Vanguard Cash Plus Account Pilot

[William4u]

I really miss the Vanguard Advantage account they closed. If the new Vanguard Cash Plus Account offering does not have any advantages over the Fidelity version of the Vanguard Advantage account, I do not see the point in opening a Vanguard Cash Plus Account.

What made the Vanguard Advantage so good is that you got to keep Vanguard VMFXX MM essentially as a savings/checking account. The APY on that VMFXX MM account blew away every other checking and savings account on the market (and I didn't ever need to worry about transferring money from savings to checking).

Fidelity does basically the same thing the old Vanguard Advantage Account did, but the Fidelity MM shaves off about 25 bp in fees.

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

[anagram]

I really miss the Vanguard Advantage account they closed. If the new Vanguard Cash Plus Account offering does not have any advantages over the Fidelity version of the Vanguard Advantage account, I do not see the point in opening a Vanguard Cash Plus Account.

What made the Vanguard Advantage so good is that you got to keep Vanguard VMFXX MM essentially as a savings/checking account. The APY on that VMFXX MM account blew away every other checking and savings account on the market (and I didn't ever need to worry about transferring money from savings to checking).

Fidelity does basically the same thing the old Vanguard Advantage Account did, but the Fidelity MM shaves off about 25 bp in fees.

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

[stan1]

I'd have to see the details if it was available, but I don't think I'd want ACH pulls initiated outside Vanguard on my taxable account settlement fund. I'd want something separate, with a small balance, and no over draft or margin against my settlement fund or the rest of my taxable account.

[ddbtoth]

I really miss the Vanguard Advantage account they closed. If the new Vanguard Cash Plus Account offering does not have any advantages over the Fidelity version of the Vanguard Advantage account, I do not see the point in opening a Vanguard Cash Plus Account.

What made the Vanguard Advantage so good is that you got to keep Vanguard VMFXX MM essentially as a savings/checking account. The APY on that VMFXX MM account blew away every other checking and savings account on the market (and I didn't ever need to worry about transferring money from savings to checking).

Fidelity does basically the same thing the old Vanguard Advantage Account did, but the Fidelity MM shaves off about 25 bp in fees.

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

[beyou]

I really miss the Vanguard Advantage account they closed. If the new Vanguard Cash Plus Account offering does not have any advantages over the Fidelity version of the Vanguard Advantage account, I do not see the point in opening a Vanguard Cash Plus Account.

What made the Vanguard Advantage so good is that you got to keep Vanguard VMFXX MM essentially as a savings/checking account. The APY on that VMFXX MM account blew away every other checking and savings account on the market (and I didn't ever need to worry about transferring money from savings to checking).

Fidelity does basically the same thing the old Vanguard Advantage Account did, but the Fidelity MM shaves off about 25 bp in fees.

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

Similarly, I found after opening a trust account that it is not easy to transfer cash from a trust to a non-trust regular brokerage account.
Easier to transfer to/from an outside bank with my trust ( a bank account that is not even owned by the trust).
So for me opening a cash plus account I imagine might mean it either has to be registered same as the trust OR it won't have capability to move funds back and forth between a settlement fund in my trust brokerage and this new cash plus account. Anybody try this with cash plus transfers to/from other vanguard accts, specifically if the other acct is a trust acct ?

[RetiredAL]

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

Similarly, I found after opening a trust account that it is not easy to transfer cash from a trust to a non-trust regular brokerage account.
Easier to transfer to/from an outside bank with my trust ( a bank account that is not even owned by the trust).
So for me opening a cash plus account I imagine might mean it either has to be registered same as the trust OR it won't have capability to move funds back and forth between a settlement fund in my trust brokerage and this new cash plus account. Anybody try this with cash plus transfers to/from other vanguard accts, specifically if the other acct is a trust acct ?

I've had zero issues moving $ and assets between Schwab not-same-named Trust accounts and other non-trust accounts that are linked to my ID, using their transfer screen. For non-linked Schwab accounts, a paper form (non-notarized) is required which I upload and the turnaround time is 2 to 3 days.

Wells Fargo has had no issues between not-same-named Trust accounts that are linked to my ID.

[beyou]

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

Similarly, I found after opening a trust account that it is not easy to transfer cash from a trust to a non-trust regular brokerage account.
Easier to transfer to/from an outside bank with my trust ( a bank account that is not even owned by the trust).
So for me opening a cash plus account I imagine might mean it either has to be registered same as the trust OR it won't have capability to move funds back and forth between a settlement fund in my trust brokerage and this new cash plus account. Anybody try this with cash plus transfers to/from other vanguard accts, specifically if the other acct is a trust acct ?

I've had zero issues moving $ and assets between Schwab not-same-named Trust accounts and other non-trust accounts that are linked to my ID, using their transfer screen. For non-linked Schwab accounts, a paper form (non-notarized) is required which I upload and the turnaround time is 2 to 3 days.

Wells Fargo has had no issues between not-same-named Trust accounts that are linked to my ID.

Sounds great, though not planning a move to Schwab.
Vanguard has much better return on cash, something that more than pays for this minor inconvenience. Vanguard’s attempts to offer “banking” services have been a failure, IMO, but they make it really easy to use external bank accts so no problem.

I own Vanguard, Schwab and ishares ETFs, but my mmkt savings is best held at Vanguard. If I left Vanguard as a broker, not sure if I would go to Fidelity (for also decent cash rates and tech IMO) or Schwab (for best cust service) but I already have best mmkt rates around, so i can quickly make free wires to my external fdic bank as needed.

[anagram]

CashPlus now supports using VMFXX and a few other Vanguard money market funds as a target for holding your CashPlus balance. It is a bit clunky as all auto pays have to come from the bank-backed portion and it will not auto-liquidate to cover cash needs yet (you need to manually transfer from money market backed to bank backed) but that is supposedly coming; as well as some basic automation that anything over XXXXX in the bank backed account gets swept to your money market preferences. If this comes together will be a reasonable replacement to Vanguard Advantage.

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

Similarly, I found after opening a trust account that it is not easy to transfer cash from a trust to a non-trust regular brokerage account.
Easier to transfer to/from an outside bank with my trust ( a bank account that is not even owned by the trust).
So for me opening a cash plus account I imagine might mean it either has to be registered same as the trust OR it won't have capability to move funds back and forth between a settlement fund in my trust brokerage and this new cash plus account. Anybody try this with cash plus transfers to/from other vanguard accts, specifically if the other acct is a trust acct ?

Vanguard on the Cash Plus page states that you can transfer to a taxable Vanguard Brokerage Account (accounts must be like registered).

[anagram]

Where do you configure VMFXX? I can't find it in my cash plus.

I'm not seeing it either. Here are the instructions on the Vanguard website, but I don't see these options in my account yet. Perhaps it hasn't gone live for everyone yet? If anyone can offer any assistance, thank you.

"To buy money market shares:
Go to your Cash Plus holdings page and check your Funds available to purchase Vanguard money market funds. There's a $3,000 minimum for each money market fund.

If buying additional shares of a fund you already own. Scroll to the Vanguard money market funds section and hover over the Transact dropdown to select Buy.
If buying shares of a fund you don't yet own. Hover over the Transact dropdown at the top of the page under your account balance and select Buy Vanguard money market funds.
To sell money market shares:
Go to your holdings page and scroll to the Vanguard money market funds section.
Hover over the Transact dropdown next to the fund you want to sell and select Sell.
Note: When you sell money market fund shares, proceeds from the sale are swept to your bank sweep balance."

I opened my CashPlus with a $1000 transfer and it was not listed as an option.

I then transferred $50,000 (from another HYSA vendor I am moving away from) and the money market option showed up. I have successfully moved money into VUSXX.

I suspect it shows up at $3000 when the minimum is reached but can't confirm that specifically.

I am now liquidating my USFR holdings to move into CashPlus money market as well.

The plan is for CashPlus bank sweep to be my primary cash holding account where I keep 3 months worth of cash and the money market side of it to be the other 33 months of my cash-equivalent holdings.

Are you still able to transfer directly to VUSXX? It does not show up for me.

[beyou]

Agreed. Once the Cash Plus account can use VMFXX for all direct deposits and auto-liquidate out of VMFXX for all bill pay, then it will become a useful product IMHO. I'll keep an eye out on Bogleheads for if/when this happens.

Does anyone see their CashPlus supporting using VMFXX or other MM funds?

I have been looking to see if it is possible to move funds from the Cash + account to the money market account, doesn’t seen possible. But I am certainly not the expert Vanguard internet site commando (if it’s possible to even be one), but it does keep me from impulse buying VTSAX.

Similarly, I found after opening a trust account that it is not easy to transfer cash from a trust to a non-trust regular brokerage account.
Easier to transfer to/from an outside bank with my trust ( a bank account that is not even owned by the trust).
So for me opening a cash plus account I imagine might mean it either has to be registered same as the trust OR it won't have capability to move funds back and forth between a settlement fund in my trust brokerage and this new cash plus account. Anybody try this with cash plus transfers to/from other vanguard accts, specifically if the other acct is a trust acct ?

Vanguard on the Cash Plus page states that you can transfer to a taxable Vanguard Brokerage Account (accounts must be like registered).

When I created a trust, which I funded from a regular brokerage acct, Vanguard let me transfer from a brokerage in name A
to a trust with joint trustees of A and B. But then could't transfer back from the trust to name A. Very strange.
If I really wanted to, could create the Cash Plus owned by the trust and then should be no issue, but wanted to know if others had done that yet.

[manlymatt83]

Just curious, if this ever became full featured - debit card, ability to auto-sell from VUSXX when ACH comes through, etc. - would anyone actually switch to it from the Fidelity CMA?

[watchnerd]

Just curious, if this ever became full featured - debit card, ability to auto-sell from VUSXX when ACH comes through, etc. - would anyone actually switch to it from the Fidelity CMA?

Sure, why not?

[manlymatt83]

Just curious, if this ever became full featured - debit card, ability to auto-sell from VUSXX when ACH comes through, etc. - would anyone actually switch to it from the Fidelity CMA?

Sure, why not?

Mostly because the Fidelity CMA has been pretty stable in features and Vanguard tends to change things over time. They haven't had a very good last few years as a brokerage. I wonder if people would actually go through the hassle of moving.

[anagram]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

[watchnerd]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

you have the bill pay feature?

[anagram]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

you have the bill pay feature?

Not bill pay but I have set up payees to ACH pull from Cash Plus.

[tlveik]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

They show up as Cash in the online transactions list, but they show up to the payee in the statements.

[OuterBanks]

Recently signed up for the Vanguard Cash Plus Account. I was able to use the routing and account number to link as a PNC saving account in my PayPal Cashback World Mastercard and transfer the 2-3% cashback money every week to Vanguard. I then transfer to brokerage account and buy more VTSAX.

[anagram]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

They show up as Cash in the online transactions list, but they show up to the payee in the statements.

I just generated a statement and it shows as CASH. Do you mean the statement that Vanguard provides at the end of the month?

It is annoying that everything shows up as CASH.

[tlveik]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

They show up as Cash in the online transactions list, but they show up to the payee in the statements.

I just generated a statement and it shows as CASH. Do you mean the statement that Vanguard provides at the end of the month?

It is annoying that everything shows up as CASH.

Yes, the Vanguard month-end statement. There are two entries for each transaction. A "Sweep out" from Vanguard Cash Plus, and a Withdrawal to the
payee who did the ACH pull.

[anagram]

For those already using Cash Plus, do you see payments always labelled as "CASH" and not labelled with the name of the party making the ACH withdrawal?

They show up as Cash in the online transactions list, but they show up to the payee in the statements.

I just generated a statement and it shows as CASH. Do you mean the statement that Vanguard provides at the end of the month?

It is annoying that everything shows up as CASH.

Yes, the Vanguard month-end statement. There are two entries for each transaction. A "Sweep out" from Vanguard Cash Plus, and a Withdrawal to the
payee who did the ACH pull.

I just don't understand why Vanguard can't be consistent and show the payee and not CASH in the online account.