I’ve had an investment account with Capital One Investing for a number of years now. They are being bought out by E-Trade and if I do nothing my accounts will be moved over there in the coming months. The whole thing doesn’t sit well with me, and there is the extra annoyance that my Capital One 360 savings account will NOT move. So I’m looking to simplify everything by transferring my accounts myself.
What I’d like is one online bank that will satisfy all my needs:
- Give a competitive rate for a savings/money market account.
- Handle the transfer of my Roth IRA account.
- Handle the transfer of my investing account consisting of only simple ETFs.
I started with this list from Motley Fool and so far Ally Bank seems to be my front runner. The savings rate is listed at 1.85% which is about what I’m getting now and seems like it shouldn’t have a problem with the IRA or investing accounts. It looks like I even stand to get an extra $600 and have transfer fees covered.
Does anyone have any advise or other banks I should look into? I’m very much an investing noob and I’ve been burned before by my lack of experience. I don’t do much trading at all, so I don’t need anything advanced. I only buy shares of a few ETFs a handful of times a year when my rainy day fund looks bloated. Is there anything else I should know about transferring an investment account, tax implications, etc?
Any advise is appreciated.