Virtual Sub Accounts (VSAs for short) are a powerful tool within the Astra application which allows you to take an existing connected account and divide it into as many sub accounts as you like. Some typical use cases include splitting out a section of your checking account to cover rent expenses and creating savings goals in your high yield savings account. The best part is that your money is still accessible via your existing bank whenever you like because the partitions are only visible to you through the Astra application! Whatever your use case, setting up a VSA is very straightforward.
From the Accounts screen - First locate the account where you want to create a VSA.
Selecting that account, should highlight a row below it that says “Create Sub Account”
Alternatively, you can select the “+” at the bottom right of the Accounts screen which will also provide the option to Create a Sub Account.
Selecting the Create Sub Account option you will now decide between setting up a Sub Account or a Savings goal. The only difference between the two options is that a Savings Goal has a specific goal amount and a Sub Account does not. As you contribute funds to the Savings Goal, a progress bar will show how much of the goal is completed on the Accounts screen and the Sub Account detail screen will show the percentage of the target goal reached.
For both Savings Goals and Sub Accounts you will have to pick a unique name for the account before selecting the Create option which creates the Sub Account under the parent account you established at the beginning of the process.
You have now successfully created a sub account and can start to move funds to it instantly! The sub account will behave just like a normal account on the Astra platform and can be used as both a source and destination account for transfers with normal transfer times. If you are moving money between the parent account and a sub account, those transfers should be instantaneous as they are internal to the same institution. Sub accounts can also be edited at any time by selecting the sub account that you want to edit on the accounts screen in the application and then using the "..." located at the top right to make edits.
Read more about Virtual Sub Accounts in this Article from the Astra blog.
As always, if you have any other questions please feel free to reach out via email at [email protected] or on intercom on our website or in the app.