Checking/Savings accounts that have sub-accounts

Question

I like to use the envelope system for budgeting, but I can't escape the convenience of debit cards, so a few months ago I set up 5 debit cards, one for my primary account, food, gasoline, household items and personal entertainment. That way I can make an automated transfer from the primary accounts to the other accounts, and always know how much money I have left in each account.

But it is annoying carrying around 5 debit cards. I've heard that some banks offer checking or savings accounts with "sub-accounts" which you can create, simply for the purpose of logically grouping transactions. Anybody heard of this or have any recommendations?

Answer 1

ING Direct does this.

Also, have you heard of Mvelopes? It's a subscription-based service, but it's pretty simple to use, and it lets you have as many envelopes as you want. You're not limited to five.

Answer 2

Alliant Credit Union has supplemental accounts, ING Direct has supplemental accounts as well as the poster above mentioned.

Answer 3

Just use a credit card like AMEX Blue that categorizes your purchases, and reconcile at the end of the month. There is no good reason to use a debit card.