How Capital One's latest bonus will change my financial strategy for 2020

Extra cash burning a hole in your pocket? Capital One will hold it for you — and throw in some extra dough to boot.

A few weeks ago, I woke up to an email in my inbox informing me that I could earn up to $1,000 for maintaining a qualifying balance in a high-yield savings account. That's even before factoring in the interest I'll earn at 1.8% APY on any balance amount.

The offer doesn't appear to be targeted, based on TPG's tests, so you can get in on the savings too. But you'll have to act quickly: This promotional sign-up bonus ends Dec. 31, 2019.

Here's what you'll need to do:

• Open a 360 Performance Savings account before Jan. 1, 2020, using the promotion code SAVE1000.
• Deposit at least $10,000 into the account within 10 days of opening the account (initial funding period), and maintain a daily balance of $10,000 or more for the following 90 days.
• You'll earn a $200 bonus for maintaining a daily balance between $10,000 up to $149,999.99 through the first 90 days following the initial funding period. You will not receive a bonus if your daily balance decreases below the $10,000 threshold at any point during the first 90 days following the initial funding period.
• You'll earn a $1,000 bonus for maintaining a daily balance of $150,000 or more through the first 90 days following the initial funding period. You will receive a $200 bonus if your daily balance dips between $10,000 and $149,999.99 at any point during the first 90 days following the initial funding period.

Capital One's high-yield savings account APY isn't the absolute highest on the market, but it's up there; my Barclays high-yield savings account offers the same 1.8% APY, while online banks like Ally typically offer slightly higher rates that may break the 2% mark, depending on factors including account balance.

I'm a relatively new Capital One cardholder, mostly because I've always associated the brand with Samuel L. Jackson, Jennifer Garner, Alec Baldwin and not much else. Over the last two years, that impression has shifted quite a bit as the company has added increasingly competitive perks, benefits and discounts for its customers.

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Then came another big game changer: Capital One announced that Rewards Miles could now be transferred to 15 airline partners. This move singlehandedly catapulted TPG's value of Capital One Reward Miles from 1 cent to 1.4 cents apiece in our monthly valuations guide, since airline miles can be redeemed at outsize value.

Now with this sign-up offer coupled with the 1.8% APY on its high-yield savings account, Capital One may well win more of my business in 2020 — not just on the credit card side, but on the cash side as well. At the very least, Capital One is now holding $10,000 of my life savings in its high-yield savings account until March 6, 2020 — at which point I'll have $10,200 in the bank.