creating subaccounts in ing direct savings accounts

January 17th, 2008

Creating Subaccounts in ING Direct Savings Accounts

Since I posted my ING Direct Savings Referrals, I have had several requests from people to explain how to use the subaccount feature I spoke so fondly of. I’m not surprised, because I was pretty confused on how to do it myself when I first opened my ING Direct Savings account. The process is surprisingly easy but not exactly intuitive to find.

In short, the process is almost exactly like opening your initial account, except you will not have to go through the verification process for the linked account a second time (as far as verifying the non-ING account you link to). Here’s the process step by step:

1. When you are logged into your ING account, look on the left sidebar and click “Open An Account“.

2. In the main screen, the top left box is labeled “Orange Savings” and the first selection is “Orange Savings Account”. Choose “Open Now” from this selection.

As a note, the “refer a friend” under the “open now” choice is where you click to access your referrals so you too can refer people to ING Direct and earn bonuses. :)

3. There will be a drop-down menu for what type of account you would like to open. Choose the type you already have open – if you have an Orange Savings Account, choose that, if you have an Orange Savings Account – Joint account, choose that. I have a joint account with my spouse so that is what I choose.

4. If you choose Orange Savings (not joint), skip this step and move on to number 5. If you choose Joint – you will have to enter the customer number of the other person. This is the same customer number they were given when you opened the original account. The joint owner will then have to “log in” by confirming their image, phrase, and pin number you created for them or they created.

5. The next screen will have you create a nickname for the account – do this! This is how you keep the joint accounts identifiable to you. I name them simply – my kids’ names, or what they are for. YOU CAN CHANGE THIS AT ANY TIME. So if you decide to repurpose an account, it is easy to do. So don’t get too hung up on the perfect nickname. You will then have to choose the funding source and initial amount for the account – either your linked checking account or another ING subaccount.

6. The last step is just agreeing you have read the disclosure statements. Then you are done! The account should show up now when you click on the “My Accounts” tab. To see details about any account, click on the account name when you are on the “My Accounts” Tab.

Some helpful notes:

  • If you ever want to change an account nickname, click on “Account Maintenance” when you have the details of that account open. You then click on the “Change” button next to the nickname. I have done this several times.
  • You cannot close a subaccount online. However, if you call their customer service, it takes about 14 seconds for them to do it for you. Just in case you decide there are too many for you to handle. :) They’ll even transfer any unposted interest into another subaccount for you. Yes, I’ve done it. Heh.
  • Each subaccount is limited to 6 withdrawals a month. This is a federal regulation not an ING one – but transfers between subaccounts count towards this total. So just be aware of how often you are moving your money.

If you have any more questions – ask! I love my ING account and I find it very easy to use. And if you are not a current ING customer, have $250 or more as an initial deposit to start an account (there is no minimum initial deposit but to get a bonus you need to start with $250), and you’d like to get a $25 bonus for opening a savings account… check out my referral page! ;)

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20 Responses to “Creating Subaccounts in ING Direct Savings Accounts”

  1. I love my sub-accounts in ING – I separate my money into emergency fund, vacation fund, and blogging income. It’s great to see each account grow.

  2. Thanks! Once I get other things straightened out (going better) with my bank accounts I’m going to start up some subaccounts too. I also have to get Micah’s number from him. *sigh*

  3. Thanks for the primer! I had done that without knowing that they were subaccounts! I thought I was just opening a new account each time. Can you do a post about how to post referral links? I only see the option to e-mail a link to someone, not how to get the page address in order to post it on my site. Thanks!

  4. Unless things have changed recently, you can close subaccounts online!
    I recently wanted to transfer all the money out of an account into one of my other ING accounts. I was then given the option to close it or just take all the money out but still keep it open. We’ve closed accounts by phone too. Both work. :)

  5. @Cynthia – email the link to yourself :)

    @Alison – You might have been able to close them online before, but I had to call today and close the one I created writing this primer lol. On the phone they said I couldn’t close it online but they very nicely did it for me. And they were amused I created it to explain on a blog. :)

  6. Thank you! That’s an easy thing to do – I wonder why I hadn’t thought of it! :)

  7. Thanks! Very easy to do.


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