I got a $500 bonus by switching from Ally to Capital One - Business Insider

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Banks have been dropping interest rates on high-yield savings accounts for months, so it's a good time to take advantage of bank bonuses to earn a little extra cash

Next, I considered how much I could transfer to the Capital One account. I'd need to maintain the balance for roughly 100 days, and I didn't want to transfer funds only to end up not receiving part of my bonus.

I wouldn't typically switch bank accounts for a small APY difference. Even on a $50,000 balance, a 0.05% APY difference only results in an extra $25 of interest per year. That said, it's easy to transfer money to take advantage of a slightly higher APY if I already have an account.

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