Over the past few days Mrs. PT and I have been talking about starting to save for the down payment on our next house. I’m of the opinion that housing prices will remain at bargain levels for at least another year. Being of that opinion, I need to get my savings in gear sooner, rather than later. Also, we’re starting to think about Christmas and a vacation this winter. Both will be expensive, and we don’t want to have to finance these purchases using debt. So, let the saving begin.
With those goals in mind, today I decided to open up more individual savings accounts at ING DIRECT. I already had a savings account there, but it’s our generic emergency savings account. I don’t want to just start dumping all our different savings funds into the same account. It’d be nice to have them all in their own unique accounts. Plus, I prefer an automated system vs relying on me and my discipline. Luckily, ING DIRECT allows for multiple account setups, and they allow you to name them individually. Here’s how it works:
Step 1. Log in to (or sign up for) your ING DIRECT savings account. Note: I just recieved some more ING DIRECT $25 bonuses. Feel free to use one to open your account.
Step 2. Look for the “open another account” button.
Step 3. On the next page, select “Orange Savings Account”.
Step 4. Next, you’ll click the big “Open Now” button.
Step 5. Select how you’d like the account to be opened: single, joint, living trust, living trust – joint. Note: to set up a new joint account you’ll need the joint owner there to provide his/her login credentials.
Step 6. Finally, you’ll need to give the account a nickname (that’s the fun part), and decide where you’ll initially fund the account from and for how much.
That’s it!. You’re all set up. Here’s how your new account home page might look:
There are obvious advantages to setting multiple accounts up like this. We all have different savings goals and this account structure will allow you to log in to your account at ING DIRECT and instantly see how you’re progressing towards each of your goals. You might even like to nickname your accounts something like “Christmas Fund 500″ to remind you that your goal is $500.
So what do you think? Are you using this method already? Do you find that it helps you reach your goals easier? Or do you prefer to have all your savings in one account?
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You know, despite the rate being a measly 1.40%, I decided to go ahead and do just that – open a couple savings account and set them up for categories in which I need to save money. I could have done this with FNBO but I find their website to be a bit more awkward to navigate.
Up next I need to start a separate account for our honeymoon. Our dream location is French Tahiti (I do speak the language). My SO said that he’s afraid that if we were to indeed go there, he’d not want to come back.
Boy do I like this feature! I used to keep track of what money was for what goals on paper… what a nightmare! It’s really nice to be able to just glance at my account online and know how much is in each goal so far!
@Gaelic – I agree, FNBO: too clunky and this can’t be done there. I at least know you can’t change the names. Tahiti sounds like the perfect place to save for. I hope you get there soon!
@Stephanie – Thanks for your comment. That’s what I’m hoping for this time, to be reminded to stay with it.
Ally bank also allows you to have multiple accounts and to “name” them whatever you please. I agree, it’s a neat feature!
I love this feature the Wife and I have:
Long Term Savings;
Christmas Fund;
Car Fund;
Wedding Fund (for future gifts we know we have to give);
Vacation Fund (went on a trip to Newport RI without spending a dime outside of what was already saved); and
Parents’ Gifts – An account which we put the cash gifts received by her parents for the future purchase of something special.
I like the ING Online Accounts. No fuss and it helps make it easy to save money. I haven’t tried the multiple accounts. Great to keep in mind especially if you are saving for something special. Thanks for the savings tip.
Thanks for this article. I had an account with ING years ago, but closed it, so am not eligible for the $25 bonus. However, my husband was eligible so I opened an account for him. When I tried to open a new joint savings last night, I came to the “joint account owner” must use own credentials so I appreciate you confirming and letting people know they need to have that information (or open a new account).