The beauty of joint accounts

By | December 5, 2016

I’ve written before about how much I enjoy using ING’s multiple accounts feature to manage our money (one account for the wedding, one for tuition, one for property tax escrow… etc.), and how I recycle the accounts once I’m done with them, like the New Windows account quickly was renamed the Wedding account a few months back once the windows were paid for. I also have seperate account for franc suisse (I sell euro and buy francs with for my mortgage which is in francs.

Well, I’ve recently discovered something even better! I know this may not be news to some of you, but ING will let you set up joint accounts that can be used, viewed, and managed, by two different customers. Hubby has an ING account that he keeps his New Garage savings in, and I have an account with several savings accounts. I set up a new account recently for our Wedding Money, and made it a joint account between two customers, and now we can both view and manage the Wedding Money account.

Better than that though, is that we can use this new joint account to move money between our individual accounts. If we needed to move $500 from the New Garage account (Hubby’s) to my Property Tax Escrow account, we used to transfer it to his credit union checking account, then transfer from there to my credit union checking account, and from there transfer it to my ING account for property tax escrow. It took a week and was a pain in the arse. Now, he logs in and transfers the money from his New Garage account to the joint account, and then I log in and transfer it from the joint account to my Property Tax Escrow account. Pretty nifty, eh?

I’ve now set up a couple joint accounts for us, and I think I’ll slowly transition all our money to joint accounts, except for maybe the Property Tax account because there is no reason we would both need access to that.

If you would like a $25 ING new account opening bonus (and I would get $10), send me an email and I will get a referral sent to you. ING is currently paying 3.3% interest and there are no minimums and no fees. You can open an account with as little as $1.