can you open sub accounts in your bank account?

[Kaido]

I have my Checking account and my Savings account, and I want to create a couple extra - is that possible? sub accounts or funds or something? like put 10% into a retirement fund and so on.

 

[archcommus]

Sub-accounts? No. Open additional accounts? Yes, but that'd be sort of dumb. And you don't want to be saving for retirement by sticking money in a local bank's account.

 

[DaveSimmons]

Start an INGDirect.com savings account if you don't have one already. Add money to it all year.

Once a year, take enough out to fund a Roth IRA contribution for the previous year (deadline for 2004 is 4-15-05). As usual I'll recommend opening the Roth IRA account at vanguard.com and putting the money into their VFINX mutual fund (S&P 500 index fund).