What bank will let me open multiple free accounts?
August 7, 2013 3:20 PM   Subscribe

My best financial habits existed when I had an ING account with multiple sub-accounts, each corresponding to different money categories (bills, clothes, food, etc). I split my paycheck into all of these accounts as soon as it came in, and anything left over was free spending. These accounts were free to set up and there were no fees for transfers or anything. ING was taken over by Capital One and as far as I can tell no longer offers this. Are there any banks that do? Alternatively, what (free) budget tools or websites will help me achieve the same functionality?
posted by schroedinger to Work & Money (16 answers total) 10 users marked this as a favorite
Capital One 360 (formerly ING) absolutely still offers multiple savings accounts under one login. You can't open more than one checking account, but that was true when it was ING, too.

Be sure you're looking at Capital One 360, not regular Capital One.
posted by payoto at 3:22 PM on August 7, 2013 [3 favorites]

Ally....I have multiple saving accounts with them...no charge.
posted by cairnoflore at 3:25 PM on August 7, 2013 [1 favorite]

This is absolutely what YNAB was created for. (I'm a bit of an evangelist for it.) Buuuuuut... not free. Actually kind of expensive. I think Mint will do some of it.

I have a 3-account setup with PNC: two checking and one savings. The restriction is on number of transactions out of savings, and it's a federal regulation.
posted by supercres at 3:32 PM on August 7, 2013 [1 favorite]

ING still offers this, as Capital One 360.
posted by xingcat at 3:33 PM on August 7, 2013 [1 favorite]

Seconding payoto. You just have to go to open accounts and 'open' another savings account. As far as I can tell there isn't a limit or anything.
posted by grapesaresour at 3:34 PM on August 7, 2013 [1 favorite]

Ally Bank lets you do this. Great online bank.
posted by gyusan at 3:58 PM on August 7, 2013

If you prefer local more than likely a state savings and loan or a credit union will do this. I know my s&l will actually split my deposit into several accounts automagically. But I had to ask.
posted by ptm at 4:17 PM on August 7, 2013

Thirding Capital One 360. I stuck with them after the transfer from ING and still have my separate accounts.
posted by craven_morhead at 4:27 PM on August 7, 2013

Yeah, I haven't noticed any changes to my accounts since Capital One 360 took over from ING (except lower interest rates, sigh...)
posted by jabes at 4:27 PM on August 7, 2013

I recommend them a lot, but Simple would be perfect for this. It's an online-only bank, and you have only a single account. However, you can create goals and have money go into them automatically or put it in manually. Any money associated with a goal is subtracted from your main balance, which they call "Safe to Spend". It's a really nice system, and lets you be very flexible. They recently posted on their blog about how the goals feature works so you can take a look without commitment. It's invite only at the moment, but I have a few invites I can give out, so MeMail me if it sounds a good solution for you.

Not associated with them in any way. Just a very happy customer.
posted by duien at 4:39 PM on August 7, 2013 [1 favorite]

I once had ING and now I have Capitol One 360. They are exactly the same, and the sub-accounts are still offered.
posted by alligatorman at 4:40 PM on August 7, 2013

My credit union (Star One) allows this. And since it's part of a large network of CUs that seem to be identical except in name, I assume it's the norm.
posted by colin_l at 7:29 PM on August 7, 2013

When I was with a CU (First Tech), they offered it - it was standard within their network.
posted by batmonkey at 8:31 PM on August 7, 2013

Capitol 360 still offers this and you use the same account number you had with ING. I use it today exactly as you describe.
posted by jander03 at 9:32 PM on August 7, 2013

PNC has this option.
posted by MsMolly at 11:13 PM on August 7, 2013

If you still have your Capital One 360 account just log in, go up to the top and either

My Accounts -> Open Account
Products -> View all Products
(they both take you to the same place)

As stated above you can't have more than one checking account (but you couldn't with ING either) but you can have multiple savings accounts under your one username/password.
posted by magnetsphere at 6:54 AM on August 8, 2013

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