- Primary Navigation
Rewards Money Market
How it Works
Rewards Money Market: The account that takes you higher.
- What is a Rewards Money Market Account?
In general, a money market account is an FDIC-insured savings account that offers a higher rate of return than traditional savings accounts, but restricts the number of withdrawals you can make in a month.
The Capital One Rewards Money Market Account is an FDIC-insured savings account that offers a higher-than-average rate of return on your money — currently 1.10% APY — with the added benefit of No Hassle Miles good toward cash, travel, merchandise, charitable donations and more. You also have three easy ways to access your money: free checks, ATM card and online transfers to and from your existing external bank accounts.◊ - How do I open an account?
You have two convenient ways to open your account:
- Complete our online application.
- Call us at 1-866-871-7932.
- How do I make my initial deposit?
There are four ways you can make the initial deposit to your account.
• Create an electronic link to an existing external account. We'll deduct the amount you specify after you verify some "test" deposits to the linked account. Read our FAQs for more information
• Mail us a check.
• Wire it from your current bank account. Read our FAQs for important details on this process.
• Some existing users of Capital One Online Banking can make an "internal transfer" from one of their accounts (depending on account type). - How do I withdraw my money?
You can easily withdraw your money in three different ways:
• Transfer money online between your Capital One Rewards Money Market Account and your existing bank (and some brokerage) accounts through our free Online Banking service
• Write a check to yourself or anyone else
• Withdraw money with your ATM card
You can also wire money out of your Rewards Money Market account, although you'll need to pay a $20 service charge. Read our FAQs for important details on this process.
Note that money market accounts have different rules for withdrawing funds than a regular checking account. Withdrawals by online transfer and check are limited to a combined six per calendar month, three of which may be by check. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may. Please read your disclosure for more details. - How do I make deposits?
Depositing funds is made simple and convenient by electronic transfer from your existing bank accounts through our free Online Banking service. Transfers generally take three to five business days to process. You can also mail a check to us or wire money into your account. Read our FAQs for important details on this process.
- How do I earn No Hassle Milessm?
It's simple. You earn rewards for saving your money. Every month, you'll accumulate 1 mile for each $20 of your average balance for the month. For example, if your average balance for the month is $10,000, you'll get 500 miles for that month. Rewards miles will be posted to your account within 60 days after the end of each month.
Also, deposit at least $500 within the first month and receive 2,500 bonus miles.*- How do I use my miles?
Redeem miles for cash, travel, merchandise and more either by calling or going online—we'll send you more information after you open your account. There's no limit to the number of miles you can earn. Miles never expire for the life of your account, and there are no blackout dates.
You can also transfer your rewards between your Rewards Money Market Account and other U.S. Miles or Points accounts. Please note: while you may receive rewards transfers from U.S. Cash accounts, you may not transfer rewards to them.
- How do I access my account information?
You can access your account information by phone or with Capital One Online Banking. Learn more.- Why should I trust my deposit to Capital One?
The Federal Deposit Insurance Corporation (FDIC) now provides insurance on deposits in Capital One Bank (USA), N.A. and Capital One, N.A., to at least $250,000 per depositor, per institution. This increase to $250,000 has been extended through December 31, 2013.
In addition, Capital One is a leader in financial services, offering a broad spectrum of products and services to consumers, small businesses and commercial clients. We have more than $100 billion in total deposits because of the level of trust we've built with our customers.
You can securely access your accounts anytime online, or you can reach a Direct Banking Expert directly by calling us at 1-888-810-4013.◊ Withdrawals by online transfer and check are limited to a combined six per calendar month, three of which may be by check. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may.
Need more answers? See our Frequently Asked Questions.
If you're ready to sign up, open an account now. - How do I use my miles?
Open an account by phone at 1-866-871-7932.
-
1.70%APY*With $2,500 or more
- One of the best rates among the top national banks
- 10% bonus on interest earned for qualifying accounts
- No monthly fees
- FDIC insured
-
1.50%APY*Balance over $10,000
- A rate among the best
in the nation - No monthly fees
- Free online transfers
- FDIC insured
- A rate among the best
-
1.20%APY*
- Great rate backed by FDIC insurance
- No monthly fees, no minimum balance
- Free online transfers, checks and ATM card*
-
Rewards Money Market1.10%APY*
- Great rate backed by FDIC insurance
- 2,500 bonus miles*
- Earn rewards for saving
- No monthly fees, no minimum balance
-
2.85%APY*4-year term
- Fixed rates backed by FDIC insurance
- No monthly fees to open or maintain your account
- Convenient online access
-
1.01%APY*
- Great rate backed by FDIC insurance
- Easy access with checks*
- No monthly fees, no minimum balance
* The above annual
percentage yields (APYs) are effective as of 11/13/2009 and may change at any time.
Rewards Account Information and Earning Miles: 1.10% APY applies to account balances of $0.01-$99.99, $100-$4,999.99, $5,000-$9,999.99, $10,000-$24,999.99, $25,000-$49,999.99, $50,000-$99,999.99, and $100,000 or more. You will earn 1 mile for every $20 of average balance for the month in your Rewards Money Market account. Rewards apply to average balance for the month only. Rewards will be calculated as specified above and then rounded to the nearest whole increment. Your account must be open and in good standing (not overdrawn) to redeem rewards. Miles will be applied to the rewards balance on a monthly basis within 60 days after the end of each month. Limit one open Rewards Money Market account per customer. Capital One has the right to change or cancel this rewards program at any time. Terms and conditions of this offer may change at any time. Minimum initial deposit amount is $1. Rates are variable and may change at any time. Withdrawal limits apply. Rate Disclosure
Rewards Account Opening Bonus: If you deposit $500 or more within 30 days of your rewards enrollment date, you will receive a one-time bonus of 2,500 miles for the first Rewards Money Market account you open. This bonus will be applied to your rewards balance within 60 days of the minimum qualifying deposit amount posting to the account.
Rewards Redemption: The number of miles required for travel redemption will depend on the cost of the itinerary you choose at the time of redemption. The mileage requirement is as follows: 15,000 miles are required for tickets up to $150.00; 35,000 miles are required for tickets from $150.01 up to $350.00; 60,000 miles are required for tickets from $350.01 up to $600.00. For tickets over $600.00 in value, the required number of miles will be determined by multiplying the cost of the ticket by 100 (ex. $768 ticket requires 76,800 miles). The number of miles required to redeem for non-air travel redemptions will vary by rewards product and are subject to change at any time without notice. Once enrolled, you can visit www.capitalone.com/nohasslerewards to register the account and to see a complete description of current redemption offers. You will be responsible for all associated taxes, airport security charges, fuel surcharges and other usage fees required for travel. These charges will be included in the overall calculation to determine the appropriate number of miles required for redemption. You can transfer your rewards between this account and other U.S. Miles or Points accounts. Please note: while you may receive rewards transfers from U.S. Cash accounts, you may not transfer rewards to them. The value of any miles redeemed for this money market product or transferred to another rewards account will be included in your year-to-date interest and year end tax reporting.
Capital One Direct Banking products and services are offered by Capital One Bank (USA), N.A., and Capital One N.A., members FDIC.
“An Outstanding Customer Service Experience”
For J.D. Power and Associates Certified Call Center ProgramSM information, please visit www.jdpower.com
“An Outstanding Customer Service Experience”
For J.D. Power and Associates Certified Call Center ProgramSM information, please visit www.jdpower.com
