Banking Deals of the Week: Dec. 23

Bank investors looking for better deals are of two minds these days. Take the holidays off and wait and see what happens in January, or dig around and see what financial institutions have left in customers’ holiday stockings.

It’s the latter group, as usual, that holds the interest of Deals of the Week. Like the old Irish pub adage that “it’s always five o’clock somewhere,” there’s always a good deal to be had, right here and now.

Savings Accounts

Let’s start with the “what’s in your wallet” gang over at Capital One (Stock Quote: COF). The credit card giant has a good deal on its Interest PLUS savings account, the thrust of which is you essentially get paid twice by getting interest on the account, and a bonus on the interest, as well.

Here’s the skinny from the Capital One Web site:

It’s a two-step process.

1. Earn a 1.6% APY on account balances of $2,500 or more.
2. Earn a quarterly 10% bonus on interest earned.

That’s pretty much it.

There is a catch here, however. You either have to keep $15,000 in savings in the account to qualify, or use a Capital One credit card at least once a month. So the deal makes more sense to Capital One cardholders.

Check the Web site for more details.