1 Savings Account or several? - Page 2

SAHMto3boys · 12-28-2007, 02:37 PM

Quote:

Originally Posted by stacia

I have eight ING savings accounts, I probably have way too many, but I love it. I have one for our next house, disney world, travel, future rv, and so on/etc. Basically all my goals I set up a different account and named them each the goal. I put a little in each one every month automatically, that is the only way it would work for me, i'm not good at saving otherwise

I should add that I also have an emergency savings, but it's not with ING, and a personal savings (with ING) and each of my kids savings with ING for a car or whatnot when they are older (separate from college investment accounts)

I've thought about doing this method before, but didn't know how hard it would be! ING is an online bank only, right?? Is it pretty easy setting up accounts?? I don't know that I want 8 - but 2 or 3 might be nice!

ember15 · 12-28-2007, 06:22 PM

I too like having more then one. We have a saving set aside for when family gives DD money and set aside for if we are a little short on funds and one for emergency's that desperately needs building

deborah · 12-28-2007, 06:34 PM

Thanks everyone. I will open another account.

taylyn · 12-28-2007, 06:45 PM

Quote:

The financial gurus recommend one savings account

I think I heard this before too , why is this ?- I forget.

I like the idea of having a savings Linked to checking for the " unexpected" Dental , medical or Car issues.

I also have a savings account to Only Be touched If we are suddenly without an income. -

lms · 12-28-2007, 07:31 PM

Quote:

Originally Posted by stacia

I have eight ING savings accounts, I probably have way too many, but I love it. I have one for our next house, disney world, travel, future rv, and so on/etc. Basically all my goals I set up a different account and named them each the goal. I put a little in each one every month automatically, that is the only way it would work for me, i'm not good at saving otherwise

I should add that I also have an emergency savings, but it's not with ING, and a personal savings (with ING) and each of my kids savings with ING for a car or whatnot when they are older (separate from college investment accounts)

I have six saving ING savings accounts. I put money in each one every month automatically too. One saving account for each goal we have. It works well for our family.

lms · 12-28-2007, 07:38 PM

Quote:

Originally Posted by SAHMto3boys

I've thought about doing this method before, but didn't know how hard it would be! ING is an online bank only, right?? Is it pretty easy setting up accounts?? I don't know that I want 8 - but 2 or 3 might be nice!

It's not hard at all. It's an online bank that currently offers 4.25% on a saving account. ING offers more than any other brick and mortar bank , I think you get 2% or less. Your account at ING is linked to your checking account. You can transfer money to your ING account form your checking account and visa versa.