I’ve had an automatic online savings account since 2007 with a bank formerly known as ING Direct, now Capital One. Yeah, one of the Death Stars of banking 🙁

It’s been great to get my savings out of sight and out of mind, and not hanging out in my checking account accidentally getting spent on forgettable sushi or blurry evenings out. BUT. Something wasn’t right. I was earning 0.75% knowing I could do better; feeling shady about how much Cap1 sucks, and telling you all, my friends and clients, to do better for yourselves.

Let’s be honest, I ambiently f*^%ing hated Capital One. And they had my money. But today, I divested my money from all my accounts. What changed?

I was talking about why automated savings are great to a client, and recommended opening an online account with CIT or Ally bank*, my go-tos due to their high interest (for savings). And it clicked – why was I not willing to do something I knew was better for me, something I wanted for people I want to see succeed?

I realized — I hung on to the account nostalgically — remembering how it helped me save into four, and then five figures for the first time in my life, how I went on dope vacations I never put on a credit card because I threw money for that in there monthly … comfortable with the interface and my pre-set-up savings plans, just hanging onto the past, loaning damn Capital One my money and not asking my money to do much in return. No longer!

It was time to change, but I have very little time (like you, I bet) so I wanted to maximize by also putting some thought into what I’d change.

Knowing that the end of the year is a great motivator to clean up, I waited until I had a few days off, and sketched out a plan on the bus to visit my parent for the holidays .

• I decided to move most of my funds to Ally Bank, where I get 1% and conveniently already have a joint account with my boo so setting up new accounts would be easy.
• I also decided that my motorcycle fund needed to work harder, so I mentally prepared to put it in a ROTH IRA over at Domini where it also supports sustainable businesses. Sadly, I already know I won’t buy a motorcycle next year. But now, at least my money can earn interest so that I can get extra flame decals when it’s time, cuz you can take your principal out of a ROTH whenever you want (granted your investment doesn’t tank).
• While I was at it, I reviewed my business bank account and realized I only had until the end of year to open a personal IRA if I wanted to reduce my taxes, so I decided to go with Vanguard, who have really low costs for their respected index funds.
• With a plan in place, I opened new accounts for my savings for my liquid funds: emergency savings, short-term down payment, renters insurance, tattoos, and gifts, (Yes, I am that organized)
• I began the transfer process from ol Cap1 into my bank account
• I opened the ROTH and Personal IRA (each took like 10 minutes) and made a note of the funds I planned to invest in once the money clears into them.
•  I deleted my automatic transfers from the old account and set up new ones.

Look, after the mental preparation, the whole thing took under 2 hours. 100 minutes to start 2017 cleaned up! I wish I hadn’t waited, but honestly it feels great to get it done.

In review, here are the steps:
1. Review Amounts in Accounts
2. Get Strategic Not Nostalgic
3. Open New Accounts
4. Move the Money
5. Pat Self on Back

There is totally time for you to do this before the end of the year  — should you?

If you want to read more about end of year planning, check out the last post. If you want to know more about divesting, read up here.

*I don’t get a kickback or anything, I just think these are solid, FDIC insured places to #saveyomoney