I'm just asking because, well, it's a place for money that isn't a money market fund or a bank account, and I'm curious about it. It's apparently not a mutual fund, and I can't find a prospectus for it on Fidelity's website.
I have no idea what it actually is or what it's backed by or what it is good for. Is it good for anything at all? Is it just there as an accidental legacy of past history, or a regulatory requirement, or something?
Here's Fidelity's description:
For Brokerage accounts, your Core is an interest-bearing cash account called FCASH, unless you specified otherwise when you opened your Fidelity Account. FCASH should be used for cash temporarily awaiting reinvestment; it is not intended solely for the purpose of earning interest. Investors should consider higher yielding investment alternatives for funds not needed immediately....
FCASH Rates - As of 05/29/2008
Greater than $500,000 0.73%
Less than $50,000 0.11%