Not sure if this is worth $500 but seems like an annoying way to get $500, I'd rather sell a few things around the house.
Edit: It's also worth noting you'll have to pay taxes on that $500. So, it'll be more like $425 (for 15% income tax).
If you are thinking of sticking with Capital One: I recently closed all my Capital One accounts. I started with them when they were ING Direct (and had the highest interest rate) but have become increasingly annoyed by their services. I moved everything to Ally(savings)/Vanguard(rIRA) yesterday...
Some feedback on Ally would be good. We are also ING customers, still at Cap One 360 from inertia.
I am using Ally purely for savings (emergency savings) with monthly deposits from my main checking account. Web interface is nice and simple. Had no issues opening account or transferring initial deposit. In Cap One, I had several "buckets" of money. It was marginally harder to do this in Ally (but ends up looking/acting same as Cap One 360).
I can't review the Ally checking account. My checking account is Simple Bank (
https://www.simple.com/), I've been with them since they opened. Hands down the best checking account I've had. The only downsides are: no local branches (but their phone customer service is amazing) and no checkbooks (you can send checks by mail).
In summary: definitely happy I moved. I was getting tired of Capital One for various reasons (marketing, interface, lower rate, etc.) but nothing really urgent, so it also took me awhile.