Brokerage account with BOTH checking and savings

Stuart Dole

Hi Community,

I have a brokerage account through UBS that is linked in Quicken to a checking account. That part works fine and has worked fine for many years. But last month I also opened a savings account in UBS, which ends up under the same account number, to take advantage of a very favorable interest rate (!). So: how do I set that up in Quicken so that it works with "Update Accounts"?

I tried various ways, and nothing has been satisfactory, or it won't work at all. I tried to set up a linked account, but there's no way to do that. I tried to set it up as an investment (CD? Mutual Fund? Bond?) but the interest payments, which are supposed to go into the savings account don't, and it sends them to the checking account, which is wrong.

As I see it, my "Plan B" is to ignore the records when I Update Accounts and enter the interest payments (and other transactions) manually. Cumbersome, but kind of like I have to do anyway with the various Apple accounts (Apple Pay, Apple Cash, Apple Savings).

Any thoughts, suggestions, sympathy?

Happy trails,
Stuart

NotACPA

Why can't you simply set up the savings account as a savings account?

And a Q linked checking account doesn't actually exist in the real world. It merely represents the cash activity in your brokerage account. The interest payments get sent to the checking account because the "checking account" is actually the cash in the brokerage account … not a real account.

When those interest payments come into checking, simply transfer them to savings.

NotACPA

Why can't you simply set up the savings account as a savings account?

And a Q linked checking account doesn't actually exist in the real world. It merely represents the cash activity in your brokerage account. The interest payments get sent to the checking account because the "checking account" is actually the cash in the brokerage account … not a real account.

When those interest payments come into checking, simply transfer them to savings.

Stuart Dole

Thanks NotACPA - sounds like a plan. Funny about the brokerage-linked checking account - UBS seems to treat it as a "checking account" - issuing actual checks and ACH transfers and all. But I get what you're saying.

Many thanks & happy trails,
Stuart

NotACPA

If you look closely at your checks, you'll probably see the name of a bank (not UBS) on the checks.

My linked account at Fidelity Investments has the name "United Missouri Bank" on the front. And I have real checks and ACH transfers also.