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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.
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.
3. You will be asked whether you want to open a single or joint account. Choose the option you want.
4. 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).
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:
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.