Costco and Capital One Bank

Costco is offering an online savings account for its members with the help of Capital One Bank. The savings account has a cash bonus of up to $60.

The InterestPlus Savings has a 1.5% annual percentage yield (APY), which is effective as of Feb. 16, 2009. The Costco savings account also has a 10% quarterly bonus on interest earned on average balances of $15,000 and up. Details of the online savings account offer include:

• 1.5% APY applies to balances of $5,000 and up
• Savings rates are variable and can change at any time
• Minimum deposit of $5,000
• Electronic statements
• Must have six withdrawals by online transfer per month

Costco customers can earn a cash bonus that is based upon their membership. To earn the $60 bonus you must be a Costco Executive Member when you open the savings account. Costco Gold Star or Business members are eligible for a $20 bonus.

The cash bonus is only paid out to customers who open a Capital One Direct Banking account for the first time through any Costco program. The savings account must be funded with at least $5,000 within 30 days of opening to receive the bonus.  The bonus is paid within four to six weeks as two partial credits.

Costco operates a chain of 566 membership warehouses around the world that offer a variety of name-brand merchandise.

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