Multiple Savings Accounts at ING Direct

The PFBlog has some useful information regarding setting up additional ING Direct savings accounts. Additional accounts can be useful for budgeting, but more importantly, it can be useful to expand your FDIC coverage. As this FDIC webpage describes, you can qualify for more than $100K in coverage at one insured bank if you own deposit accounts in different ownership categories. For example, you can have $100K coverage for a single account and $100K coverage in a joint account at the same bank.

One type of ownership category not offered by ING, however, is the trust account. Many banks allow you to have a payable-on-death (POD) account. This is a common form of a revocable trust account and can be used to expand the FDIC insurance coverage.