If you open an ING savings account, you can actually create
multiple sub-accounts that are all visible from the same accounts page. So, I actually have 4 ING savings accounts: short term savings, car fund, house fund, Roth IRA fund. Here is a short tutorial:
The Simple Dollar » How To Set Up Multiple Savings Account Funds Within ING
Not my picture, borrowed from a blog:
I keep my emergency fund at a different bank (HSBC), as it keeps it truly separated and harder to access for impulse purchases. The interest rate is also somewhat better than ING at the moment.
My employer direct deposits my paycheck into my ING checking account. From there, I have automated transfers setup that shuttle money to the appropriate savings accounts (HSBC, ING roth, ING short term savings, etc). The remainder stays in the ING checking account for general purchases, bills, et
I've tried the Mvelopes site mentioned above, but found it excessively complex for my fairly straightforward budgeting needs (single, no mortgage). I do use Mint.com (free) so that I can view allllllll my checking, savings, and retirement balances quickly and easily in one place. The automated account summary emails every Friday are great as well.