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I just realized that my fidelity core position is fcash which is described as a free credit balance and shows a current interest rate of 1.19% as of august 1st Although you may have other choices of core position depending on your account type, the fidelity government money market fund (spaxx) is the default core position for a brokerage account. It gives options to change to two different money market accounts spaxx (shows a 7 day yield of 1.42%) or fzfxx (shows a 7 day yield of 1.49%).
Fcash is not a money market fund The core position acts as a wallet for your account, holding all of your uninvested cash It is a free credit balance, which means it consists of uninvested cash that can be withdrawn on demand at any time
Fidelity may borrow this money and use it for their business
You can check the fcash account current yield by clicking that link This is extraordinarily similar to spaxx. From this “core position”, cash stays in spaxx in your fidelity money market account, earning interest (similar to an fdic savings account) until it’s invested on the next stocks, etfs, mutual funds, or options trades (when the federal reserve starts lowing the fed funds borrowing rates, wondering what happens to spaxx and your savings.
Spaxx’s rate is much higher, the only benefit to fcash in terms of getting your money out is if there is a gigantic economic downturn.
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