Fidelity MM settlement FDRXX vs. SPAXX

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JoMoney
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Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

FDRXX = Fidelity® Government Cash Reserves
SPAXX = Fidelity® Government Money Market Fund

In my IRA brokerage accounts, Fidelity lets me choose between these as core settlement funds. They say there may be other options available if I contact them, but for the time being I haven't bothered to do that.
These both appear to be roughly similar government money market funds, but the un-subsidized ER of FDRXX is 0.33% and for SPAXX is 0.42%
Currently they're both yielding .01%, and only because of their ER being reduced by a subsidy, but FDRXX with it's lower ER will likely be above water first, and should presumably have a slightly higher yield once we're in net positive yielding territory.

There appears to only be very minor differences in the specific allocations of there holdings. They look substantially the same to me.
Is there any reason to prefer the higher ER SPAXX money market ?
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by retired@50 »

JoMoney wrote: Tue Apr 26, 2022 8:20 am ... but FDRXX with it's lower ER will likely be above water first...
I agree with your assessment. If I had cash at Fidelity I'd use FDRXX.

I recently noticed that my Vanguard settlement fund VMFXX has turned to a positive interest rate of .23%
It appears the Fed rate hike is trickling through the money market.

Regards,
This is one person's opinion. Nothing more.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by rkhusky »

retired@50 wrote: Tue Apr 26, 2022 10:23 am I recently noticed that my Vanguard settlement fund VMFXX has turned to a positive interest rate of .23%
It appears the Fed rate hike is trickling through the money market.
And the Treasury MM is at 0.38%. Might have to switch over to the latter if rates continue to climb. (Municipal MM is at 0.33%, which is about the same for those in 12% bracket)
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by Aelron »

Based on my prior research, FDRXX is strictly better than SPAXX (lower expense). Why, then, do both funds exist? My best guess is that in tax-advantaged accounts, people churn their cash (money market funds) less often than in taxable accounts, so Fidelity is able to offer a lower-expense fund (FDRXX) as a core position in tax-advantaged accounts but not in taxable accounts.

Summary: pick FDRXX over SPAXX as a core position when it is available
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by VictorStarr »

It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by dcabler »

JoMoney wrote: Tue Apr 26, 2022 8:20 am FDRXX = Fidelity® Government Cash Reserves
SPAXX = Fidelity® Government Money Market Fund

In my IRA brokerage accounts, Fidelity lets me choose between these as core settlement funds. They say there may be other options available if I contact them, but for the time being I haven't bothered to do that.
These both appear to be roughly similar government money market funds, but the un-subsidized ER of FDRXX is 0.33% and for SPAXX is 0.42%
Currently they're both yielding .01%, and only because of their ER being reduced by a subsidy, but FDRXX with it's lower ER will likely be above water first, and should presumably have a slightly higher yield once we're in net positive yielding territory.

There appears to only be very minor differences in the specific allocations of there holdings. They look substantially the same to me.
Is there any reason to prefer the higher ER SPAXX money market ?
I've taken the view that it doesn't matter because I don't keep much in the settlement fund at all if I can avoid it. I only use it as a temporary landing pad for money moving in or out of my account. Money sits there, at most, 2 days before reaching its final destination. Beyond that, I try and keep as little there as possible in the intervening times. But they do make you choose and I chose FDRXX...

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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

I noticed today (as of 5/3/2022) the 7-Day Yield on FDRXX is a whopping 0.02%
... but that is twice as much as the 0.01% still showing for SPAXX


I also noticed that Vanguard's Federal Money Market Fund (VMFXX) even after it's 0.11% ER has a 7-Day Yield of 0.26%
Which makes me think Fidelity's funds must have gotten rid of their expense waivers on the funds, else they should be earning more than what's being stated :? :confused
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by anon_investor »

JoMoney wrote: Wed May 04, 2022 10:13 pm I noticed today (as of 5/3/2022) the 7-Day Yield on FDRXX is a whopping 0.02%
... but that is twice as much as the 0.01% still showing for SPAXX


I also noticed that Vanguard's Federal Money Market Fund (VMFXX) even after it's 0.11% ER has a 7-Day Yield of 0.26%
Which makes me think Fidelity's funds must have gotten rid of their expense waivers on the funds, else they should be earning more than what's being stated :? :confused
What is the difference between FDRXX and FZFXX? SPAXX, FZFXX, FCASH are the core options I have for my Fido taxable brokerage.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

anon_investor wrote: Wed May 04, 2022 10:25 pm ...
What is the difference between FDRXX and FZFXX? SPAXX, FZFXX, FCASH are the core options I have for my Fido taxable brokerage.
FZFXX = Fidelity® Treasury Money Market Fund
Gross ER (without reductions) 0.42%
7-Day Yield (as of 5/3/2022) 0.01%
The fund invests in cash, U.S. Treasury securities and/or repurchase agreements for those securities

FZFXX limits itself to Treasuries specifically, whereas FDRXX and SPAXX will invest in other government agency securities (and repurchase agreements.)
While they're all considered extremely low-risk, Treasuries may have a higher degree of liquidity, some other government agency bonds may not have the same absolute "full faith and credit backing", and don't receive the same exemption from state tax on the interest.

FDRXX and SPAXX appear very much the same as far as I can tell, which is what prompted the start of this thread. But FDRXX has an ER of 0.33% (gross without reductions) while the SPAXX ER is 0.42
The default settlement fund Fidelity put me in was SPAXX, since FDRXX has a lower ER but it appears to otherwise be the same holdings, I can't see any reason not to switch to it.

If it gets back to a point where Money Market Funds are leading banks on interest rate offerings, and Fidelity doesn't have a lower cost offering, there's some chance I might be re-opening a Vanguard account if for no other reason than to buy their Money Market Funds.

Interestingly, the only options I have for my core settlement account are SPAXX and FDRXX (although it says I could call and might have other options)
I wonder why yours differ. :confused
Last edited by JoMoney on Wed May 04, 2022 11:24 pm, edited 1 time in total.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by whodidntante »

You may be overthinking this.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by UpperNwGuy »

I keep less than $100 in my Fidelity settlement fund, so I don't care which of their money market funds I use. The difference in dividends is peanuts.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by retired@50 »

JoMoney wrote: Wed May 04, 2022 11:19 pm If it gets back to a point where Money Market Funds are leading banks on interest rate offerings, and Fidelity doesn't have a lower cost offering, there's some chance I might be re-opening a Vanguard account if for no other reason than to buy their Money Market Funds.
Vanguard's good money market returns are what first led me to open an account there...
My first account at Vanguard was for my emergency fund back in the 1990s.

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This is one person's opinion. Nothing more.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by Chip »

VictorStarr wrote: Thu Apr 28, 2022 2:29 am It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
The 100k minimum for FZDXX only applies to taxable accounts. In IRAs the minimum is 10k.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by PersonalFinanceJam »

Chip wrote: Thu May 05, 2022 3:37 am
VictorStarr wrote: Thu Apr 28, 2022 2:29 am It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
The 100k minimum for FZDXX only applies to taxable accounts. In IRAs the minimum is 10k.
If you want the convenience of a fund but at a higher yield, there are ultra short treasury ETFs available. The most money market like of all is probably SGOV. With fractional trading it feels very money market like.
https://www.ishares.com/us/products/31 ... y-bond-etf

Its price does float but not very much. I agree with some of the other posters, the core holding is only a temporary holding spot before money goes into other investment vehicles.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

Chip wrote: Thu May 05, 2022 3:37 am
VictorStarr wrote: Thu Apr 28, 2022 2:29 am It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
The 100k minimum for FZDXX only applies to taxable accounts. In IRAs the minimum is 10k.
FZDXX is an interesting option (or even it's higher ER no min. version SPRXX), since Vanguard changed their "Prime" money market into a Government MM fund. The annoying thing though, is it's not available as a 'Core' settlement fund.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by anon_investor »

PersonalFinanceJam wrote: Thu May 05, 2022 7:06 am
Chip wrote: Thu May 05, 2022 3:37 am
VictorStarr wrote: Thu Apr 28, 2022 2:29 am It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
The 100k minimum for FZDXX only applies to taxable accounts. In IRAs the minimum is 10k.
If you want the convenience of a fund but at a higher yield, there are ultra short treasury ETFs available. The most money market like of all is probably SGOV. With fractional trading it feels very money market like.
https://www.ishares.com/us/products/31 ... y-bond-etf

Its price does float but not very much. I agree with some of the other posters, the core holding is only a temporary holding spot before money goes into other investment vehicles.
It looks like the ER subsidy for SGOV ends next month (subsidized ER is 3 basis pts, 12 basis pts unsubsidized). If the ER remains 3 basis points after the subsidy ends SGOV might be an interest option for short term money.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

PersonalFinanceJam wrote: Thu May 05, 2022 7:06 am
Chip wrote: Thu May 05, 2022 3:37 am
VictorStarr wrote: Thu Apr 28, 2022 2:29 am It seems that FDRXX is a better fund.
Recently the yield of FZDXX reached 0.10%. But you can’t select it as a core fund and it has a $100K minimum for original purchase.
The 100k minimum for FZDXX only applies to taxable accounts. In IRAs the minimum is 10k.
If you want the convenience of a fund but at a higher yield, there are ultra short treasury ETFs available. The most money market like of all is probably SGOV. With fractional trading it feels very money market like.
https://www.ishares.com/us/products/31 ... y-bond-etf

Its price does float but not very much. I agree with some of the other posters, the core holding is only a temporary holding spot before money goes into other investment vehicles.
The core/settlement holding goes both ways, it's for cash that might be going into other investment vehicles as well as cash that might be spent/withdrawn for use elsewhere, even if one was personally willing to accept the volatility of a bond ETF for a temporary holding, that money isn't immediately available for anything accept possibly being able to trade or 'Free-ride' transactions. Presuming markets are open and trading it will take several days for those funds to settle and the cash be available for withdrawal or use elsewhere, whereas money market funds are available immediately. In a taxable account at Fidelity you can get a debit card that will draw from a money market fund.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by mary1492 »

You do have another alternative, it's CORE - FDIC bank deposit sweep. When yields are so low, why take any chance with any of the money market type funds, which can lose value?
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

mary1492 wrote: Thu May 05, 2022 8:40 am You do have another alternative, it's CORE - FDIC bank deposit sweep. When yields are so low, why take any chance with any of the money market type funds, which can lose value?
That's not an option in my IRA accounts for the core settlement fund (although it does say if I call there may be other options), and this is mostly in anticipation of rising interest rates... which has already started to trickle in (FDRXX having a .02% yield vs .01% in SPAXX - and the bank sweep) In the past the money market funds at Fidelity offered substantially higher rates than the bank sweep, are just as liquid, and the possibility of some such risk on a government money market fund at a large reputable broker isn't something I give much weight.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by mary1492 »

JoMoney wrote: Thu May 05, 2022 8:49 am
mary1492 wrote: Thu May 05, 2022 8:40 am You do have another alternative, it's CORE - FDIC bank deposit sweep. When yields are so low, why take any chance with any of the money market type funds, which can lose value?
That's not an option in my IRA accounts for the core settlement fund (although it does say if I call there may be other options), and this is mostly in anticipation of rising interest rates... which has already started to trickle in (FDRXX having a .02% yield vs .01% in SPAXX - and the bank sweep) In the past the money market funds at Fidelity offered substantially higher rates than the bank sweep, are just as liquid, and the possibility of some such risk on a government money market fund at a large reputable broker isn't something I give much weight.
If you want the bank sweep and it is not offered when you select the button to choose your core option, then call Fidelity.

I have the FDIC bank sweep as my core fund in my IRA and other accounts, and when I switched from SPAXX when the rates got so low, it allowed me to make that switch within the online account.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by Aelron »

Here is a matrix describing the Fidelity money market funds that may be helpful:

viewtopic.php?t=336863
dbr
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by dbr »

I don't keep money in settlement funds. Dividends and distibutions are swept to my bank.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by petercooperjr »

JoMoney wrote: Wed May 04, 2022 11:19 pm FZFXX limits itself to Treasuries specifically, whereas FDRXX and SPAXX will invest in other government agency securities (and repurchase agreements.)
This is a bit of a side note, and I'm not sure if you might have actually been trying to say this, but FZFXX (Fidelity Treasury Money Market Fund) actually holds a lot of repurchase agreements as well (Per their summary, about 60% worth as of the end of March).

If you want to hold actually-really-totally-just-Treasuries (or at least as close as a money market fund can get), then you're looking for FDLXX (Fidelity Treasury Only Money Market Fund). In my experience it's been about the same yield in recent yields. Though I haven't seen it as being available for a core/settlement fund, so it may not really be relevant to the people on this thread. (Though Fidelity will just draw from any money market funds you have in order to settle things, so you can move funds into it when you get them while not needing to worry about moving funds out of it in order to withdraw or buy something else.)
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by PersonalFinanceJam »

anon_investor wrote: Thu May 05, 2022 8:16 am
PersonalFinanceJam wrote: Thu May 05, 2022 7:06 am ...
If you want the convenience of a fund but at a higher yield, there are ultra short treasury ETFs available. The most money market like of all is probably SGOV. With fractional trading it feels very money market like.
https://www.ishares.com/us/products/31 ... y-bond-etf

Its price does float but not very much. I agree with some of the other posters, the core holding is only a temporary holding spot before money goes into other investment vehicles.
It looks like the ER subsidy for SGOV ends next month (subsidized ER is 3 basis pts, 12 basis pts unsubsidized). If the ER remains 3 basis points after the subsidy ends SGOV might be an interest option for short term money.
At .03% ER it's kind of a no brainer. I'm not sure you can even justify rolling T-Bills at that price point. If the ER goes up to .12% I think it's still a good deal for a fund with something on the order of a 40 day duration of exceptionally high quality. That's pretty close to Vanguard Money Market prices. Practically any brokerage can have a good money fund with this.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by anon_investor »

PersonalFinanceJam wrote: Thu May 05, 2022 5:48 pm
anon_investor wrote: Thu May 05, 2022 8:16 am
PersonalFinanceJam wrote: Thu May 05, 2022 7:06 am ...
If you want the convenience of a fund but at a higher yield, there are ultra short treasury ETFs available. The most money market like of all is probably SGOV. With fractional trading it feels very money market like.
https://www.ishares.com/us/products/31 ... y-bond-etf

Its price does float but not very much. I agree with some of the other posters, the core holding is only a temporary holding spot before money goes into other investment vehicles.
It looks like the ER subsidy for SGOV ends next month (subsidized ER is 3 basis pts, 12 basis pts unsubsidized). If the ER remains 3 basis points after the subsidy ends SGOV might be an interest option for short term money.
At .03% ER it's kind of a no brainer. I'm not sure you can even justify rolling T-Bills at that price point. If the ER goes up to .12% I think it's still a good deal for a fund with something on the order of a 40 day duration of exceptionally high quality. That's pretty close to Vanguard Money Market prices. Practically any brokerage can have a good money fund with this.
If it stays at 0.03% ER I might buy it instead of rolling individual T bills with the proceeds from a CD that expires in July.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by Artsdoctor »

The money market funds at Vanguard have always offered "better" rates than Fidelity so I never keep any substantial amount of cash in Fidelity's settlement funds. It really won't make any difference if you're talking about some sums, but if you're keeping large sums in cash, considering just using T-bills at Fidelity.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by itworks »

Can folks discuss which one is better for core positions with the recent "hiked" rate?

https://accountopening.fidelity.com/ftg ... ?type=fcma

FDIC-Insured Deposit Sweep Balances 0.25%
Fidelity Government Money Market 0.41%
Fidelity Government Cash Reserves 0.48%

For the latter two, do we reduce the 7-day yield by the fund ER to get the real rate? How does the match work?
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

itworks wrote: Wed Jun 08, 2022 1:27 am Can folks discuss which one is better for core positions with the recent "hiked" rate?

https://accountopening.fidelity.com/ftg ... ?type=fcma

FDIC-Insured Deposit Sweep Balances 0.25%
Fidelity Government Money Market 0.41%
Fidelity Government Cash Reserves 0.48%

For the latter two, do we reduce the 7-day yield by the fund ER to get the real rate? How does the match work?
The 7-day yield is net of / after the ER, else it would be something like Vanguard's low price Government MM fund VMFXX currently yielding .72%
https://investor.vanguard.com/mutual-fu ... file/VMFXX

I changed my Fidelity brokerage accounts to use FDRXX as the core sweep, and anything in my CMA FDIC sweep that isn't going to be spent quickly I move to FDRXX.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by somber »

JoMoney wrote: Wed Jun 08, 2022 7:48 am I changed my Fidelity brokerage accounts to use FDRXX as the core sweep, and anything in my CMA FDIC sweep that isn't going to be spent quickly I move to FDRXX.
I have FDRXX as core position in my IRA. I called Fidelity and asked to change my core position to FDRXX for my taxable brokerage account, and the representative said that's only available to me as core in retirement accounts. Either my status doesn't meet the requirements, or I just got the wrong representative, or they no longer allow FDRXX as core outside of retirement accounts.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

somber wrote: Wed Jun 22, 2022 12:16 pm
JoMoney wrote: Wed Jun 08, 2022 7:48 am I changed my Fidelity brokerage accounts to use FDRXX as the core sweep, and anything in my CMA FDIC sweep that isn't going to be spent quickly I move to FDRXX.
I have FDRXX as core position in my IRA. I called Fidelity and asked to change my core position to FDRXX for my taxable brokerage account, and the representative said that's only available to me as core in retirement accounts. Either my status doesn't meet the requirements, or I just got the wrong representative, or they no longer allow FDRXX as core outside of retirement accounts.
Interesting, perhaps that is some perk of 'Private Client' status then. It was a fairly recent change for me in my brokerage account.
It is nice since FDRXX has a slightly lower ER than SPAXX, but kind of odd that not everyone can choose it, since FDRXX is available to anyone to purchase as a separate fund without any minimum purchase requirement, is available to at least some (perhaps based on status) in a taxable account as core, and as an option for anyone to choose in an IRA account
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by anon_investor »

JoMoney wrote: Wed Jun 22, 2022 6:46 pm
somber wrote: Wed Jun 22, 2022 12:16 pm
JoMoney wrote: Wed Jun 08, 2022 7:48 am I changed my Fidelity brokerage accounts to use FDRXX as the core sweep, and anything in my CMA FDIC sweep that isn't going to be spent quickly I move to FDRXX.
I have FDRXX as core position in my IRA. I called Fidelity and asked to change my core position to FDRXX for my taxable brokerage account, and the representative said that's only available to me as core in retirement accounts. Either my status doesn't meet the requirements, or I just got the wrong representative, or they no longer allow FDRXX as core outside of retirement accounts.
Interesting, perhaps that is some perk of 'Private Client' status then. It was a fairly recent change for me in my brokerage account.
It is nice since FDRXX has a slightly lower ER than SPAXX, but kind of odd that not everyone can choose it, since FDRXX is available to anyone to purchase as a separate fund without any minimum purchase requirement, is available to at least some (perhaps based on status) in a taxable account as core, and as an option for anyone to choose in an IRA account
So the secret handshake is "Private Client" status!!!
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by AnnetteLouisan »

I have SPAXX as my core fund. .41 is quite a high ER fr an account that earns nothing. I guess they are trying to motivate you to invest any money you have there.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

AnnetteLouisan wrote: Wed Jun 22, 2022 7:02 pm I have SPAXX as my core fund. .41 is quite a high ER fr an account that earns nothing. I guess they are trying to motivate you to invest any money you have there.
FWIW, SPAXX has a 1 day yield of .97% (.89% 7-Day SEC Yield), and that's net of the ER
https://institutional.fidelity.com/app/ ... F_658.html

FDRXX has a 1 day yield of 1.03% / 7-Day .96%
https://institutional.fidelity.com/app/ ... F_660.html

Not up to Vanguard's VMFXX 7-day yield of 1.27%, but it is better than many of the high-yield bank accounts out there, and Fidelity offers debit card/check writing/bill pay features (for free) whereas Vanguard got rid of their Debit Card/Bill Pay feature and charged extra for it even despite it only being available to higher-tier customers.
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by anon_investor »

JoMoney wrote: Wed Jun 22, 2022 7:11 pm
AnnetteLouisan wrote: Wed Jun 22, 2022 7:02 pm I have SPAXX as my core fund. .41 is quite a high ER fr an account that earns nothing. I guess they are trying to motivate you to invest any money you have there.
FWIW, SPAXX has a 1 day yield of .97% (.89% 7-Day SEC Yield), and that's net of the ER
https://institutional.fidelity.com/app/ ... F_658.html

FDRXX has a 1 day yield of 1.03% / 7-Day .96%
https://institutional.fidelity.com/app/ ... F_660.html

Not up to Vanguard's VMFXX 7-day yield of 1.27%, but it is better than many of the high-yield bank accounts out there, and Fidelity offers debit card/check writing/bill pay features (for free) whereas Vanguard got rid of their Debit Card/Bill Pay feature and charged extra for it even despite it only being available to higher-tier customers.
Wow those rates are flying up fast. I only get 0.9% at Ally Bank on my HYSA.
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JoMoney
Posts: 13738
Joined: Tue Jul 23, 2013 5:31 am

Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by JoMoney »

anon_investor wrote: Wed Jun 22, 2022 9:05 pm
JoMoney wrote: Wed Jun 22, 2022 7:11 pm
AnnetteLouisan wrote: Wed Jun 22, 2022 7:02 pm I have SPAXX as my core fund. .41 is quite a high ER fr an account that earns nothing. I guess they are trying to motivate you to invest any money you have there.
FWIW, SPAXX has a 1 day yield of .97% (.89% 7-Day SEC Yield), and that's net of the ER
https://institutional.fidelity.com/app/ ... F_658.html

FDRXX has a 1 day yield of 1.03% / 7-Day .96%
https://institutional.fidelity.com/app/ ... F_660.html

Not up to Vanguard's VMFXX 7-day yield of 1.27%, but it is better than many of the high-yield bank accounts out there, and Fidelity offers debit card/check writing/bill pay features (for free) whereas Vanguard got rid of their Debit Card/Bill Pay feature and charged extra for it even despite it only being available to higher-tier customers.
Wow those rates are flying up fast. I only get 0.9% at Ally Bank on my HYSA.
Yes, in leaps and bounds and all over about a 2 month period. When I started this thread at the end of April they were all still at 0.01%
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EngCapt1
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Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by EngCapt1 »

anon_investor wrote: Wed Jun 22, 2022 9:05 pm
JoMoney wrote: Wed Jun 22, 2022 7:11 pm
AnnetteLouisan wrote: Wed Jun 22, 2022 7:02 pm I have SPAXX as my core fund. .41 is quite a high ER fr an account that earns nothing. I guess they are trying to motivate you to invest any money you have there.
FWIW, SPAXX has a 1 day yield of .97% (.89% 7-Day SEC Yield), and that's net of the ER
https://institutional.fidelity.com/app/ ... F_658.html

FDRXX has a 1 day yield of 1.03% / 7-Day .96%
https://institutional.fidelity.com/app/ ... F_660.html

Not up to Vanguard's VMFXX 7-day yield of 1.27%, but it is better than many of the high-yield bank accounts out there, and Fidelity offers debit card/check writing/bill pay features (for free) whereas Vanguard got rid of their Debit Card/Bill Pay feature and charged extra for it even despite it only being available to higher-tier customers.
Wow those rates are flying up fast. I only get 0.9% at Ally Bank on my HYSA.
Looks like the FDIC Deposit Sweep in the CMA increased from 0.25% to 0.69% sometime in the last week also. https://accountopening.fidelity.com/ftg ... ?type=fcma

:beer
harikaried
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Joined: Fri Mar 09, 2012 3:47 pm

Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by harikaried »

JoMoney wrote: Wed Jun 22, 2022 7:11 pmFDRXX has a 1 day yield of 1.03% / 7-Day .96%
https://institutional.fidelity.com/app/ ... F_660.html
Oh thanks for the "institutional" link. I was able to find FZDXX showing yields of 1 Day 1.36% and 7 Day 1.28% on https://institutional.fidelity.com/app/ ... /2738.html

Some reason the default "Research" link goes to https://fundresearch.fidelity.com/mutua ... /31617H805 which does show that 1.28% from the Performance tab matching up with the Chart view but the default Summary view shows 7-Day Yield from end of last month.
crg11
Posts: 511
Joined: Sat Jan 04, 2014 8:16 am

Re: Fidelity MM settlement FDRXX vs. SPAXX

Post by crg11 »

EngCapt1 wrote: Wed Jun 22, 2022 9:17 pm Looks like the FDIC Deposit Sweep in the CMA increased from 0.25% to 0.69% sometime in the last week also. https://accountopening.fidelity.com/ftg ... ?type=fcma

:beer
Actually must have been yesterday or today, because I looked yesterday morning and it was 0.25%.
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