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. The one difference is that subaccounts are now called Savings Goals.
Setting up a Savings Goal is simple. Log into the Capital One 360 website with your account number and PIN, then on the left hand side, click on the drop-down for My Accounts. Select Savings Goals. Provide a name for your goal, like “Vacation Fund.” They have a long list of goals ranging from buying a car to home improvement. You can also name your own goal. You’ll be able to fund the new account from any of your existing Capital One 360 accounts or your external bank account.
Banking Deal: Earn 1.75% APY on an FDIC-insured money market account at CIT Bank.
After funding, you’ll be able to view your Savings Goals and see your progess toward the goal.. Do this as often as you’d like. I have 8 Savings Goals, and I don’t think there is a limit, at least not a low limit.
Updated August 18, 2016 and originally published September 6, 2006.