Ability to classify the Vanguard Savings Account as a Savings Account

JasonMark

Vanguard has a savings account: https://investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

When you connect it to Quicken it thinks it's a brokerage account and there's no way to change it to a savings account.

Jon

@JasonMark I'm not sure that's possible. If I'm not mistaken Vanguard allows you to invest in Money Market mutual funds in that account, so it has to be treated like an investing account. In any case I think Vanguard would have to change the way they report that account to Quicken before Quicken could treat it like a savings account.

It would be nice if we could have banking & investing accounts in the same group. then this would be less of an issue. Unfortunately the Quicken developers have ruled out being able to create custom groups or being able to move accounts to different groups. There is an active idea thread for allowing accounts to be rearranged within the existing groups but that's as far as they're willing to go.

NotACPA

@JasonMark Vanguard, like Fidelity my MF firm, is a brokerage … not a bank.

Thus, by law, they can't offer true savings or checking accounts. What they CAN do, however, is offer brokerage accounts that act like savings or checking accounts.

Following the link that you provided, even Vanguard describes the product as a "savings account alternative" … not a savings account.

Quicken Kristina

Hello @JasonMark,

Thank you for coming to the Community to share your feedback. To clarify, you're wanting the ability to change accounts that come from the financial institution as investment accounts to savings accounts in Quicken?

While that functionality is not currently available, you can create the account in your Quicken as an offline account (for instructions, click here), and manually update the account.

I look forward to your response!