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:
Update: As of February 2013, ING Direct is known as Capital One 360. Here is a review of Capital One 360. The same instructions for ING Direct apply to Capital One 360.
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.
Updated February 8, 2013 and originally published September 6, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.