Comments on: How To Set Up Multiple Savings Account Funds Within ING http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 19:22:21 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: noobie http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-360565 noobie Sat, 23 Aug 2008 05:05:43 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-360565 how do you deposit into ING accounts without mailing them money? If you use a seperate outside-linked checkings account, at what bank do you have it at? thanks! how do you deposit into ING accounts without mailing them money? If you use a seperate outside-linked checkings account, at what bank do you have it at? thanks!

]]> By: La Politica Adicta http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-200295 La Politica Adicta Fri, 07 Mar 2008 22:14:07 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-200295 AJ, Financial institutions are required to issue 1099-INT's whenever an account generates more than $10 of interest. If the interest paid on your multiple accounts (including CDs) at one institution, when aggregated, generates more than $10 in interest income, the institution will issue an (aggregated) 1099-INT. So you won't succeed in trying to avoid getting a 1099-INT by keeping the interest earned in each account under $10. I speak from experience - some of my ING accounts made less than $10 last year, but were included in the aggregate calculation. Did I use the word aggregate enough? AJ,

Financial institutions are required to issue 1099-INT’s whenever an account generates more than $10 of interest. If the interest paid on your multiple accounts (including CDs) at one institution, when aggregated, generates more than $10 in interest income, the institution will issue an (aggregated) 1099-INT. So you won’t succeed in trying to avoid getting a 1099-INT by keeping the interest earned in each account under $10. I speak from experience – some of my ING accounts made less than $10 last year, but were included in the aggregate calculation.

Did I use the word aggregate enough?

]]> By: AJ http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-193470 AJ Wed, 27 Feb 2008 21:16:37 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-193470 Hey, I'm a little late commenting here, but wouldn't opening all the new accounts cause you to receive a bunch of additional 1099's from ING around tax time? Not a big deal, just a thought. Also, I wouldn't suggest this, but if you could get your annual interest below $10 per account, ING wouldn't have to give you a 1099? Hey, I’m a little late commenting here, but wouldn’t opening all the new accounts cause you to receive a bunch of additional 1099’s from ING around tax time?

Not a big deal, just a thought.

Also, I wouldn’t suggest this, but if you could get your annual interest below $10 per account, ING wouldn’t have to give you a 1099?

]]> By: Lisa http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-161503 Lisa Tue, 22 Jan 2008 14:04:56 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-161503 For the organic/natural shoppers among you (like me), Wild Oats and Whole Foods (which are merging I think?) often have coupon books in the front of the store, as you walk in. Thanks for the tip on Mambo Sprouts. For the organic/natural shoppers among you (like me), Wild Oats and Whole Foods (which are merging I think?) often have coupon books in the front of the store, as you walk in. Thanks for the tip on Mambo Sprouts.

]]> By: Ann M. http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-160834 Ann M. Mon, 21 Jan 2008 15:07:54 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-160834 You can have your paycheck direct deposited into one ING account or a checking account. You should then be able to set up automatic transfers of whatever amounts you need into each ING savings account. For instance, your paycheck could be directly deposited into your checking account (ING or otherwise), then once you have calculated how much you need in your utilities account, set up a monthly automatic transfer of that from the checking into the utilities account. You can do this for as many accounts as you have. You'd then have to set up outgoing transfers from each ING savings to your checking account as well. It would probably be a pain to set up, but should run smoothly after that as long as you have the same amount on your paycheck each week/month. Overall, it would probably be easier to just use a budgeting program or a spreadsheet though. You can have your paycheck direct deposited into one ING account or a checking account. You should then be able to set up automatic transfers of whatever amounts you need into each ING savings account. For instance, your paycheck could be directly deposited into your checking account (ING or otherwise), then once you have calculated how much you need in your utilities account, set up a monthly automatic transfer of that from the checking into the utilities account. You can do this for as many accounts as you have. You’d then have to set up outgoing transfers from each ING savings to your checking account as well. It would probably be a pain to set up, but should run smoothly after that as long as you have the same amount on your paycheck each week/month. Overall, it would probably be easier to just use a budgeting program or a spreadsheet though.

]]> By: Jason http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-148242 Jason Fri, 04 Jan 2008 14:48:50 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-148242 I'm new to this and was thinking this is a good way for me to save some cash. What I'm wondering, and it's probably an easy answer, but I just don't know it. I want to have my paycheck directly deposited into multiple ING accounts. For like utilities, rent, bills, etc. Leaving whatever is left in my primary checking account. Can I pay bills directly with those savings accounts? Or do I have to withdraw the money to my checking and then pay it. I really don't want to put that much work into it. I’m new to this and was thinking this is a good way for me to save some cash. What I’m wondering, and it’s probably an easy answer, but I just don’t know it. I want to have my paycheck directly deposited into multiple ING accounts. For like utilities, rent, bills, etc. Leaving whatever is left in my primary checking account. Can I pay bills directly with those savings accounts? Or do I have to withdraw the money to my checking and then pay it. I really don’t want to put that much work into it.

]]> By: Allen Joiner http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-110913 Allen Joiner Thu, 15 Nov 2007 15:58:31 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-110913 The one thing I don’t like about ING is how long it takes for a transfer to be available in my account. But I found a work around for that, inititate the transfer from the outside account! I explain on my website at http://allenjoiner.googlepages.com/ingtransferhack The one thing I don’t like about ING is how long it takes for a transfer to be available in my account. But I found a work around for that, inititate the transfer from the outside account! I explain on my website at
http://allenjoiner.googlepages.com/ingtransferhack

]]> By: Natan http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-79211 Natan Fri, 28 Sep 2007 20:58:56 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-79211 Anyone who wants an ING referral for the $25 bonus can email me here: tron2253@gmail.com Anyone who wants an ING referral for the $25 bonus can email me here:

tron2253@gmail.com

]]> By: Chris http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-73133 Chris Tue, 18 Sep 2007 16:30:03 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-73133 I wish ING would allow multiple Electric Orange accounts also, just as they allow multiple savings accounts. I keep a separate checking account for my housing expenses (Mortgage, utilities etc.) which I moved over to an Orange Checking a while back. Now I want to move over my personal account also but ING will not allow me another Checking. Both accounts require lots of debits every month (not to mention bill-pay) so a savings account will not work. I wish ING would allow multiple Electric Orange accounts also, just as they allow multiple savings accounts. I keep a separate checking account for my housing expenses (Mortgage, utilities etc.) which I moved over to an Orange Checking a while back. Now I want to move over my personal account also but ING will not allow me another Checking. Both accounts require lots of debits every month (not to mention bill-pay) so a savings account will not work.

]]> By: Jeff http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-71761 Jeff Sat, 15 Sep 2007 18:20:53 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-71761 Great article. I've have been putting up with low interest rates at my local credit union just for this cubby hole feature. Now that I know ING can do the same I'll be moving my $. Great article. I’ve have been putting up with low interest rates at my local credit union just for this cubby hole feature. Now that I know ING can do the same I’ll be moving my $.

]]> By: Tim http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48550 Tim Fri, 20 Jul 2007 08:51:03 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48550 i'm not sure i get the reasoning behind switching accounts. the bottom line, if you are concerned about easy access, then ladder your savings in cd's or t-bills (if you are in a tax beneficial state). i also don't get the idea of having multiple accounts under one institution either, but whatever works for ya. i’m not sure i get the reasoning behind switching accounts. the bottom line, if you are concerned about easy access, then ladder your savings in cd’s or t-bills (if you are in a tax beneficial state).

i also don’t get the idea of having multiple accounts under one institution either, but whatever works for ya.

]]> By: kate http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48276 kate Thu, 19 Jul 2007 14:49:28 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48276 I'm in the same boat as Laura. I have multiple accounts at ING and seeing the interest accrue keeps me from withdrawing the money. Way more incentive than the interest I was earning at Wachovia! I’m in the same boat as Laura. I have multiple accounts at ING and seeing the interest accrue keeps me from withdrawing the money. Way more incentive than the interest I was earning at Wachovia!

]]> By: Dean http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48275 Dean Thu, 19 Jul 2007 14:48:54 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48275 I use Quicken Home and Business 2007 to manage my retirement/checking/savings accounts. I have not found a way for Quicken to automatically pull down information for these "sub-accounts". It lumps them all together under the "Main" account. Has anyone found a way to have Quicken manage these sub-accounts separately? Not a big deal but it would be nice if it would separate them... I use Quicken Home and Business 2007 to manage my retirement/checking/savings accounts. I have not found a way for Quicken to automatically pull down information for these “sub-accounts”. It lumps them all together under the “Main” account.

Has anyone found a way to have Quicken manage these sub-accounts separately? Not a big deal but it would be nice if it would separate them…

]]> By: Cheryl http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48232 Cheryl Thu, 19 Jul 2007 12:12:08 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48232 I do this as well with my accounts (EFund, Maintenance Fund, Fun Fund) , and am very happy with the way it all works out for me. You can transfer money between them and each earns interest seperately. Just be careful not to get caught do too many transfers in 1 month, WHile I have not done it. I have heard you can get charged for that. I do this as well with my accounts (EFund, Maintenance Fund, Fun Fund) , and am very happy with the way it all works out for me. You can transfer money between them and each earns interest seperately. Just be careful not to get caught do too many transfers in 1 month, WHile I have not done it. I have heard you can get charged for that.

]]> By: Trent http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48226 Trent Thu, 19 Jul 2007 11:47:34 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48226 Yes, each sub-account earns interest based on the balance of that sub-account. Yes, each sub-account earns interest based on the balance of that sub-account.

]]> By: Mookitty http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48200 Mookitty Thu, 19 Jul 2007 09:17:18 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48200 Does having these sub-accounts also split your interest earned? Does having these sub-accounts also split your interest earned?

]]> By: db http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48161 db Thu, 19 Jul 2007 05:53:18 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48161 Ahhh.... I wish ING would raise its interest rates just a little. I just recently opened an FNBO account and just hate the thing. I hate the interface, I hate the slowness to DO anything. It took them two weeks to mail me a pin number thing after they mailed the ATM card to me. And now I have to go through another step to get a PIN. And this is just one of the stupid slow processes -- I had to get my checking account verified prior to funding the account and then REverified in order to be able to do future transfers, and now they want a cancelled check before they finalize it. Right now I'm ready to close the FNBO account altogether. Ahhh….

I wish ING would raise its interest rates just a little.

I just recently opened an FNBO account and just hate the thing. I hate the interface, I hate the slowness to DO anything. It took them two weeks to mail me a pin number thing after they mailed the ATM card to me. And now I have to go through another step to get a PIN. And this is just one of the stupid slow processes — I had to get my checking account verified prior to funding the account and then REverified in order to be able to do future transfers, and now they want a cancelled check before they finalize it. Right now I’m ready to close the FNBO account altogether.

]]> By: Rxforfinance http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48142 Rxforfinance Thu, 19 Jul 2007 04:06:46 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48142 I have noticed that HSBC and FNBO do take much longer to transfer, I say much, but it is about 2 days. If I were to initiate a transfer from any of the above accounts on a Monday, HSBC and FNBO will have it at the destination account by Friday. ING by Wednesday. I have to admit I like the daily interest tally, it is almost worth the 0.5% interest loss to watch it ;-) The 4% I get from Electric Orange checking is a bonus. I have noticed that HSBC and FNBO do take much longer to transfer, I say much, but it is about 2 days. If I were to initiate a transfer from any of the above accounts on a Monday, HSBC and FNBO will have it at the destination account by Friday. ING by Wednesday.

I have to admit I like the daily interest tally, it is almost worth the 0.5% interest loss to watch it ;-)
The 4% I get from Electric Orange checking is a bonus.

]]> By: Laura http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48114 Laura Thu, 19 Jul 2007 02:03:27 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48114 I currently use ING and just seeing the interest accruing keeps me from withdrawing. :P I replaced a bad habit with a new habit of counting my 'free' money coming in. Much better than the 2 cents a month I was getting at Bank of America! I currently use ING and just seeing the interest accruing keeps me from withdrawing. :P I replaced a bad habit with a new habit of counting my ‘free’ money coming in. Much better than the 2 cents a month I was getting at Bank of America!

]]> By: The Happy Rock http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/comment-page-1/#comment-48110 The Happy Rock Thu, 19 Jul 2007 01:51:21 +0000 http://www.thesimpledollar.com/2007/07/18/how-to-set-up-multiple-savings-account-funds-within-ing/#comment-48110 Multiple savings account is the best feature of ING, IMO. I just wish they had a way to have multiple Electric Orange accounts. Multiple savings account is the best feature of ING, IMO.

I just wish they had a way to have multiple Electric Orange accounts.

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