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Opened ING Account...savings are starting

post #1 of 11
2/29/08 at 7:22am
Thread Starter 
i just opened an ING account, and have several sub accounts set up

1. rrsp savings
2. emergency fund
3. general savings
4. surplus for student loan
5. Travel Savings

i'm excited about it. here in canada, the interest is pretty good at 3.5%

i also made a lump sum payment on my student loan of 1600 bucks, and hope to put an extra payment on every month. yay!
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post #2 of 11
2/29/08 at 7:28am
I like my ING account. Wish it had more in it though!
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post #3 of 11
2/29/08 at 10:09am
Hi Ellelit,

I would suggest you try the President's Choice (PC) bank. They pay higher interest and are more convenient. They have a free bank account (cheques, transactions, etc. are all free). There are no charges to pay for things with your bank card while shopping, and they are run through CIBC so you can use all the CIBC machines for free (and you can make your deposits through CIBC machines). They have a couple of high interest accounts. The best one pays I think around 4% right now (but that's with a $1000 balance). You can apply online or at your local Superstore if you have one.

I found with ING they are consistently about .25% behind the President's Choice Interest Plus account. If you have less than $1000 the ING account pays better. What I would recommend is save up in the ING until you hit that point then transfer to higher interest at the PC financial. It is super easy to link the two accounts which is nice.

I used to use ING for savings and PC for my day to day banking, but once they started their higher interest account I only use PC now. There isn't anywhere in Victoria that has a bank machine for ING so I've never used my ING bank card (I refuse to pay charges whenever I want to use my card).

Added: I just checked and the PC Interest Plus rate is now down to 3.75%. Still better than ING, but it was at about 4.25% a few months ago

Good luck with the savings!
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post #4 of 11
3/1/08 at 9:50am
I recently set up an ING account with subaccounts and I love it! I have already earned a really good amount in interest. I am thankful to those on here who recommended ING! I can already see that I am going to earn probably 3x what I earned in interest last year. Yay!
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post #5 of 11
3/1/08 at 10:13am
How do you set up the sub-accounts? I've had our accounts for a couple of years (1 for me, DH and each of the kids). I was just looking on the website, and I can't figure it out!!
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post #6 of 11
3/1/08 at 11:41am
You read my mind 6-paq, I was thinking the same thing. I want to know also, I can't figure it out on the website. Do you have to call?
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post #7 of 11
3/1/08 at 12:35pm
Quote:
Originally Posted by bclements514 View Post

You read my mind 6-paq, I was thinking the same thing. I want to know also, I can't figure it out on the website. Do you have to call?

I have sub accounts and I think I had to call. It's been a long time though.
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post #8 of 11
3/1/08 at 12:44pm
Quote:
Originally Posted by 6-paq View Post

How do you set up the sub-accounts? I've had our accounts for a couple of years (1 for me, DH and each of the kids). I was just looking on the website, and I can't figure it out!!



Sounds like you already have sub accounts if you have more than One Account??

At least that is what I am thinking is Meant by Sub Accounts


I don't Know , But I Started out with an emergency fund and then on my account Details Page I just Clicked on open an account .... and then from there I Opened 2 other savings accounts , One for vacation and One for christmas.

I also Have an electric orange account Which is Great!!
Last Month i kept A Small Balance and I earned 11 cents in Interest.
Not that Much .... But... at Our Credit union we earn 0.00 at our checking account.... so earning any money is good!
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post #9 of 11
3/1/08 at 6:49pm
I found the answer to this question on another blog I like to read. Check out this link for instructions. It's really very easy. HTH.

The Simple Dollar » How To Set Up Multiple Savings Account Funds Within ING
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post #10 of 11
3/2/08 at 6:14pm
Glad to hear a positive about ING accounts. Not that I have heard any negatives, but I have been thinking of opening one!

I now have my $1000 baby emergency fund set up and was thinking of putting it in an ING acct.

How fast can you access it if needed? Is there a debit card or something? That is my big concern, how fast we could have it if we had an emergency car or house repair!
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