Capital One Bank Introduces Bostonians to New School Approach to Banking with Invisible Bank

Customers don't need a physical location to get one of the best savings rate

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Sep 15, 2010, 02:29 ET

MCLEAN, Va., Sept. 15 /PRNewswire/ -- In order to demystify online banking, Capital One Bank (www.capitalone.com/bank) will be in Boston's historic Faneuil Hall Marketplace today with a one-of-a-kind Invisible Bank. Boston residents don't need a brick-and-mortar location to get convenient, personalized service, while also earning one of the best savings rates among top national banks.

The Capital One Invisible Bank will be open in Faneuil Hall Marketplace September 14 through September 16, from 11 a.m. to 3 p.m. ET daily. People who visit the Invisible Bank location have the chance to win a Capital One Bank Rewards Wallet and tickets to an upcoming New England Patriots home game. New England Patriots player Randy Moss was at the bank signing autographs on Tuesday, September 14.

"At Capital One Bank we look at banking from a new school perspective and hope this Invisible Bank introduces Bostonians to a simple, secure way to save easily and grow those savings quickly," said Mark Elliot, Executive Vice President of Consumer Deposits for Capital One Bank. "Good savings habits are essential for reaching financial goals, and what better way than with our InterestPlus Online Savings account, which provides convenient, round-the-clock access and helps customers get three times more interest than the national average."

By marrying a high interest rate - plus the opportunity for a 10 percent bonus on earned interest - with secure and convenient access, InterestPlus Online Savings (www.capitalonesavings.com) encourages customers to make responsible savings decisions and allows them to watch their money grow.

Customers who maintain an average monthly balance of $10,000 in their savings account or use a Capital One credit card at least once a month receive an extra 10 percent quarterly bonus on interest earned. InterestPlus Online Savings is a no-fee, FDIC-insured savings account that customers can open online. Customers can access their InterestPlus Online Savings information and receive customer service assistance both online and by telephone.

Features of InterestPlus Online Savings include:

One of the best savings rates among the top national banks (currently 1.35 percent APY on balances of $1,000 or more; 0.10 percent on balances less than $1,000)
No fees and no minimum balance required
Just $1 needed to open an account
Keep a monthly average balance of $10,000 in the account or use a Capital One credit card in good standing at least once a month to qualify for an extra 10 percent quarterly bonus on interest earned in the prior quarter (paid within four to eight weeks after each quarter's end)
Up to six withdrawals by online transfer per calendar month
Free online transfers to and from existing, non-Capital One bank accounts
Free online transfers to and from Capital One Savings and Money Market accounts
FDIC insured up to $250,000 per depositor, per ownership category
Easy online application

For more information about InterestPlus Online Savings, or any of the Capital One Bank products, visit www.capitalonesavings.com or http://capitalone.presslift.com/invisiblebank. Rates are subject to change.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $117.3 billion in deposits and $197.5 billion in total assets outstanding as of June 30, 2010. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Capital One Bank offers great rates on a variety of online money market accounts, savings accounts, certificates of deposit and business money market accounts nationwide. Customers enjoy convenient and secure access to their accounts and our service representatives via online, phone or mail channels. Capital One Bank's Call Center for online banking products has been recognized by J.D. Power and Associates for providing "an outstanding customer service experience," two years in a row under the J.D. Power and Associates Certified Call Center Program.

Capital One Bank is a registered trade name of Capital One, N.A.

SOURCE Capital One Financial Corporation