With my wife and I expecting twins within the next month, I have decided it is best to try and simplify our finances a bit. I am a total interest rate and promotional bonus whore, so the number of bank accounts and credit cards we have open is mind-boggling. I actually started this process a few weeks ago when I closed and consolidated several credit lines, so the next step is the bank accounts. Here’s the hit list of accounts for closure and the results:

E-Loan Savings – I signed up for this one last year when they had the highest interest rate, but they have since dropped their rate. The interest rate drop along with a bad customer service experience trying to change my externally linked account make this an easy one to close. I called the 800 number and was told I had to submit a request through the website. I submitted the online request and they closed the account without issue.

EmigrantDirect – Another one that once had the highest interest rate, but has since fallen out of relevance. That along with their crappy website adds this one to the list. Same as ELoan, the 800 number instructed me to submit an online request, and upon submitting the online request they closed the account without issue.

HSBC Interest Checking – I only opened this with $1 for a $75 bonus. Except for the bonus, this account is crap. We are past the 180 days I have to keep it open to keep the bonus, so this account is gone. I sent an email through their Bankmail function requesting the account be closed and the funds be transferred to my HSBC Online Savings. It took several days, but they eventually closed the account as directed and transferred the funds to my savings account.
Citi Ultimate Savings – Another one opened with $1, this time for a $50 bonus. The interest rate is lower than competitors, so bye-bye Citibank! I couldn’t find my online user ID and password, so I just called the 800 number from the confirmation when I opened the account. I talked to the rep for about five minutes to get the account closed and a check sent to the house for the balance.

I know some people are asking why I bother closing the accounts that have no minimum balance requirement or fees, but I am just tried of having all of these abandoned accounts out there. It is all about simplification. On the off chance any of these accounts become the new rate leader, I can always apply for a new account if I really wanted to.

These four accounts are just the beginning. As time permits over the next several weeks I plan to go through my entire portfolio of accounts and analyze their role in our family’s finances, which of course I will chronicle here for everyone’s review and amusement. I really want to nail down the pros and cons of each account, whether its purpose could be better served by a different product, a justification for keeping the account and ultimately a decision on whether to put it to sleep. Stay tuned!