I am familiar with the Fidelity Cash Management Accounts. Snowbog, thank you for the thoughtful reply. I am trying to find a solution where new income that hits my bank account gets automatically swept to brokerage account, which buys 4%+ MMF and when checks are presented or bills hit the account, the brokerage covers the expense.
#Bank of america sweep account manual
I do not want to do manual buys or pay attention to balances. But this is exactly what I am not trying to do. It's not the worst setup, but it has 1-day delays to buy/sell, and it's not as convenient as what Fidelity offers if you write a lot of checks/pay a lot of bills very frequently. how often you need immediate access or how much of the $250k is being spent regularly. I'm not sure how liquid you need your funds to be - i.e. I personally store my emergency fund in TTTXX and sell / transfer to my BoA account if I need money from it (which is not too often). The downside is that you would lose your preferred rewards perks at BoA.
You can check out the money market options here.Īs someone else mentioned, Fidelity CMA can do this better, in terms of auto-liquidating your MMFs. You'll have to call in for that option.Īt lower minimums ($1k), you can also invest in money market funds at ME, like TTTXX which is also earning 4%+ interest and is exempt from state taxes. It has a minimum $100k requirement, but I think you can go under it after you open it. With $250k, you should qualify for the Preferred Deposit option at BoA/Merrill Edge. On the next day, for example, if a bill hit my account, then the sweep account would automatically pay the bill and sell MMF to cover the cost.ĭoes anyone know any bank that has this true automatic sweep account feature that allows for all funds to be swept overnight? What I want, and what I used to have, is a true automatic sweep account, where all funds were transferred overnight to the brokerage account and were set to immediately purchase MMF.
This would mean that I would have to keep a sum of money held on the bank side (in this case at least $100,000) that would be dead money earning no interest. They will set up a "sweep" account, but require me to choose a "peg" number, which basically means I keep a minimum of $100,000 of money on the bank side, and any time the balance exceeds the "peg" number, the excess will be swept to my Merril Account. Now that interest rates have risen, $250,000 could be earning over 4%, meaning I am missing out on over $10,000 per year in interest. I could hold a money market fund earning interest close to the t bill rate at the time. Years ago, Bank of America had me in an automatic sweep account where any money in the bank account at the end of a day would automatically sweep into a linked Merril Lynch account. I need to keep money in this account to pay bills, checks, whatever, as they come due. CNBC's Michael Bloom contributed to this report.I currently hold $250,000 at Bank of America earning almost no interest. "We see upside to unit economics as SG continues to leverage investments in labor optimization technology (including automation)." The stock has surged more than 52% year to date, but has traded flat over a 12-month period. SG has high unit-level returns (40% in Yr-2) and store productivity (over $1,000/sq ft)," said Griffin. "Based on our saturation analysis, we see potential for SG to achieve its 1,000 store growth target. Sweetgreen opened its first fully automated kitchen in May and plans to open another one later in the year. Griffin said Sweetgreen "can leverage its traffic-driving initiatives by growing digital engagement through its mobile app." The company's long-term plans to automate its kitchens could reduce labor intensity and help with margins, added the analyst. Sweetgreen's recently-launched loyalty program has created potential for higher digital sales mix and frequency, according to the analyst. Shares were up more than 5% Thursday during premarket trading. Griffin raised her price target to $17 from $9, implying shares will rally 30.3% from Wednesday's close. The growth in visits since March also suggests better store execution and guest experience from the depressed levels in 2022, she added. "Sustained y/y visits growth suggests mobility continues to improve and SG can maintain momentum, removing a key overhang on the stock," Griffin wrote in a Thursday note. Analyst Katherine Griffin upgraded Sweetgreen shares to buy from neutral, citing increasing foot traffic, sustained momentum in same-store sales growth and long-term plans to automate operations. Personal Loans for 670 Credit Score or Lowerīank of America thinks momentum is on Sweetgreen's side, even as people return to the office at a slower-than-expected pace. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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