Are you an account whore?

March 10, 2010 · 24 comments

So the motivation for this post came from J’s post yesterday about about ING’s sub-accounts. I am a very happy customer of ING, especially after switching from evil Bank of America.  I shamelessly promote ING to anyone that asks where they should keep their money. You’d think ING was paying me to say all these wonderful things, they aren’t, but I wouldn’t mind it if they did (ya hear that ING…hook a ninja up!).

With ING, you can have multiple accounts, and label them different things. For example, I have an Emergency Fund, a Wedding Fund, and an “Extra Savings” fund. A lot of people think these sub-accounts are all part of their primary ING savings account. Those people are wrong. Each sub-account is actually a new account. So while some people may think they only have one account with ING, they actually have 2, 3, 4, or more.

While ING does make having multiple savings accounts easy, it also makes me want to create a bajillion more accounts. Just think I could have a “Big screen TV” fund, a “Vacation” fund. and a “Don’t tell Girl Ninja about this money” fund. With all of these new possibilties I’ve come to realize something: I think I might need to join A.A. No, not not Alcoholics Anonymous, but Accounts Anonymous. I’ll be the first to admit it…Yes, that’s right. I’m a bank account whore. It’s kind of scary when I think about it. My personal information isn’t so “personal” when I have accounts with a zillion different companies. Here’s my current account stats…

Savings Accounts: 3 accounts (all ING)

Checking Accounts: 2 accounts (ING/Chase)

Retirement Accounts: 2 accounts (Wells Fargo/Employer)

Credit Cards: 3 accounts (BoA, Chase, Employer)

To further fuel my addiction, I got an envelope from Chase today saying they will give me $100 if I open a money market savings account with them. I think I’m gonna have to open up the account. Deposit the minimum balance necessary to qualify for the promotion ($5,000). Keep money in the account for the 10 days it takes to receive the $100 bonus. After 10 days, withdraw all money from Chase . Put money back in to ING. Close my Chase money market account. Send Chase a letter saying “How ya like them apples?”

I have a total of 10 different accounts, soon to be 11. At least one person confessed to 9 different savings accounts on J’s post (I can’t imagine how many TOTAL accounts they have). How many accounts are you sleeping around with? Can anyone out there beat 20?

{ 24 comments }

1 David

I'm up to around 15 accounts:

1 regular checking
8 active ING accounts (one checking, seven savings)
1 retirement account
5 credit card account, though only one with a balance, and it's paid off every month

Beware of Chase MMAs… I have tried taking advantage of them for promotions in the past, and found it was extremely difficult to get what they promised. The promotion was for a free MMA if you did a few things (which I did). Each month I had to call and argue with customer service to get the monthly fees removed. I eventually cancelled it, as it wasn't worth the hassle.

2 David

Also, hilarious picture. Gotta love stick figure nudity.

If you enjoy animated stick figure violence, you may enjoy http://www.stickdeath.com. I reccomend looking at the archives… I haven't looked at this site in years, so I have no idea what the newer stuff is about.

3 Ronnie

I have the following:
4 checking (GUASFCU–credit union, PNC, Chevy Chase, and ING Electric Orange)
4 saving (3 ING, 1 Capital One MMA)
2 retirement (T. Rowe Price and Fidelity)
1 credit card remaining (Capital One).

I don't think that's too many for me. My credit union is my primary account; net paycheck goes into it, bills are taken out of it and the account stays pretty close to $0, but I wanted to keep my CU open. PNC is my joint account with my boyfriend, which will become primary when we're married and houses joint funds since we live together. Chevy Chase is for my student loans only; money is direct deposited into the account to pay the loans, and only automatic loan payments are withdrawn from the account. ING is my allowance, and that and my PNC card are the only cards I keep with me on a daily basis. The 3 ING are planned spending accounts for vacation, my car, and medicine costs; the Capital One is my emergency fund. I have a Roth that I opened with T. Rowe Price; the Fidelity is a rollover from my part-time job. The credit cards will hopefully go the way of the dodo soon!

4 FinCatastrophizer

I have:
1 chequing account
2 mortgages
1 HELOC
3 credit cards
1 retirement
5 savings account
1 tax free account (canadian thing)

It's a bit much but it works for me.

5 Jessie

hmm…

w/ my main bank I have
1. chequeing
2. savings
3. GIC/RRSP
4. Daily RRSP Account
5. Credit Card
6. Joint chequing account w/ Jordan

w/ ING I have ( yea I'm an ING whore too)
7) GICRRSP
8) Daily RRSP Account
9) My TSFA (tax free savings account – don't pay taxes on interest earned on up to $5,000 a year)
10)
11)
12)
13) …. 10/11/12/13 are all savings 'funds' that I have for various things

wow. 13. That seems like a lot..

6 Heidi

My husband and I have:

2 checking accounts
6 savings accounts
1 mortgage
2 car loans
3 retirement accounts
7 credit cards
5 student loans

Grand total: 26 accounts

Believe it or not, the credit cards and student loan account totals are smaller than they used to be as we pay things off. Also, not all the accounts have balances, but they are still open. As I'm sure you can guess, our debt is a bit of a disaster, but we are working on it.

7 Larry

1 checking account, 1 savings account, a 401(k), a Roth, and a traditional IRA. I also use a debit card, credit card, and gas card. That's quite enough for me. I prefer consolidation and don't quite get the benefit of having more accounts than one actually needs.

8 Forest

2 checking accounts
3 stock investment accounts
1 Prosper account
1 IRA
2 401ks
6 ING Savings
1 Credit Union Savings
and 3 credit cards if you want to count those.

my money is s-p-r-e-a-d out.
.-= Forest´s most recent blog ..Vested! =-.

9 Kari

I've actually joked about this with my bf who thinks I'm nuts for having so many accounts. Here's my rundown:

1 401K
3 Credit cards (Capitol One (2) and Citi)
3 Checking (Wachovia (joint), BofA, and TD)
11 Savings (Wachovia (joint), TD, HSBC, ING (8))

So the grand total is 18, but I will be opening a Chevy Chase Bank checking account for a $200 bonus before the end of the month. I also have opening a Roth on the agenda which would bring me to 20.

10 Revanche

Having recently closed three-six idle credit cards and four fallow savings accounts, I'm still clocking in at 28 accounts….

11 Rainy-Day Saver

Wow, lady. That's a lot! (Although I'll admit, I did get my Chase Sapphire card for the $100 incentive — gotta make that little bitty purchase now…)

12 Kyle C.

My wife and I have:
5 Checking
5 Saving
2 Investment
3 Retirement
3 Credit Cards

Note: 1 checking is business and one checking is going to b closed soon, the other three represent our joint/separate checking accounts. I like all my accounts they make me happy… :-)

13 ss4bc

Pfff… I do recall not but a few months ago you getting on to me for all of the accounts that I have! For shame Mr Ninja, for shame!

14 PunchDebt

I'm an account whore, but you are an account whore/ transfer whore/ auto-payment whore. Don't bring me down to your level :)

15 Caity

I am so tempted to open new accounts… currently getting mailings about $100 for a new Chase checking account, and $100 for a Chase CC.

With the new banking/credit restrictions in place, though, I'm trying to control myself to keep from having a deluge of changed fees that I need to keep track of. I have two credit cards, a checking account, lending club portfolio, and a brokerage account right now — planning to add a savings account and a brokerage account in the near future.

16 MoneyMaus

1 checking
7 savings (6 at ING – woohoo!)
2 credit cards
1 Roth IRA
1 401k
= 12 :)

17 Little House

2 business accounts
1 business savings account
1 personal checking account
1 personal savings account
1 online savings account

I think I'm forgetting something here….no, maybe that's it. I have to check out ING, I love that idea of "sub-accounts." But I don't know if I like that they are all different accounts. Love your stick figure drawings BTW.

18 MattyIce

Chase- 2 Checking and Savings

Wellsfargo- 1 checking

ING- 1 Savings

Charles Schwab- 1 IRA

Coming Soon- 403 (b) Employer Account

6- Accounts Total

After this post I might open some more account to Categorize my savings

19 MattyIce

Totally forgot the Credit Cards:

2 Chase Credit Cards

1 Citi Financial

Total: 9 Accounts

20 duddes02

I got that case offer. I acutally only had to keep $100 in the account for 6 months and I get $150. Sweet eh?

I have

4 checking accounts
1 savings (with no money in it, oops)
3 student loans
10 credit cards (no balances)-I only have one physical credit card. The the rest I cut up and keep the accounts open.
1 401k

Mint.com either hates me or loves me, I can't tell

21 duddes02

*chase, not case

22 chris

Maybe i should stop posting and get more accounts. i kinda feel left out. Maybe three, no make that four, no wait its really three: my checking, my husband and I have a joint checking, and I have a savings at another bank. (This was the save extra and not tell husband bank account for nice cruise, but now its more like save for teenage son college fund) Our teenage son has an account we some small amount for savings.

23 Single Guy Money

I prefer not to give a breakdown of the number of accounts but I can say that the number is in the double digits.

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