Banking on the go
Costco and Capital One
team up for online banking
By Tim Talevich
WHAT DO YOU know about online banking
accounts? It’s a good question for anybody
looking to grow his or her savings (and who
isn’t?). If you’ve always kept your money in a
traditional brick-and-mortar bank, you’d certainly have questions about online programs.
Costco and Capital One have teamed up
to offer Costco members an online savings
program, the InterestPlus Online Savings
Account. New to the program is a handy
option for mobile banking. Here’s a primer to
help you determine whether this account can
help you meet your financial goals.
Q: Why should I be interested in an online
A: Rate of return on your money, for
starters. With online products, there is less
overhead than with a brick-and-mortar bank,
so savings can be passed along to the customer via a higher rate.
Q: Are there exclusive benefits offered for
A: Members who open this type of
account receive special incentives: $60 for
Executive members, $20 for Gold Star and
Business members. The money is credited to
your account within 30 days of opening.
Also, if you keep an average monthly balance of at least $10,000 during a particular
quarter, you receive a bonus equal to 10 percent of the interest earned on the account
during the previous quarter.
Q: How do you set up an online savings
account, and is there a minimum deposit?
A: For this particular account, you apply
through the Costco website. There’s a mini-
mum deposit of $5,000 and there are no
The Capital One Bank® InterestPlus Online Savings Account
is offered by Capital One Bank (USA), N. A., member FDIC. May
not be combined with any other offers. You must be a current
Costco member to take advantage of this offer. Terms and
conditions of this offer may change at any time. The amount
of the bonuses and incentives may be reported to the IRS as
required by applicable law.
IF YOU’RE SAVING, you’re likely on your
way to good financial health.
A survey by America Saves and the
American Savings Education Council
found just having a nest egg is a prudent
idea. Here’s why:
88 percent of people who have a
savings plan spend less than their
87 percent of those with a savings
plan are reducing their consumer
debt or are consumer debt free.
85 percent of the savers have sufficient emergency savings.
61 percent of those with a savings
plan are putting enough money
aside for retirement.
It’s not difficult to start a savings plan,
ASEC points out. Just sitting down for an
hour or two with your financial records and
trying to figure out how to pay down high-cost debt and build savings is very helpful.
Research has shown that, holding age and
income constant, those who plan save
twice as much as those who do not. C