Capital One Bank: $400 Cash Bonus on 360 Checking Account

by | Published Nov 21, 2020 | Edited May 30, 2022

Note: this offer expires: January 26, 2021.

Canadians with an ITIN number (you can get one through our service) can apply for a recent promotion offered by Capital One: Get $400 USD when you open a new Capital One 360 Checking Account. To get your $400 bonus, just receive 2 direct deposits (DD) totaling $1,000+ within 60 days of account opening. The account has no monthly fees.

Although this blog is normally focused on credit card frequent flyer points to maximize travel, a recent bank account welcome offer has come to my attention that is extra juicy. This offer is with Capital One, a US bank. Normally, opening US bank accounts is a bit of hassle, and requires either an account with a Canadian domiciled entity (eg. RBC, TD) or in branch application (eg. Chase). However, data points from r/churningcanada have revealed that Canadians with an ITIN and valid US address (wink wink) can apply for this US offer and be approved, in some cases without needing to go into branch.

DPs from r/churningcanada suggest that Canadians with an ITIN and US address can apply for this US offer and be approved without needing to visit a branch. 

$400 USD is hard to pass up!

Steps to Getting Your $400 Cash Welcome Bonus with the Capital One 360 Checking Account

Sign up for the Capital One 360 Checking Account on Capital One’s secure website.

Enter your US address, which should match your US credit profile.

CapitalOne 360 Checking Application US Address

Complete the rest of the application. Importantly, you must enter your individual tax identification number (ITIN) in the SSN field (assuming you don’t have a US SSN).

CapitalOne 360 Checking Application ITIN number

KEY STEP: Enter the promo code BONUS400 at the “Start Your First Deposit’ page. You don’t need to enter funding information at this stage, but I did as I figured it couldn’t hurt.

CapitalOne 360 Checking-Application Add Promo Code BONUS400

Now it gets a bit YMMV. You may get a pending message after submitting the application, or a message asking you to call in to provide further info (1-877-383-4802). I have three varying DPs from here: one person was asked to upload ID, and then was emailed approval a day later, one was requested to call in and then asked to verify their phone number, and yet another was instead asked to come in-person to a branch to verify ID.

Therefore, I would suggest that if you’re struggling with approval, consider the age-old method of hanging up and calling again (HUCA).

Once your Capital One 360 checking account has been approved and opened, receive 2 direct deposits totalling $1000+ to your new account within 60 days of approval. 

When will I be paid my $400 cash money?

You’ll receive your bonus on a timeline based on the following table:

Account opened the month ofReceive at least 2 direct deposits totalling $1,000 or moreBonus will be paid by
November 2020Within 60 days of your account opening dateMarch 31, 2021
December 2020Within 60 days of your account opening dateApril 30, 2021
January 2021Within 60 days of your account opening dateMay 31, 2021

What Qualifies as a Direct Deposit? 

A qualifying direct deposit for Capital One is any transaction that codes as aAutomated Clearing House (ACH) credit. This means payroll, pension or government payments (such as Social Security) by your employer or an outside institution. The bolded text is key. 

This means in theory any direct deposit from another bank should qualify. Other potential options:

  • Revolut 
  • Currency Cloud
  • TransferWise
  • PayPal (?)
  • Deposit from Questrade (after doing Norbert’s Gambit perhaps?)

Let us know in the comments any methods that have worked for you!

Reed Sutton

Reed Sutton

Founder at Frugal Flyer
Reed is addicted to the science (and art) of earning and redeeming travel points, and frequently pairs his trips with his other hobby: photography. Through Frugal Flyer, Reed aims to distill some of the complex and esoteric points strategies into digestible information. Furthermore, he hopes to use his technical expertise to develop invaluable applications and tools for the travel community.


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2 comments on “Capital One Bank: $400 Cash Bonus on 360 Checking Account

  1. Just to add a DP, tried to open the account online, received a message to call and was told that, using Itin, it’s possible only on branches.

    • Did you try HUCA (hang up call again)? Back when this offer was going on I recall some received mixed messages from reps. Definitely a YMMV scenario.