Contributing to live, interest earning account vs contributing to Savings Goal
chefjoanne
Member ✭✭
One final question regarding this feature.
I now understand how Savings Goals work and the theory behind the feature.
If I contribute to a Savings Goal, the money disappears from my check register which is fine but now, all this money sits in a virtual Savings Goal and earns no interest, of course.
Is there any way to contribute to a savings goal (virtually) and actually make the same contribution to my live interest bearing account?
I like the idea that Savings Goals appear in my budget but not the fact that the I won't earn interest in a live account if it's sitting in the Savings Goal.
Thank you
I now understand how Savings Goals work and the theory behind the feature.
If I contribute to a Savings Goal, the money disappears from my check register which is fine but now, all this money sits in a virtual Savings Goal and earns no interest, of course.
Is there any way to contribute to a savings goal (virtually) and actually make the same contribution to my live interest bearing account?
I like the idea that Savings Goals appear in my budget but not the fact that the I won't earn interest in a live account if it's sitting in the Savings Goal.
Thank you
0
Answers
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If the funds in a Savings Goal are from an interest earning account, the funds earn interest recorded in the live interest bearing account.1
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I simply can't detach myself from this virtual option.
I do understand that the money really is now in the interest bearing account...as nominal as that interest may be!
But if the money vanishes from my online checking account by putting it in the virtual savings goal, when the actual transaction comes through the online checking account, it will show as overdrawn.0 -
The Savings Goal "account' is fictitious. You bank knows nothing about it and will continue to pay interest, as appropriate, on the amount that the bank knows.ALSO note that when you reconcile the initial account, the "savings goal amount" will temporarily re-appear in the account so that you can reconcile the bank's amount and the ENTIRE Q amount.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
If you do not want the Savings Goal transactions to be included in the registers and reports, select the Planning tab, Savings Goals view, and uncheck Goal Actions > Show savings goal transactions in registers and reports.Joanne said:I simply can't detach myself from this virtual option.
I do understand that the money really is now in the interest bearing account...as nominal as that interest may be!
But if the money vanishes from my online checking account by putting it in the virtual savings goal, when the actual transaction comes through the online checking account, it will show as overdrawn.0
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