 27, 2017 12:48 pm

Thanks for the heads-up but upon reflection it's indicative of how low rates have been for so long that it's even newsworthy.

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welderwannabe
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Re: Capital One Money Market Increases to 1.10% APY

Post by welderwannabe » Tue Jun 27, 2017 1:22 pm

aristotelian wrote:Minimum balance of $10,000 for the 1.1% rate.
Very valid point, but their 1 year CD rates are only .9%. They aren't putting their :moneybag where their mouth is.

I think Ally's 11 month no risk CD at 1.5% is the best deal going right now. The bank bears all interest rate risk. Granted you need to come up with 25K to utilize it.

That said, if you want a FDIC insured savings account with checkwriting (which is what this effectively is), CapitalOne360 MM is a good deal as long as you don't spend a ton of time setting up direct deposit and the like...as the rate could change on it tomorrow.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

Longtermgrowth
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Re: Capital One Money Market Increases to 1.10% APY

Post by Longtermgrowth » Tue Jun 27, 2017 8:56 pm

At least they moved it up some. I still think it would have been better on their part to add a higher tier interest rate on their savings accounts instead of starting a slightly higher rate for 10k and over money market.
There was a thread here when the money market accounts started at Capital One. Looked like a few on this forum switched to the money market at that time from their savings account for the 25 basis point increase.

I noticed a little while ago that Barclays raised their savings account to 1.15% from 1%. Looking on depositaccounts.com, there are some savings accounts paying 1.3%. There are also some money market accounts showing 1.5% with a 35k cap, and some at 1.3% without a limit, it appears. So Capital One's 10 basis point bump looks more like an attempt at customer retention than to draw new business.

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Voltron
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Re: Capital One Money Market Increases to 1.10% APY

Post by Voltron » Sat Aug 26, 2017 11:17 am

Going up to 1.2% on 8/25/2017.

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welderwannabe
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Re: Capital One Money Market Increases to 1.10% APY

Post by welderwannabe » Sat Aug 26, 2017 11:33 am

I may have to reconsider my previous position then...
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

Alfonsia
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Re: Capital One Money Market Increases to 1.10% APY

Post by Alfonsia » Thu Oct 26, 2017 4:56 pm

I noticed that he rate went up to 1.30. Not sure when. (min 10K)

flyingaway
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Re: Capital One Money Market Increases to 1.10% APY

Post by flyingaway » Thu Oct 26, 2017 7:37 pm

Alfonsia wrote:
Thu Oct 26, 2017 4:56 pm
I noticed that he rate went up to 1.30. Not sure when. (min 10K)
I cannot believe that they did not send me an e-mail to announce the good news. In fact, I had to do a few clicks to find the interest rate.

Alfonsia
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Re: Capital One Money Market Increases to 1.10% APY

Post by Alfonsia » Thu Oct 26, 2017 8:22 pm

Right? I had to check I wasn't seeing things .

iamlucky13
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Re: Capital One Money Market Increases to 1.10% APY

Post by iamlucky13 » Thu Oct 26, 2017 8:35 pm

Glad to see this. I had been getting rather frustrated for a while that their rates had been stagnant for so long, but now we've had 3 increases in the last 5 months.

patrick
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Re: Capital One Money Market Increases to 1.10% APY

Post by patrick » Thu Oct 26, 2017 8:37 pm

All America Bank is still paying 1.5% APY.

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CollegePrudens
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Re: Capital One Money Market Increases to 1.10% APY

Post by CollegePrudens » Fri Oct 27, 2017 11:52 am

Does anyone know if opening up an MM account at Capital One requires a credit check, if you already have a Capital One 360 checking account?

I happen to have a Capital One 360 checking and a savings account. But I also have my credit reports at Chexystems/Innovis/Equifax/Experian/Transunion frozen. The friction of freezing/unfreezing prevents me from opening up new Savings/MM/CD accounts for higher yields. But if Capital one doesn't do additional checks for existing customers, I would have a clean solution at hand.
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

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CollegePrudens
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Re: Capital One Money Market Increases to 1.10% APY

Post by CollegePrudens » Fri Oct 27, 2017 9:55 pm

Answering my own question - I called capital one and the rep on the phone indicated that for existing customers, adding a money market account would not trigger a credit lookup. I can't be 100% sure that this is indeed the case, but I am going to attempt adding on a money market account to my other capital one accounts in the next few days.
CollegePrudens wrote:
Fri Oct 27, 2017 11:52 am
Does anyone know if opening up an MM account at Capital One requires a credit check, if you already have a Capital One 360 checking account?

I happen to have a Capital One 360 checking and a savings account. But I also have my credit reports at Chexystems/Innovis/Equifax/Experian/Transunion frozen. The friction of freezing/unfreezing prevents me from opening up new Savings/MM/CD accounts for higher yields. But if Capital one doesn't do additional checks for existing customers, I would have a clean solution at hand.
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

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CollegePrudens
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Re: Capital One Money Market Increases to 1.10% APY

Post by CollegePrudens » Mon Oct 30, 2017 7:05 pm

CollegePrudens wrote:
Fri Oct 27, 2017 9:55 pm
Answering my own question - I called capital one and the rep on the phone indicated that for existing customers, adding a money market account would not trigger a credit lookup. I can't be 100% sure that this is indeed the case, but I am going to attempt adding on a money market account to my other capital one accounts in the next few days.
Thought I'd close the loop - I did open the additional account and it did not require unfreezing any of the credit bureau freezes. So it does appear that for existing customers, credit reports are not checked (an alternative interpretation is that the freeze's did not work :( )
Live as if you were to die tomorrow; learn as if you were to live forever - Gandhi

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Jim85
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Re: Capital One Money Market Increases to 1.10% APY

Post by Jim85 » Tue Nov 07, 2017 7:12 am

Rate increased again to 1.3%. Nice.

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