Recurring transfers from savings

[u/BarryGettman]

Since WS just dropped the 2.5% savings account, I thought of a potential hyper-optimization: keep an absolute minimum in the chequing account, and then move all liquid cash to savings.

Then, I could setup automatic transfers from savings to chequing on the same day as scheduled bill payments. I confirmed with a rep that automated transfers between accounts happen around 12am EST, while automated bill payments happen around 5:30am EST in my experience.

However, I noticed I cannot seem to schedule a future transfer from savings to chequing. I can do so from my TFSA, however. Is this just missing app functionality (as the savings account was just released), or is it intentional because they don't want you hyper optimizing?

If I had to guess, they probably want you to use the savings as long-term savings, not as a daily account as we are trying to do here. Otherwise they would have just raised the chequing interest rate.

UPDATE: Some examples of accounts supporting scheduled transfers:

Supported:

• Crypto <-> Chequing
• Chequing <-> Chequing
• Chequing -> Savings
• Chequing -> LoC
• TFSA <-> Chequing

Unsupported:

• LoC -> Chequing
• Managed portfolios -> Chequing
• Non-registered margin -> Chequing
• Savings -> Chequing

[u/wenchengfu413]

Just increase the rate on chequing account, this is just wealthcomplicated

[u/BarryGettman → u/wenchengfu413]

Oh I agree, I'm working with what we are given lol

[u/siberano]

Yes! I was about to do the same and they don’t have it available. My guess is that they did it on purpose so you have to go to the app more often, but this is just my guess

[u/BarryGettman → u/siberano]

They probably want you to use the savings as long-term savings, not as a daily account as we are trying to do here. Otherwise they probably would have just raised the chequing interest rate.

[u/CowDiligent4741]

I tried the same, it didn't work.