Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
Although there are a number of online banks that are now paying better interest than ING Direct, I really like the ING interface, and I also trust them. Another thing that I like about ING Direct is the ability to quickly and easily create subaccounts.
Subaccounts are a great tool for budgeting, and we’ve also found them to be a great place for our kids to stash some of their allowance. However, it wasn’t intuitively obvious to me how to create them when I first set out to do it, so I thought I’d outline the process here…
If you want to create a subaccount, simply login to your account and select ‘Open an Account‘ from the left sidebar. On the next page, select ‘Open Now‘ under Orange Savings Account. Next, decide if you want a joint account. If so, you will be prompted for info on the joint account owner. If not, you will be taken straight to the account setup page. Simply enter a nickname for your subaccount, choose a funding source and amount, and click ‘Continue.’
That’s pretty much it. Easy as pie. The main thing that confused me was that it felt like I was opening an entirely separate account as I went through this process, as opposed to a subaccount that could be accessed through my main login. So I ended up calling and, sure enough, this is how you do it. It sure seems like it would be easier if they just had an ‘Open a Subaccount‘ button. Then again, maybe I’m just slow.