Separate ING accts or just 1?

Avatar for mquin73
iVillage Member
Registered: 03-27-2003
Separate ING accts or just 1?
5
Wed, 04-19-2006 - 1:50pm

I already have my emergency fund through ING and I wanna set aside money for vacations, vehicle stuff, and moving expenses. Everyone that has an ING account have you just opened separate accounts for things like this or do you keep it all in one and just make sure you know how much funds are for each thing?

Michelle


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Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Wed, 04-19-2006 - 10:36pm

I've been pondering on this very issue. I have only 1 ING account for everything. I have been keeping a "mental" (LOL) total of what is true "Emergency" money and other sub account funds. I haven't decided whether or not it's worth separating it out. Sorry not much help.

Susan

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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 04-20-2006 - 8:35am
Hi Michelle - I don't have an ING acct, but I do have a separate savings acct.

All my best,
Danni

iVillage Member
Registered: 09-20-2004
Thu, 04-20-2006 - 8:59am
I don't have an ING account, but I tend to keep efund separate from everything else, if i can. I usually end up with three accounts...a main checking acct and another checking acct, plus a savings acct. Right now, i only have two accounts, but i am not saving for anything right now (moving, vacation, etc,), just trying to stay afloat. HTH, Heather
iVillage Member
Registered: 08-24-2004
Thu, 04-20-2006 - 3:58pm

I use the subaccount feature in ING. I think you can do 4 subaccounts from the main account. It keeps the same main account number, but you can divvy up the money and give different names to each division. You can always change it back again by transferring the money into one, and deleting the divisions. I set it up like this: Emergency Fund, Freedom Account, Snowflake, and School. You can change the names too. I use the sub account features because I have direct deposit into the one for school, and a certain fixed amount (monthly) that I have set aside for the Freedom account. Any money left at the end of the month goes into the Emergency fund, but if I save a dollar that I would have ordinarliy spent, I might put it into the snowflake account to make me feel like I've done something. :P

It's an easy feature to use, or not use if you want. It doesn't give you a brand new account though, just splits the money from the parent into different virtual places. Your customer number won't change at all.

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Wed, 05-03-2006 - 12:39am

Hello,


I have several subaccounts at Ing under the same customer #. Personally, I prefer it that way, because I can set up an automatic transfer amount on payday that is specific to each account. For instance, I have $88 going into the auto insurance sinking fund every two weeks, $10 going into the Christmas 2006 sinking fund, etc.


I could use a spreadsheet to keep track of it all, but I'd rather be able to log in and *see* how much is in each account and how much interest each account has earned. I have a "new car" fund too, but it only has $5 in it just as an initial deposit amount.


Our $1000 emergency fund is in a savings account at our local credit union and linked to a checking account with the same bank. I put it there so I can get to it immediately, but everything else in savings is at Ing.


Sincerely,
Lindsey Schocke

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