So after my last post and a couple responses about the incredibly low interest rate on my savings account, I started looking into online savings accounts. This is where I finally figured out what an ING account was, hehe. I did a little research, talked to BF about it, read a couple threads in the forums, and did a little more research. I've decided to open up an emigrantdirect account. 5.05% sounds a bit better than 0.55%. My problem is this: I just opened up my National City savings account a couple months ago. I dont know why I didn't do all this research then, but for some reason I though it was just best to go with the bank where my checking was. At any rate, I'm not sure if the bank charges a fee for closing the account, but even beyond that I dont think it looks very good to creditors to see closed checking accounts on my record. I may want to buy a car someday or something to that effect. So should I leave the minimum $300 in the account and just transfer the difference into the emigrant account, or close my national city account and transfer the whole? Obviously I'd make the most in interest if I closed the account and transferred the total, but I'm not sure of all the consequences following the closing of a savings account. Thanks guys! Hopefully I'll make my way to the bank tomorrow to get this all sorted out!
THIRD entry... hehe. I need a little advice!
November 11th, 2006 at 07:02 am
November 11th, 2006 at 02:03 pm 1163253805
i'm under the impression that having multiple accounts can be a positive thing when one is trying to build credit/apply for loans etc. i know my mortgage broker was tickled pink to see three checking accounts , 2 savings accounts, and a 401k from DH and me in june...
November 11th, 2006 at 02:10 pm 1163254209
Close the savings account. Normally banks charge a fee if you go below a certain ammount in your savings account; however, if you close the account completely (after transfering your savings account money to another account (i.e. your checking account) the bank cannot charge you a fee for this because the account is closed. And no banks do not charge you fees for closing an account.
As far as dinging your credit reports, savings and checking accounts are not on your credit reports and no one cares how often you open and close a savings account. Plus you will still have a savings account with Emigrant Direct...So, get the larger interest with Emigrant Direct and kick the .55% savings account to the curb.
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