McCLEAN, Va. — Considered a first of its kind in the financial services industry, Capital One Financial Corp. has launched a money market account that offer users points based on the average monthly balances in their savings account.
The Capital One Rewards Money Market account, which has an interest rate currently at 4.65% annual percentage yield, rewards customers one "mile" for every $20 of average balance per month, including interest. The account has no minimum balance requirements, no maintenance fees and requires $1 to open. Customers can earn 2,500 bonus miles by depositing $500 or more in the first month and rewards can be redeemed for airline miles, cash or merchandise, according to Capital One.
"For years consumers have been able to earn rewards based on how much they spend, and now Capital One is rewarding them for how much they save," says Pam Girardo, spokesperson for Capital One Direct Banking.
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