Is it bad to open too many ING "sub" accounts

WannaFly

Platinum Member
Jan 14, 2003
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I've been trying to get my financials in better order and have opened up a couple ING sub accounts, put direct transfers and am on my way to saving.

My question is: is it bad to have too many? I'd like to have one for Large purchases, one for my mortgage, one emergency account and a couple others. Does it affect my credit report?

I know that typically, keeping it in one account and budgeting/separating it logically is done, but I much prefer this "phyiscal" separation.
 

K1052

Elite Member
Aug 21, 2003
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No, keep in mind though that transfers cost a couple bucks if done outside ING.

I have a set monthly amount deducted from my BoA account into a master reserve account then have internal ING transfers take from that to my other ING accounts.
 

krunchykrome

Lifer
Dec 28, 2003
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It won't have any impact on your credit, but it will definetly look funny if you have many savings accounting with small balances.
 

sciencewhiz

Diamond Member
Jun 30, 2000
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I have 7 ING savings accounts, and had 12 CDs at one time (down to 6 currently).

Savings accounts are not reported to the credit agencies and have no affect on your credit.
 

WannaFly

Platinum Member
Jan 14, 2003
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K1052: I dont get any charges for tranfering outside of ING, I have a weekly transfer set up and have for 4 years and I get no fees from either bank.

Hardcore: You can open multiple savings accounst under your one login, they are completely separate accounts but show up in your login. AKA, "sub" accounts.

 

TallBill

Lifer
Apr 29, 2001
46,017
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I have about 6 savings accounts on USAA for separate small things that I save for. Very useful, especially if your tax software integrates with your bank so that you dont have to manually type an entry for each account.
 

K1052

Elite Member
Aug 21, 2003
50,133
41,122
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Originally posted by: WannaFly
K1052: I dont get any charges for tranfering outside of ING, I have a weekly transfer set up and have for 4 years and I get no fees from either bank.

Guess it depends on your main bank then.