vanguard advantage account

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vanguard advantage account

Postby carolinaguy » Wed Sep 21, 2011 5:33 pm

First time poster, but have read and listened for many years to everyones good help. I am retired and in Flagship with both brokerage and mutual funds with Vanguard. I am curious on who may be using the Advantage account and what you think about it. It seems like it would be a good idea especially for the bill pay right from the sweeps account instead of the traditional transfer to your bank first. Thank you for any guidance.
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Postby klneutral » Wed Sep 21, 2011 5:57 pm

Have used it for years on a few accounts and love it.
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Postby FRANK2009 » Wed Sep 21, 2011 6:09 pm

Established an account probably 7 or 8 years ago. My pay, and now pension get direct deposited in. My bills are automatically paid out. Never had a problem. Thinkin' about it, I love it too!
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Postby Prokofiev » Wed Sep 21, 2011 10:29 pm

My only problem is not having an ATM to use. Hence I still have a checking account at the local Chase bank and still transfer cash between my Advantage account and local bank.
Everything should be made as simple as possible, but not simpler - Einstein
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Re: vanguard advantage account

Postby indexfundfan » Tue Dec 25, 2012 7:43 pm

I have some questions regarding the Vanguard Advantage account. Instead of starting a new thread, I'd thought I will just ask my questions here.

After the Vanguard advantage account is established, do I get a set of ABA + Account number which I can use? I would like to use an external account to pull money out from the Vanguard advantage account. Is this possible?

Also, if I push money into the the Vanguard advantage account, is it available for use immediately without a "hold"?

Thanks.
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Re: vanguard advantage account

Postby TheGreyingDuke » Wed Dec 26, 2012 2:07 am

Not sure how long a hold is placed on deposits, but for sure you get your ABA numbers and to all in the world it appears to be a checking account with all the accoutrements.

With the almost non-existent interest on money market fund, holding any considerable amount in the MMF is costing you, so t now does call for moving of cash into it from better, that is to say higher interest paying, accounts. For simplicity, every six months I deposit into it what is needed for the period ahead (I am retired so no income otherwise comes in.) have also established a separate joint account with my wife to house this separate from our investment accounts.
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Re: vanguard advantage account

Postby indexfundfan » Wed Dec 26, 2012 3:01 am

TheGreyingDuke wrote:Not sure how long a hold is placed on deposits, but for sure you get your ABA numbers and to all in the world it appears to be a checking account with all the accoutrements.

With the almost non-existent interest on money market fund, holding any considerable amount in the MMF is costing you, so t now does call for moving of cash into it from better, that is to say higher interest paying, accounts. For simplicity, every six months I deposit into it what is needed for the period ahead (I am retired so no income otherwise comes in.) have also established a separate joint account with my wife to house this separate from our investment accounts.

Thanks for the information. I appreciate it.
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Re: vanguard advantage account

Postby Grasshopper » Wed Dec 26, 2012 8:46 am

Not sure if this helps, I just did a pull from my bank to my Vanguard Advantage sweep account. It looks like I can buy Vanguard products immediately, but can't withdraw the money for 14 days. I am retired have every bit of income swept to my sweep MMF, I keep about 3 months spending in the MMF, and refill from a Short-term bond fund that I fund with capital gains from my taxable accounts.
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Re: vanguard advantage account

Postby indexfundfan » Wed Dec 26, 2012 12:55 pm

Grasshopper wrote:Not sure if this helps, I just did a pull from my bank to my Vanguard Advantage sweep account. It looks like I can buy Vanguard products immediately, but can't withdraw the money for 14 days. I am retired have every bit of income swept to my sweep MMF, I keep about 3 months spending in the MMF, and refill from a Short-term bond fund that I fund with capital gains from my taxable accounts.

Thanks for the additional feedback. I will apply to have my VBS account upgraded to Vanguard Advantage. I like the ability for an external account to initiate a push and pull into/out of Vanguard.
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Re: vanguard advantage account

Postby bertilak » Wed Dec 26, 2012 3:57 pm

I manage a trust account for my mother which is held at Vanguard. I established an Advantage account primarily so I could pay bills from it. I use on-line bill-pay and occasionally write physical checks. Social Security and pension are direct deposited into the account. I also have ACH set up to transfer money in and out.

Re use of ATM. The Advantage account for the trust has a VISA debit card.

I've had it about a year now and have no complaints.
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Re: vanguard advantage account

Postby Dandy » Thu Dec 27, 2012 2:15 pm

I have it and planned to use it and/or the Fidelity account when I retired. Was going to leave investments at Vanguard and send all pension, ss etc to Fidelity along with my "safe withdrawal money". Then each year move over that years "safe" withdrawal to Fidelity. The almost zero interest on the funds has presented me from using it. I just looked at Fidelity's Cash Management account which has in the past been superior to Vanguards. Fidelity funds are in an FDIC account but I was unable to find what interest it pays. Can't be too competitive if they not only don't feature it but make it impossible to find it.

I used a similar account in the past and found it to be great. If/when the interest rates they credit improves a bit then I will go for it.
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Re: vanguard advantage account

Postby Hexdump » Fri Dec 28, 2012 8:27 am

bertilak wrote:I manage a trust account for my mother which is held at Vanguard. I established an Advantage account primarily so I could pay bills from it. I use on-line bill-pay and occasionally write physical checks. Social Security and pension are direct deposited into the account. I also have ACH set up to transfer money in and out.

Re use of ATM. The Advantage account for the trust has a VISA debit card.

I've had it about a year now and have no complaints.


bertilak, are there any fees for the ACH out ?
I discovered that Bank of America charges me for them.
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Re: vanguard advantage account

Postby Dan-Fl » Fri Dec 28, 2012 8:48 am

I have had this Advantage account for many years. It is now my only checking account. It work quite well.
Regarding ATM, I have PNC banks locally here in Tampa and there are no fees for using their ATM machines. Also, Hess stations have PNC ATM so convenience is the byword.
I thought I might need a bricks and mortar bank but so far no need. Voice recognition has avoided certain signature requirements.
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Last edited by Dan-Fl on Fri Dec 28, 2012 9:55 am, edited 1 time in total.
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Re: vanguard advantage account

Postby bertilak » Fri Dec 28, 2012 8:58 am

No ACH fee. Upon further reflection, I think ACH is available without needing an Advantage account.

Online bill pay DOES require an advantage account, but that's a different service. There is a monthly $4.95 fee for use of online bill pay, but free for Flagship accounts. Note that $4.95 is less than Quicken charges for their bill pay service. I use online bill pay much more often than ACH.

See the Advantage FAQ. There is a section on Advantage fees.
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