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Costco/Capital One InterestPlus Online Savings Account

Costco and Capital One have joined forces to offer an InterestPlus Online Savings account [3] that offers a fairly competitive 1.50% APY. It doesn’t appear that a Costco membership is required for this account but there is an incentive for members. If you are an Executive, you can get a $60 bonus. If you’re a Gold Star or Business member, then it’s only a $20 bonus. In terms of bonuses, these are probably the best you can expect for an online savings account but brick & mortar checking account bonuses (where you need to setup direct deposits and make bill pays) will usually pay far more (without a third party paid membership requirement).

This offer is attractive if you don’t already have an online savings account and you are already Costco member.

The negatives? (I always like the bad news first)

The positives?

What do you think of this offer?

(Photo: greenwenvy [8])