How to Open a Sub Account at Capital One 360

by Ryan Guina

A great way to manage your budget is by using a targeted savings account for your large and/or infrequent expenses. Another term for this is a personal accrual account. A targeted savings account can be used much like a business uses a sinking fund or accrual account. You set aside money each month for major expenses such as a vacation, new car, Christmas gifts, car tires, etc. This makes it easier to plan for those big expenses and avoid reaching into your emergency fund, or worse, for your credit card.

Capital One 360 sub accountTracking money in targeted savings accounts. You can keep track of the money in an accrual account with pen and paper, or with a spreadsheet like Excel. But it is much easier and more effective to do it directly within your savings account. Some banks make it easy to set up sub accounts directly within your main savings accounts, making it easy to keep track of your savings goals. This tutorial will show you how to set up a sub account with Capital One 360, (formerly known as ING Direct). Some other banks such as Ally Bank also allow unlimited sub accounts and have a similar opening process.

How to Open a Sub Account with Capital One 360

Note 1: This tutorial assumes you already have a Capital One 360 account. If you do not already have one, you can visit their site to learn more, or to open an account.

1. Log in to your Capital One 360.

2. Click “My Accounts” at top of page. There will be a drop down box. Then Click the “Open Account” link under the heading “Manage Accounts.

Capital One 360 Sub Accounts

3. Select type of account you want to open. You will be given the option of opening a wide variety of accounts, including a savings account, checking account, CDs, home loan, investing account (via ShareBuilder – check out ShareBuilder promo codes if interested in getting a boost on your initial investment with ShareBuilder), retirement accounts, and a Capital One 360 Business Savings Account.

Capital One 360 Account Types

Capital One 360 joint account4. Choose single account, or joint ownership. This is important if you want someone else to have access to the account, or you want to more easily transfer the account balance to your joint account owner if you pass away. (Estate planning can be a complicated topic, so please see an expert if you need assistance with this topic).

5. Give the account a nickname. The nickname you choose will help you identify which sub account you are seeing. You can change the account name or delete the account at any time. The sub account will be given an account number, but it is there for money transfers and does not affect your main ING account number.

6. Fund the account. You have the option of funding the sub-account from a current ING Direct account, or from an external checking or savings account.

Capital One 360 initial deposit

7. Confirm new account. Agree to electronic statement delivery and Terms and Conditions and you’re done!

8. View your new account. Click “My Accounts” at the top of your screen and you will see the accounts you have set up. You can see my accounts below:

As you can see, I have an Electric Orange online checking account, my main savings account, a sub savings account for my daughter, and a new car fund. I also have a brokerage account with ShareBuilder.

Start using your new sub savings account

Now that you have your sub savings account(s) set up, start using them! You can set up automatic deposits to go to your accounts on weekly or monthly basis, making it easy to automatically control your budget. Depending on how much control you want over your budget, you may decide to set up several of these accounts. Remember, you can add, delete, or rename these sub accounts at any time, so don’t be afraid to play around with it a little bit until you find that magic sweet spot.

Published or updated October 11, 2016.
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{ 3 comments… read them below or add one }

1 basicmoneytips

I have an ING savings account and also a Sharebuilder account. I have been very pleased with both.

The ING savings account allows you to link 3 external accounts to move money. You can also move money between the Sharebuilder and ING savings very easily.

I know there are many options with internet based accounts. While I do not have a lot of other experience with the others, I have been quite satisfied with ING.


2 Barb Friedberg

Hi Ryan, I like the graphics and the concept. Very helpful info. Barb


3 Annie George

I was told by the Capital One 360 rep that creating such sub accounts results in different interest rates for each account for example, if 10K is my initial amount yielding 1% and if I am creating a sub accounts and moving 1K to this account then that results in 0.65% interest rate for that sub account. Please verify if this is true


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