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Thread: Ingdirect and Sub Accounts
05-10-2012, 03:53 PM #1
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Ingdirect and Sub Accounts
How many of you have Ing accounts? I love the idea of sub accounts and how once you click on the "send money" from your bank to your Ingdirect (there is a link from your bank to your ing account) you cannot touch that money for 5 to 10 business days but once the hold is cleared you can actually take money out and receive it within 1 to 2 business days. It sure helps to save money. I copied and pasted my sub-accounts. they aren't much to look at right now but they Will Be
I will start funding my sub-accounts but not until my baby emergency fund is funded and my visa is paid off in full. Once I get to that point and move on to baby step 3, I will start adding to the others.
I also have 2 sub accounts from my regular bank. I named them Hydro and Water. My hydro is due every 2 months so I divide it up and put a bit in out of my Esso paycheck every 2 weeks and that way it won't be so overwhelming when the bill arrives and I will have the cash to pay it in Full . The water bill is due every 3 months and I do the same every 2 weeks. I will do one more sub account there for the Oil and that way come winter there should be no worries at all.
Emergency Fund - 275.32
Gifts and Christmas 2012 - 0.56
Vacation - 0.19
Medical and Dental - 0.51
Auto and home - 0.87
Tax-Free Investment Savings Account (TFSA) - Savings - 0.53
- 05-10-2012, 04:48 PM #2
I have an ING account that I use mostly as an EF, but I don't have subaccounts. I've considered it when I have enough $$$ in there, but I'm not into really detailed tracking. But whatever works for you!05-11-2012, 08:00 AM #3
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I've had an ING account for years, but I didn't know about the sub-accounts.
That sounds pretty handy - I'm going to check it out now.
Thanks!Jean05-11-2012, 08:33 AM #4
I have been with ING for years and also am a HUGE fan of the sub accounts. We have ones for-vacation, vet/dental, my next car, hubby's future fun car, and xmas. Our EF is at a credit union near hubby's work.
I'm sure for some having lots of sub accounts would be making it too complicated- but I'm the kind who gets heart palpatations if we have to take $ out of our EF- so having sub accounts for specific goals keeps me at peace with it. I would HATE taking $1200 out of the EF for unexpected dental work, but if it comes out of the dental/vet sub fund? No problem, that's what it's there for. Also makes it easier to track how mujch of our savings is going to each category. Wierd but just the way my mind works
Sub accounts with ING are easy to set up and you can 'name' them whatever you like.Slow and steady wins the race....eventually!
Kill the mortgage! Goal: 12/2023 (looking less and less likely, but I'm not changing that date YET)
Left to go: $126,661.61
Extra paid:2015-$2909.27 + $153.54 escrow
2016-$1325.87 +$120 escrow05-13-2012, 02:47 AM #5
man those sub accounts are really cool. I have one for emergency fund, vacation, clothes, music equipment, and some others. I only use my credit card to buy these items and pay off my credit card bill with my ING subaccounts.05-13-2012, 11:04 PM #6
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I also have an ING account, but I do not have sub-accounts. Might be something to think about.05-14-2012, 10:37 AM #7
I hate to admit this but I have 8 sub accounts on ING. 2 are for my kids.05-14-2012, 10:54 AM #8
I had my BEF in an ING account. It worked really well for resisting touching it because there wasn't the instant gratification, it took 3 days for it to reach my account for a transfer. But once I fell off the wagon there was no looking back. I don't use ING anymore but its waiting for me if I want it again.
It can be a good dissuader for awhile but in the end the person just has to learn not to touch $ that shouldn't be touched whether is cash in the pocket book, savings in the regular bank, or a credit card begging to be used. My 2 cents.05-14-2012, 05:06 PM #9
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I have ING direct. I like that they pay actual interest. I don't like that they just got bought out by Capital One. Ugh.
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