CB and I want to take a vacation to the Galapagos Islands, one of my Big Ticket Travel Dreams. I’ve been dreaming about a jaunt to the famed green isles and emerald waters ever since I’ve heard about the place. Galapagos seems like it would be paradise on earth. Entrance to paradise, however, does not come cheap. An excursion with a quality operator (small tour group, knowledgeable guides, comfortable and safe cruise ship with amenities) costs at least $5,000 per person. See Lindblad’s pricing for example.
It’s expensive, but Galapagos is one of those once-in-a-lifetime trips that I really want to do right. In fact, I want so much to go that I told CB I’d rather have an engagement vacation than an engagement ring. Diamonds might be a girl’s best friend but I’d get to swim with turtles in the Galapagos! Easy decision for me. 
CB worked overtime a few weeks ago. He suggested we put that money towards the Galapagos vacation instead of frittering it away on eating out (I love food, but I will LOVE going to the Galapagos). I thanked him for his financial foresight and immediately began pondering the question of two committed-but-unmarried individuals who want to set up a joint savings account for a very specific purpose, i.e. a vacation.
Based on preliminary research, ING Direct Online Accounts appear to be a good option for us. We can even set up sub-accounts for other trips. I want a joint savings account that is completely detached from either one of our individual accounts. A very crass way of thinking about it is: in the unfortunate event that CB or I turn into vindictive and heartless people (because aliens have taken over our bodies, of course), the only money either of us can lose is our contribution to the joint savings account.
Although CB said that he doesn’t mind just transferring the money over to my account, I would feel better if it were an account with both of our names on it. Right now it’s not a big deal, but it might feel a little strange when the account gets to several thousand dollars and it’s still in one person’s name. We could just save for the vacation on our own, then write the check when the time comes (we did this for our Disney World trip). But I think having a joint savings account where we can keep track of our progress will be much more motivating.
Does anyone have experience opening ING joint savings accounts? Or with joint accounts in general?
image source: naturetrek.co.uk
This post was featured in the Carnival of Personal Finance: Unanswered Questions Edition hosted by Mighty Bargain Hunter
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I haven't done a joint account with ING, but I have done joint accounts and I also have a regular account with ING. The joint accounts I've done have always worked out great. It was easy for both of us to get access online and transfer in and out of. It worked out well. I've been happy with everything about my account from ING as well, and I'm sure doing a joint account will work out fine as well. Good luck with your saving and enjoy the trip!
My husband and I have a number of joint accounts that we opened before getting married, ING being one of them. It was pretty easy, although we don't have direct deposit into them from our paychecks, we usually have to transfer money in from our checking account. I am a big fan of travel, so I am all for your plan!
I did just that with my fiance before we were engaged… opened up a ING Joint Savings Account before we were engaged and it worked very well. We were living together and had a common goal to save for (some vacations). It was a good way to feel like we were working toward a goal TOGETHER since we both could see and have access the money (instead of one of us writing the other a check) and still feel "protected" in other financial areas. It also lead to some great financial conversations since we were constantly talking about this joint account. Good luck!
Thanks for the comment. I love how you put it – the motivation of a shared goal (and shared access to money) with the protection of other financial areas.
Exactly! Best of luck with it all… at last count, we had like 12 ING subaccounts… some that are his that I can't see, some that are mine that he can't see, and some that are joint. It really helps us feel in control and motivated as a unit and as an individual.
Interesting. I use ING for my own personal savings and have had good experiences.
We are getting married next month and still have not got around to having a joint savings account — we do use a joint credit card for all joint stuff and pay it from our own savings for things like vacations (and groceries). But I agree, it could be really motivating!
Your post was perfect timing… I have been bringing up the idea of having a joint savings account for things like travel or big house projects (he lives with me). If you do it I would *love* to hear how it works out!
I will be sure to blog about it.
Sounds like a great plan to me!
What an awesome place, I've never heard of it before! That's one thing I would love to do if I were rich! After looking at your island, I'd have to add that to my list too!
Kudos to you for being such a non-materialistic woman!
I don't know if I'm not materialistic.. maybe just realistic? LOL. And you've paid off your mortgage already, you're light-years ahead of me. If going somewhere is a dream of yours, you can definitely make it come true.
Sounds like a plan! Will you guys contributed to it 50/50? That's probably the best course of action.
When are you and CB planning on getting married?
Best, Sam
I have a joint savings account with ING and it was easy to set up and easy to use. In that account I have sub-accounts with names like "HIS fun money" and "HER fun money". Those accounts are set up to have a little money put aside each month. Then on those months where he goes on a big fishing trip with his buddies or I treat myself to a spa day with the girls – the money is already there. We also have a sub-account with the name "Annual vacation". There is a little money put aside each month for that too. It doesn't have to be a large amount each month – but it adds up well over time.
Also, I have a sub-account for bonuses/vacation payouts. If I am lucky enough to get a bonus I always rush it out of my checking account and into this savings account. I've been doing this for the last couple of years and it is nice to see the amount grow. Unused vacation time payouts go here too.
"HER fun money" <— great title! Are you designating the bonus fund for something fun?
The bonus fund is actually money I'm saving as "extra" for our daughters' college education. They both have college funds already but my plan is 1) Pay off the house before the oldest heads to college (7 more years to go) – we were fortunate to buy our home 12 years ago and refinanced when the rates were low so this is doable 2) We then use the money we used to pay for our mortgage to pay for kids' college education PLUS this money from my bonus/vacation payout fund 3) The girls' will get their college funds to help put a downpayment on their first home. It won't be a huge downpayment they'll have to save themselves but the country is such a mess right now – I want to give them a leg up.
Those are great plans! I'm sure your daughters will appreciate your foresight down the road. Best of luck!
I opened up a Joint ING account…but that was with my husband. I like ING, I'm thinking about opening one up with my sister since she is a little slow to the savings game. I love ING for joint, since we both can see the money in the account. Or if there is concern, you both can open separate ING accounts for the same goal…
I second Sam's question.
Also, I've always wondered, does CB stand for Cute Boy? He he
I think it's a great idea for you guys. And the Galapagos!!! WOW. Sounds amazing.
I have a joint account with my BF – we use it for the joint expenses (food, cable, fish tank stuff, etc). In terms of rent, he just writes me a cheque and I write the landlord the cheque.
I have a savings account through ING – I specifically put in $100 upon opening the account so that I would get $25 added. I'm not sure if the accounts in the states are exactly the same, but if you have a friend with an ING account already, by putting in $100, and using your referral code, you both get $25 added to your account.
That's a great idea.. I'm certainly going to take advantage of the referral bonus.
Do it, I want to see Galopagos too so I can live vicariously through your blog. My fiance and I set up a joint savings account to pay for our wedding expenses. I just transfer money out of my account and into the savings account whenever I can and he does the same. I like the method so far.
How about your honeymoon? I say it'd be pretty romantic to spend a week on a cruise in the Galapagos.
We have about 5 of them! We have two joint checking, and several ING savings accounts together. For us, it's mostly about access ICE (for him), because I am the one really using them, as I take care of all our fiances. We also have separate checking accounts, and a separate savings accounts for our own personal stuff.
The Galapagos sounds amazing! I hope you're still blogging when you go
Given how expensive a Galapagos trip would be (in excess of $10,000), it's a 5-year goal. I hope to be still blogging in 5 years (and you guys aren't tired of me by then!), so I'll definitely writing about it.
My husband and I had a joint account for a couple of years before we were married. Because we knew we would end up married, it wasn't a big idea. You probably already know deep down if CB is the one. And, the Galapagos sounds like a great experience!
I've wanted to go to Galapagos for a long time, so I'm really excited we are making the move from just "dreaming" to having a plan in place to make it happen.
My situation is a little different I think-my friends and I are saving for a vacation with a joint account. We were spending up to $20/week on Starbucks after our early morning workouts, so we decided instead to put that money into a joint account and use the money for a trip once we had enough. We are going to Italy in the fall for a week's walking tour of the Amalfi Coast
On a side note, my husband I have all our money 100% together…he didn't like the idea of the above at first. Something about my having a joint acct with someone other than him…but he's over it now.
That's pretty cool about you and your friend. Italy beats Starbucks here, I gotta agree.
I know I’m late to the party, I have over 15 ING joint accounts. Once you each have an “member” number its easy to set up just a couple clicks of the mouse. I love them!!
I think having a sub account for this reason is a wonderful idea. Using the OT money is a perfect plan to be able to afford the trip. I’m sure it will be a blast!!
.-= Jeff @DeliverAwayDebt´s last blog ..Discipline Your Way Out Of Debt =-.
I like how easy it is to set up a subaccount. Even though money is fungible, it helps a lot psychologically to have money separated into different "pots".
sounds like a good idea…never thought of it
LOVE that I found your blog! (through fallingwithfavor). Perfect timing. I have only recently (this week!) even heard of ING accounts! We are trying to take control of our finances and maximize what money we have. Separating into separate accounts, each with a specific purpose, sounds like it might be just what I need to get on top of things! Can’t wait to read more. Thanks for sharing your wisdom.
Hi Shelly, thanks for dropping by. I'm glad you're enjoying what you've read so far. Congratulations on taking control of your finances.
I do not have joint accounts, but it sounds like a reasonable idea.
I couldn't agree more that the Galapagos Islands are a once in a lifetime vacation destinations. There are indeed some tour operators that offer economy class cruises but you are right, it's not cheap to go. Airfare, hotel, food, admission to the National Park – it adds up. It will however be worth saving up for. Remember to bring your camera, sunblock and good pair of walking shoes. The best time to go is when some of the animals are migrating – like the Galapagos turtles. let us know how it goes/went.
$5,000 is huge!! Much more if you're planning it with your partner! Saving up would probably take a lot of time! good luck! I just hope that by the time you've saved up 5 grand, the Galapagos trip rate hasn't ballooned to 7 grand! LOL