https://thefinancebuff.com/fidelity-cas ... -+11625246
Was inspired by this article to consider this strategy as an option for my wife and I. Goals would be to get a higher return on short term savings and monthly cashflow money. Silo account access for bills that require ACH withdrawl for additional cybersecurity/fraud protection.
We currently have a joint checking account that isn't as technically convenient to log into as we would like but it does pay decent interest on checking and savings. Both paychecks are direct deposited there and all bills paid from there. Probably around 20,000-30,000 in it at a time. Subaccounts for property taxes, vacation, insurance (life and disability), daycare, mortgage, etc.
Questions (finally): Fidelity vs Vanguard cash management accounts for our needs?
1. We have joint account at vanguard already so pretty easy to add and login issue solved
2. Are we defeating the purpose of siloing money if we have this type of account where we keep our brokerage and IRA accounts?.
3. We both have retirement accounts at fidelity but no joint account so would have to create that...another thing to check and log into...and again silo benefit lessened with 403b there.
Is the silo benefit overkill and just my paranoia and really shouldn't be a factor in this decision?
Was inspired by this article to consider this strategy as an option for my wife and I. Goals would be to get a higher return on short term savings and monthly cashflow money. Silo account access for bills that require ACH withdrawl for additional cybersecurity/fraud protection.
We currently have a joint checking account that isn't as technically convenient to log into as we would like but it does pay decent interest on checking and savings. Both paychecks are direct deposited there and all bills paid from there. Probably around 20,000-30,000 in it at a time. Subaccounts for property taxes, vacation, insurance (life and disability), daycare, mortgage, etc.
Questions (finally): Fidelity vs Vanguard cash management accounts for our needs?
1. We have joint account at vanguard already so pretty easy to add and login issue solved
2. Are we defeating the purpose of siloing money if we have this type of account where we keep our brokerage and IRA accounts?.
3. We both have retirement accounts at fidelity but no joint account so would have to create that...another thing to check and log into...and again silo benefit lessened with 403b there.
Is the silo benefit overkill and just my paranoia and really shouldn't be a factor in this decision?
Statistics: Posted by VelvetNirvana — Thu Oct 10, 2024 7:07 pm — Replies 0 — Views 117