Apparently Capital One REALLY wants my money (and yours too, well so do all the banks and creditors right?). I was just checking my email and saw this “wonderful” offer Capital One is promoting for it’s “high yeild” bank account. It claims that if I start out now and deposit $10,000 and continue to save $250 per month over the course of 5 years I’ll have $26,070 assuming that I don’t make any withdraws. See below…there’s even a pretty graph!
HELLO!!!!!!
If I save $250 per month for 5 years on my OWN that’s $15,000. Add my original $10,000 and I’m at $25,000.
So basically Capital One, you’re saying in a perfect world (of a sad 1.2% interest rate) I’ll earn $1,070 in interest over the course of 5 years? Hmmmm no thanks. I can think of better ways to invest my money.
What do you think?
Don’t even get me started on the headline of “Trust. Worthy. Banking. Results.” Why not put that all in one sentence instead of four? Oh right, because you’re a bank and you’re full of crap. Ok, I’m done now. Thanks for reading 
4 Comments
January 6, 2010 at 3:25 am
Thank you so much for not being a dumb consumer. Plus, who would really put their money with Capital One?
January 14, 2010 at 4:12 am
Hi auonomousblogger,
To be honest I actually do have an account with Capital One but at the time I set it up they were offering a much better rate. I believe this was about three years ago. I haven’t had any issues with them however, I found this special rate/offer quite curious; especially the way in which it was worded. It just feels misleading and that is what I take issue with. Thank you very much for your comment. It’s up to each of us not to fall for overblown claims and to be judicious in where we put our money. Thanks for reading!
January 6, 2010 at 3:12 pm
I don’t know how common they are in Chicago, but I highly recommend getting an account at a good credit union. Their savings rates are often a bit higher, but even if that’s not important to you, they tend to be a lot more transparent than the big banks (it wouldn’t be hard, would it?). Because they are member-owned they’re also a lot more careful who they lend money to. I doubt any of them would be involved with the kind of practices that contributed to the economic crisis.
January 14, 2010 at 4:15 am
Back in college I used to be a part of a formal union. I never did not however, take advantage of the credit union and wonder in hind-site if it would have been advantageous.