I was reviewing my accounts the other day, which is something I do periodically. From that review I decided that it’s time to close my Capital One Savings Account. Originally I had opened it because I wanted a separate bank for my emergency fund and for my car replacement fund. Now that wasn’t a bad idea, but it does mean one more account to reconcile, and it just wasn’t earning very good interest. I was making more interest on my ING savings account that had less money in it than I was in the Capital One. So I have decided to close the Capital One Account and move the monies over to my ING savings account.
I have taken the first several steps to closing the account:
- I have withdrawn the monies and transferred them leaving a zero balance
- I have stopped all automatic fund transfers, both in and out of the account
- I have contacted Capital One to ask them to close the account now that it has a zero balance.
We will see in the next few days how hard it is to close!