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The result, however, is that my household is finally on the ING Direct subaccounts plan.
Will subaccounts for specific savings goals remain?
As for actual dollars, I've finally set up subaccounts at the online savings bank ING Direct.
Transfers out — even to "subaccounts" within the bank, like those I had created for my girls' allowances — count as withdrawals.
Last year, I kept my financial resolution and shifted to a savings-oriented budget: I opened a savings account at ING Direct, which allows you to set up several subaccounts.
So here's a resolution I hope the data-driven executives there take up for themselves: Do not mess with our ING subaccounts.
With variable annuities, your money is invested in underlying subaccounts — similar to stock mutual funds — that are held apart from the insurance company's assets.
U.S. Bank is able to do this, the report explains, because jobless benefits are typically paid into pooled accounts that then have subaccounts designated for individual recipients.
One wild card here: Capital One, ING Direct's new owner, could decide it needs to "enhance" its new acquisition and get rid of the subaccounts or make them less useful.
It was interesting to consider the entire chart of accounts, which for my small factory has more than 100 main accounts and subaccounts.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com