My idea is to setup 3 accounts:
- CMA (ATM Only)
- Brokerage A ("Checking" - direct deposit, credit card payments, payments that don't accept credit cards)
- Brokerage B ("Savings" - Any excess above regular spending covered by the checking brokerage, held for longer term goals)
So my plan is to link the CMA to Brokerage A, the "checking" account, for overdraft protection, and use that brokerage as I do my checking account today. Brokerage B, the "savings" account, won't be linked to anything external, and will just move money in/out from Brokerage A.
I'm probably over complicating it, but it does check a couple of boxes for me: automagic handling of overdrafts from the CMA without the risk of emptying out my larger holdings if the ATM card is compromised and a logical separation of my day to day funds versus funds held for longer term. The only other alternative I can think of is just using the CMA as the "checking" account and a single brokerage as my "savings". The drawback here, from what I gather, is that I would have to regularly trade for something like SPRXX in the CMA.
I've read of a least one or two other people running with a 3 account setup, I'm curious if anyone has used something like the above and how their mileage has been with it. Would also love some input if I'm overlooking a way to accomplish the same goal(s) but simpler.