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Closed a savings account

July 1st, 2007 at 04:01 pm

I closed a small savings account yesterday. I had opened it a few years ago when the bank was offering a pretty good rate.
Last year, my local bank started offering 5.25% rate on a money market, so I took most of the money out of that account and opened a new account.

I let the old account sit there because they only pay interest every 3 months and I had several hundred coming due to me. Since then, I have just let the account sit there.
I noticed yesterday that this account is only paying me 1% interest. It is only $1300, but still I am losing money.
I closed the account yesterday and will be adding that $1300 to my money market account this coming week.

Do any of you have any little accounts just sitting around? I have another little money market account with about $1000 just sitting too. As so as I get a new bank link with ING, I am going to close that one too. I have too many account!

Posted in Uncategorized | 2 Comments »

2 Responses to “Closed a savings account”

  1. monkeymama Says:
    July 1st, 2007 at 04:28 pm 1183307299
    1183307299

    I have one but I am keeping it in the offchance they change rates down the road. I was keeping our allowance money in there but we both have a negative balance today - LOL. So I just have the minimum sitting in the account to keep it open.

    I tend to keep a rule though if I open a new account I close an old one. Otherwise with time yes you get a lot of little accounts sitting around. I am sure you are not the only one!

  2. Ima saver Says:
    July 1st, 2007 at 06:16 pm 1183313777
    1183313777

    I know, I opened an account with ING when they had such a great rate, but since I can get a higher interest rate locally,I am just letting it sit there.

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