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Originally Posted by clavus
If I close a bank account (savings/checking) that I have had for twenty years, will it affect my credit score? I'm trying to figure out if there is any downside to leaving BofA and sticking my $$ somewhere where they aren't so stingy with interest rates.
If this was covered already, I apologize. I searched and didn't find anything.
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Nope, it won't affect a thing, providing that all you have is a savings and checking account. If you had a line of credit (often referred to as "Overdraft Protection) for all that time, then it certainly may. Just the accounts themselves, though, will not.
Not sure if you'd be interested in it or not, but my Orange Savings Account with ING Direct is sitting at a pretty healthy 4.40% APY - no annual fees or minimum balance.
And before anything thinks otherwise, I'm not affiliated with them, but have had an account with them for over two years and have never had a problem with them. Signing up is quick and easy - they have pretty decent CD rates as well, again with no minimum.
www.ingdirect.com