1. No, it's really just a high yield savings account and does not have bill pay functionality
2. Yes you can push to your external bank. It generally takes a day or two in my experience.
3. The biggest plus is that you can buy MMFs in it, although they won't auto liquidate like at Fidelity. The biggest con is that it won't work for all biller's websites. For example, the IRS won't recognize it as a real bank account so you can't use it to pay your taxes. Some people (myself included) have had trouble using it to pay a BoA credit card bill. The other issue is that if you "pull" money into the account, vs. pushing it from your bank, the hold time is generally 7 days, which is way too long for a bank in 2024.
I really liked the account when I first got it, but now I'm starting to sour on it. It's basically like any other high yield savings account except with longer hold times on funds, and glitches that prevent it from working with certain billers. It seems like Vanguard released it before it was fully baked and ready to go.
2. Yes you can push to your external bank. It generally takes a day or two in my experience.
3. The biggest plus is that you can buy MMFs in it, although they won't auto liquidate like at Fidelity. The biggest con is that it won't work for all biller's websites. For example, the IRS won't recognize it as a real bank account so you can't use it to pay your taxes. Some people (myself included) have had trouble using it to pay a BoA credit card bill. The other issue is that if you "pull" money into the account, vs. pushing it from your bank, the hold time is generally 7 days, which is way too long for a bank in 2024.
I really liked the account when I first got it, but now I'm starting to sour on it. It's basically like any other high yield savings account except with longer hold times on funds, and glitches that prevent it from working with certain billers. It seems like Vanguard released it before it was fully baked and ready to go.
Statistics: Posted by NYCaviator — Thu Mar 14, 2024 8:02 am — Replies 2 — Views 257
