Today, I received this question from Lindsey, a reader:
Hello! I have been reading through the archives that you have on your blog, and I see that when you had your ING Direct savings account you were able to set up subaccounts so that you personally could keep your money organized. I was wondering how you did this – I just started an account today because of what I read about ING on your site, and I would love to set up subaccounts as well! Thanks so much!
Here’s my response:
(By the way, ING Direct raised their interest APY to 4.40% today. The interest rates for comparison are here. Back to my emailed response.)
Setting up subaccounts is simple. Log into the ING Direct website with your account number and PIN, then on the left hand side, click on the button to open a new account. Select a savings account (or CD). Provide an account name, describing the subaccount, like “Vacation Fund.” You’ll be able to fund the new account from your ING account or your external bank account.
After funding, you’ll be able to view both subaccounts on the “My Accounts” tab. Do this as often as you’d like. I have 8 subaccounts, and I don’t think there is a limit, at least not a low limit.
When viewing the transaction details for any subaccount, you can click on the button “Change nickname” to change the name of the subaccount.
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5:32 pm (reply)
Thanks for the great response!
7:36 pm (reply)
Interesting! I’m new to these online only savings accounts, so I’m wondering can you have subaccounts for other savings accounts such as HSBC or Emigrant Direct?
9:46 am (reply)
You can open up multiple subaccounts on Emigrant Direct (if you can access their website in the first place) and the process is very similar. I’m not sure about HSBC Direct.
2:27 pm (reply)
ING obviously has some issues with race. They boast over 70,000 entries in their “Show Your Orange” contest and not one winning face was black or latino. What’s up with that? And some of the entries they picked were WEAK!!! ING SUCKS!!!