How to Create Accounts for Individual Savings Goals at ING/Capital One 360

by Julie on February 6, 2013 · 13 comments

I’ve been a satisfied ING Direct (now Capital One 360) savings customer for at least five years now.

One of the things I love best about my accounts is how easy it is to create additional savings accounts, once your first account is established.

Why would you want to do that? For me it’s an important part of my Found Money method of saving, which gives different income streams different jobs to do.

Screen Shot 2013-02-05 at 2.11.09 PM

The above photo is a screenshot from my savings account page and – as you can see – each account is named specifically with the job it has been given to do. (My kids also have some accounts in the mix.)

Here’s how the accounts are funded:

  • My online writing earnings go into the account called ‘College Fund.’
  • The money I make bookkeeping goes into the account called ‘2nd College Fund.’
  • Any other found money goes into the account named ‘Emergency Fund.’

I blogged more about assigning those different jobs to the income streams here.

We are also using this found money method to fund a business savings account. That account is also at Capital One 360.

Once you have an initial savings account set up at Capital One 360, it’s very easy to create additional accounts with names for your savings goals. Here’s how it looks:

1. From the Capital One 360 homepage, click on My Accounts at the top of the page and a drop-down box will appear.

2. Choose the Open Account option. You will be taken to a page that looks like this. Choose 360 Savings.

Screen Shot 2013-02-05 at 3

3. You will be asked whether you want to open a single or joint account. Choose the option you want.

Screen Shot 2013-02-05 at 2.14.40 PM4. Next enter the amount of your initial deposit into the new account, where that money will come from (one of the options is your existing Capital One 360 account), and what you want the account nickname to be (this is the fun part…choose the name of your savings goal).

Screen Shot 2013-02-05 at 2.14.08 PMThat’s all there is to it. The whole process only takes about 30 seconds, because you’re already an existing customer.

Each account you set up this way will have it’s own account number, which is important because you can have money from different income streams directly deposited into the correct accounts.

You can also transfer money into accounts from other Capital One 360 accounts or from outside checking and savings accounts. I do this when I’m given money in cash or by check instead of direct deposit.

If your savings goal(s) change, it’s easy to change the name of an account by clicking on the name of the account and looking for this under the Account Details tab:

Screen Shot 2013-02-05 at 2.51.27 PM

In my experience, it’s really motivating to log onto your bank homepage and see your different accounts named with your savings goals. And being able to easily set up a new account for a new goal is a big part of that.

You can find out more about Capital One 360 savings accounts by clicking here.

This post is part of Works for Me Wednesday and Fabulously Frugal Thursday.

Note: This post contains my referral links. See my disclosure policy for more details.






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Jennifer February 6, 2013 at 10:44 am

I started a account for taxes and insurance last year and it worked great! No more scrambling at the end of the year when my home insurance and propery taxes are due. I call it my “escrow without escrow” account. Just started ones for health care expenses and home improvement projects that I have small automatic transfers going to each month. I’m glad to see that someone with more experience recommends this!

Julie February 6, 2013 at 10:47 am

Jennifer, I love those account ideas. You’re so smart to set money aside for those things. Thanks for sharing your experience.

Sharon February 6, 2013 at 4:14 pm

Funny, I recently posted about how I switched to Ally Bank. ING/Capital One’s holding of deposits was longer than I would have liked. Ally deposits your money a couple of days earlier. When I did have ING, I set up accounts just like yours except my accounts were taxes, insurance, Christmas, and maintenance. I still have those accounts set up, just at Ally now.

Sharon February 6, 2013 at 4:15 pm

P.S. I LOVE the idea of blog income going to college savings. I hope to do the same soon!

Julie February 6, 2013 at 6:15 pm

Just finished a conversation with my daughter about study abroad, Sharon. The college expenses just keep coming. :) Good luck!

Sharon February 7, 2013 at 12:16 pm

Yikes! Good luck to you too!!

Brick By Brick Investing | Marvin February 6, 2013 at 7:40 pm

I have loved ING for over 8 years and am excited about them now being Capital One 360.

Julie February 7, 2013 at 12:19 pm

Always nice to hear from another ING/Cap One 360 fan, Marvin. :)

Barb @ A Life in Balance February 8, 2013 at 1:15 pm

I heart ING! We have most of our accounts with them including the kids accounts. I need to set up a blogging account; it’s been on my to do list a little too long. :(

Thanks for linking up at Fabulously Frugal Thursday.

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