I am not aware of any auto transfer feature in CP.I agree cash plus is not a checking replacement.. I erroneously used checking for cash management. I signed up precisely for the reasons you mention. I want to put a few things in autopilot and visit them every few months. My plan was to
Cash Plus is not a good checking account. Vanguard would agree, too - it has no checks and no debit card. They don't advertise it as a checking account, though. In fact, the word "checking" doesn't appear on the website or materials anywhere that I can see, although "savings" does: "Vanguard Cash Plus Account is a cash management account designed to offer a competitive yield on your short-term savings." https://investor.vanguard.com/accounts- ... us-account
Cash Plus does do several things really well - all from a single account:
1) Its FDIC bank sweep beats the APY for most HYSAs and has a 1.25m in FDIC coverage.
2) If you prefer, you can buy MMFs with industry-leading 7-day-yield and rock bottom expense ratios.
3) You can also use it pay bills and credit cards (still working a few kinks out)
4) ACH transfers to and from external banks are fast, usually a day in my experience.
deposit pay check to VCP
set up auto transfers from VCP to VG brokerage
auto transfer out using ACH push from VG brokerage to Fidelity
pay bills from Fidelity to avoid exposing VCP account numbers to external entities
In the process of setting things up, I'm running into problem after problem. When you have joint accounts, the authorization doesn't seem to go through. Now the ACH transfer is an issue as well.
My account is open only for a few weeks now. Maybe it will be resolved in a month or two.
I do like the MMF options at VG, and I like the high interest rate. I am hoping to set this up once and only passively monitor it.
Statistics: Posted by anagram — Fri May 17, 2024 11:53 pm — Replies 988 — Views 118230