How I use ING Sub Accounts
I have been a customer of ING Direct for several years now and although there are other banks that are offering higher interest rates, I will always keep the majority of my savings money there.I know that many people like ING’s Electric Orange checking account, but I personally do not use it. I prefer to use a local, brick and mortar bank for checking.
Here is what I like most about ING Direct: sub accounts. I currently have seven different sub accounts as a part of my regular savings account at ING Direct. Here is how I use the sub account feature at ING Direct:
I can see the account number, balance, and available balance of all of my accounts immediately after log in. No clicking to other pages, no “too much information”. Just the balance and the name of that particular account.
Three of my sub accounts are for each of my children. Since my children are fairly young, they do not need much money. I opened a savings account for them after they were born and I deposit birthday money, Christmas money and sometimes just a few dollars from my account. It is easy to see how much money each child has saved and they all accrue interest. I hope that this little stash will give them a “leg up” someday.
The single log in makes it easy for me to see what they have saved and move money around as necessary. The kids are not even aware that the money exists.
Mrs. Stew and I have several other sources of income. She runs a home daycare and I earn outside cash through consulting and some by blogging. Sub accounts make it easy to track this income. If you have a home business, online businesses, lawn business or any other streams of income, ING sub accounts can help you account for income and expense. Sub accounts make filing self-employment taxes easier at the end of the year.
Of course, ING makes it easy to have your pay check directly deposited into your account – most bank accounts will do this, but an additional feature is the ability to deposit income into the exact sub account that is tied to that income stream. For instance, if you use Pay Pal, you can tie multiple ING sub accounts to your pay pal account. If you are paid from job A and job B in the same day, you can transfer the exact amount to the corresponding sub account.
Another feature that I enjoy is the ability to initiate direct deposit from ING into any personal checking account. I take care of the bookkeeping for my wife’s income. I deposit all of her pay checks into her ING sub account and then she gets a monthly direct deposit from ING into her checking account to spend and take care of expenses.
How do I open a sub account?
Easy, once you have signed up for ING Direct, simply log in and click on “open an account”. Do not choose the “joint account” option, name the account appropriately and it will appear right next to your original account. It feels like opening a brand new separate account, but if you have already logged in, the account will be a sub account. It would be nice for them to have a “sub” account button.
The only annoying thing about the sub accounts is that I cannot seem to figure out how to delete them once they are in place – or even change the name. I no longer get income from a couple of sources, but I still have the sub accounts in my profile . . . I even named one of them incorrectly . . . annoying.
So label your accounts with care! Does anyone else use ING Direct sub accounts? – Article by Stew
Photo by VirtualErn