I completely agree and your four points seem important to the albeit small sample of users on this thread. The CP account is exactly what I wanted.
Cash Plus does do several things really well - all from a single account:
1) Its FDIC bank sweep beats the APY for most HYSAs and has a 1.25m in FDIC coverage.
2) If you prefer, you can buy MMFs with industry-leading 7-day-yield and rock bottom expense ratios.
3) You can also use it pay bills and credit cards (still working a few kinks out)
4) ACH transfers to and from external banks are fast, usually a day in my experience.
Cash Plus is not a one-stop-shop nor does it claim to be. However, it does pair nicely with a fee-free checking account at a local brick and mortar (cash deposits, checks, debit card, cashier's checks, notary, etc). I actually view the separation as a desirable feature.
I have also found that ACH transfers are fast, same day or one day. Couple a checking account elsewhere and fast ACH and I don't see there is much that you cannot do now. With all the debit card fraud that is going on and account takeovers, I think the separation is very important. I wish it was not so.
Statistics: Posted by anagram — Fri May 17, 2024 10:18 pm — Replies 986 — Views 118078