How Should I Structure my Savings Accounts? A look at ING sub accounts


80054948.jpgI have been debating lately on whether or not to set up sub accounts with ING. I have a “hardwood floor fund” account there, as well as one large emergency fund that I direct deposit a chunk of my paycheck into. The money that gets directly deposited in that account has many purposes: emergency fund, baby fund, new car fund, and retirement fund. I’ve thought about opening up a few extra accounts so that all the money would be separated and I would know exactly how much money I have for each area. Here are the positives and negatives on opening sub accounts with ING:

-Will have a separate dedicated emergency fund that is not to be touched unless it is a true emergency.
-We’ll have some money saved that I won’t feel bad about spending when we need a new car or to pull money out to deposit into our ROTH IRAs.
-I’ll know exactly how much we can spend on everything. For example, if I only have $6,000 that’s all I can spend on a new car.

-That’s more accounts for me to have to keep up with
-I’d have to set up the direct deposit to be broken down into the other accounts, and that would be a pain.
-I don’t like having a bunch of accounts open under my name just in case something happened to me.

Of course I am curious as to how other people have their accounts set up. How do have your savings account(s) set up? Do you have one for each category, or just one main account that holds all your extra money?

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8 thoughts on “How Should I Structure my Savings Accounts? A look at ING sub accounts

  1. Grant says:

    I like the idea of having your emergency fund in a bank separate from your normal bank accounts.

    It makes it that much harder and less likely that you are going to dip into it unless it is actually an emergency.


  2. Mrs Money says:

    Grant- I know!! It is so much easier for me having my savings at ING. It can be a pain to transfer money into, but that way, like you said, I don’t touch it! 🙂 I love ING.


  3. tiffanie says:

    I was just going to check into ING because I’ve seen a lot of people doing this frugal lifestyle thing opening accounts there…but my savings account with HSBC Online offers 3.5% whereas ING is currently only at 3%. So I’m staying for now. But I wish HSBC would do something so that I can have separate fund accounts for different thinks (vacation fund, emergency fund, etc.)

    I currently have our emergency savings with HSBC and the rest of our savings in our credit union savings. The credit union savings is split between car repairs, car insurance (i pay every 6 months), and vacation money. It’s all in one account but I use Microsoft Money to show me how much is really in each separate fund. Does that make sense? lol


  4. Mrs Money says:

    Tiffanie- I can send you a link to sign up for ING and if you open an account with at least $250, you’ll get a bonus of $25! Let me know if you are interested by emailing me at! ING gives their current customers $10 to refer their friends, and I know that’s why a lot of people like ING. I’ve seen the HSBC commercials and it makes me want to switch!!

    I’ve thought about making a spreadsheet to separate the money. I like that better than having a ton of accounts.


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