Friday, January 16, 2009

Switching from ING Direct to Capital One Online Savings: Followup

Wouldn't you know it, as soon as I made the move to Capital One Online Savings from ING Direct, Capital One began steadily lowering their rates. For Costco members depositing over $10,000, their rate was 3.66% the day I opened it and immediately began dropping the next day. Now, it's down to 2.75%. Well, at least it's still above ING Direct's rate, which is now 2.50%.

So far, other than the rate drop, I've been happy with the Capital One Online Savings account. It was easy to setup and transfer money. Also, I gained Direct Connect integration with Quicken, which allows me to download directly into Quicken without having to log into the bank's website separately.

On a related note, I'm really getting tired of Quicken's strategy of obsoleting their products every few years to force you to upgrade. I'm using Quicken 2006 and I just noticed a message yesterday saying that I wouldn't be able to download information from financial institutions after April, unless I upgraded to a newer version of Quicken.

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