A few readers reached out and let us know about how they use Astra Finance as a way of automating transfers between their various bank accounts. Astra works with any bank on Plaid and is free to use.
Examples of where this can be useful for our readers:
- If you have a savings account which earns an increased rate on balances up to $5,000, you can set a rule with Astra to transfer out any balance above $5,000 to your regular checking account each month.
- Similarly Astra can make sure that there’s always a minimum amount in an account with a monthly transfer. E.g. if there’s an account with $1,000 minimum to remain fee-free, Astra can automatically check up once per month to ensure there’s $1,000 in the account and to transfer over what’s needed to bring the balance up to $1,000.
- You can use Astra to hopefully trigger direct deposits.
- You can use Astra to automate a certain number of transfers in/out of an account each month. (Not all banks have great ACH transfer support, especially on the way out.)
- There are lots of other automation options that Astra has as well which can be useful to some.
Note, there is a $1,000 transaction limit with Astra by default, though it might be possible to contact and get it manually removed.
Hat tip to readers fearthez, Dheeraj, L, E
