Joined Dec 2008
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Forum Thread
Switced banks for higher interest rate- did I make a mistake?
June 17, 2024 at
07:02 AM
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Finance
(4)
Thread Details
I recently transferred my money from Captial One Performance Savings (currently at 4.25%, interest posted monthly) to Huntington Relationship Savings (5.50%, 5.61% APY, interest posted quarterly). Huntington did not disclose initially that they post interest quarterly instead of monthly so I wasn't too happy about that. Another thing is it has been 5 days since the money was taken from my Capital One accout and it's still pending in the Huntington account. So that's at least 5 days I am not getting interest on money, correct? For clarity's sake, lets say I transferred $100k, that's ~$75 in lost interest in that 5 days. I couldn't find any calculators but was it a bad move for me to switch accounts based on the lost interest during transfer and interest posted quarterly instead on monthly?
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My 2 cents.