Also found in: AcronymsEncyclopedia. Subaccount A term used in bookkeeping.
Features Virtual Sub Accounts Virtual Sub Accounts allow you to partition your option subaccount accounts for a specific purpose — and you can use them with any of Astra's routines.
If you are diligent about the management of your money, you likely have different depositary accounts for different needs.
For some, that might mean having two checking accounts option subaccount one for business and one for personal use, but for others that might mean having individual accounts for specific financial goals or uses. To have multiple accounts you apply multiple times, with the same information, and may be subject to additional fees for having those parallel accounts — but the world has changed.
The newest feature from Astra allows you to binary options with stop loss any existing financial account that you are able to connect the Astra platform and divide it into as many Virtual Option subaccount Accounts VSAs as you like. Savings for a new bike — just add a VSA to your interest-bearing savings account and set some transfer routines to fill it!
Trying to split out a portion of your income to help pay your taxes later? Keep all of those funds in a single account but use VSAs to divide the funds virtually. Once you have established a VSA, they behave just like a normal depository account in the Astra app and can be used to send or receive funds.
Even better, if you ever need to access the funds held within a VSA you can go to the ATM or bank branch and access the funds directly from the original option subaccount institution. Because the sub accounts are virtualized only, the bank only sees a single account — only you control the partitions through the Astra application. Real-world example Setting up a Virtual Sub Account is simple: If you already have a depository account checking or savings connected to Astra, you can setup a Option subaccount Sub account one of two ways: From the Accounts screen — First locate the account where you want to create a VSA.
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. With a few quick steps, you can set up virtual sub accounts that can transform your personal or business finances — get started with Astra today!