Yesterday, I began the process of opening up a new Capital One Online Savings account to replace my old ING Direct account. So far, the process is still progressing smoothly.
When I opened up my account yesterday, I linked it to my ING Direct account to make my initial deposit. To verify that it's really my account, Capital One makes two trial deposits and asks me to verify the amounts. The trial deposits took one day to show up in my ING Direct account and I verified them with Capital One today. Capital One says now that the verification is done, my initial deposit will be transferred within three days. So far so good.
One notable change since yesterday: they lowered the rates! It figures that the day after I open an account there, they'd lower the rates. It used to be 3.66% for Costco members depositing over $10,000. Now it's 3.50%. That's still pretty good, and I know that rates change frequently. If they had lowered the rates before I decided to open an account there, I think I still would have chosen Capital One. This is partly because their rate history, as shown in the spreadsheet in my previous post, is still pretty good. I try to balance chasing the highest rate with the trouble and risks involved with opening new accounts all the time. I'm still happy with the decision I made for now.
The next steps are to see how long it takes for the initial deposit to show up and whether the Capital One account works via Direct Connect with Quicken as expected. I'll keep you posted on how that goes.
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