How to Create ING Direct Subaccounts
Although there are a number of online banks that are now paying better interest than ING Direct, I really like the ING interface, and I also trust them. Another thing that I like about ING Direct is the ability to quickly and easily create subaccounts. Subaccounts are a great tool for budgeting, and we've also found them to be a great place for our kids to stash some of their allowance. However, it wasn't intuitively obvious to me how to create them when I first set out to do it, so I thought I'd outline the process here...
If you want to create a subaccount, simply login to your account and select 'Open an Account' from the left sidebar. On the next page, select 'Open Now' under Orange Savings Account. Next, decide if you want a joint account. If so, you will be prompted for info on the joint account owner. If not, you will be taken straight to the account setup page. Simply enter a nickname for your subaccount, choose a funding source and amount, and click 'Continue.' That's pretty much it. Easy as pie. The main thing that confused me was that it felt like I was opening an entirely separate account as I went through this process, as opposed to a subaccount that could be accessed through my main login. So I ended up calling and, sure enough, this is how you do it. It sure seems like it would be easier if they just had an 'Open a Subaccount' button. Then again, maybe I'm just slow.
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"How to Create ING Direct Subaccounts" was first published at fivecentnickel.com
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Another way to open a subaccount is to just call ING. It takes about 5 seconds for them to open one. They just verify your info and ask you what you want the account nicknamed.
Another way to open a subaccount is to just call ING. It takes about 5 seconds for them to open one. They just verify your info and ask you what you want the account nicknamed.
I believe the term sub-account may be a bit misleading here. When you open this I believe it is the case that you technically have an entirely different bank account with its own account ID, that is simply linked under the same ING Direct login account.
This is actually a critical distinction from the standpoint of FDIC insurance with respect to joint and individual ownership accounts since FDIC limits apply separately to joint and individual accounts.
For instance. If you have a joint account with your spouse you each have $100,000 of FDIC insurance on all joint accounts so you can have up to $200,000 FDIC insurance in that joint account (or any combination of joint accounts at that financial institution).
If you then open up an individual account in your name and an individual account in your spouse's name you can each get another $100,000 of FDIC insurance in your individual accounts and thus you could have $400,000 FDIC insured at ING.
Good point dman. Yes, I believe that they get their own account number, so are probably more properly referred to as accounts. I guess I call them subaccounts as that's how I use them, and they are all accessible via a single login.
Here is a link to the FDIC rules...
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
Links at bottom of page take you to more detailed info.
1stMill
BTW - What other places are offering a higher FDIC insured interest rate savings account?
can you still get the $25 bonus and $10 bonus when signing up for this type of sub-account?
As far as I know, you can't get bonuses for creating subaccounts.
