I am very pleased with the MM return on their sweep accounts at Fidelity. Much more competitive. Here is the info they provided me:
Each Fidelity brokerage account has a cash core account, which is where uninvested money resides within the account, and is also used for clearing all cash transactions such as the payment for securities, crediting sales proceeds, the payment of cash management feature uses such as checkwriting and the Fidelity Visa Gold Debit Card, and also for depositing and withdrawing money from your account. The cash core account is either a taxable interest-bearing cash account, or an eligible municipal tax-free money market mutual fund. You can simply use the cash core in your account similar to a money market, or you have the ability to purchase money market mutual funds in your brokerage account; however, any that you purchase will not function as your cash core. To learn more about what a cash core is and how it functions within one of our accounts, visit our Web site at the following link:
personal.fidelity.com
For an IRA, the only cash core option is Fidelity Cash Reserves Fund (FDRXX), which has a seven-day average yield as of January 30, 2006 of 4.05%
For non-retirement accounts, we offer:
Fidelity Cash: an interest-bearing cash account (not a money market fund) with an interest rate schedule as of January 30, 2006 as follows:
Less than $10,000 2.701%
$10,000 - $24,999 2.810%
$25,000 or more 2.993%
For municipal money market fund cash core options, all including seven-day average yields as of January 30, 2006:
Fidelity Municipal Money Market Fund (FTEXX)
Fidelity Tax-Free Money Market Fund (FMOXX)
For state specific core account options (you must reside in the state listed in the funds name):
Fidelity California Municipal Money Market (FCFXX) 2.50%
Fidelity Connecticut Municipal Money Market (FCMXX) 2.56%
Fidelity Massachusetts Municipal Money Market (FDMXX) 2.53%
Fidelity Michigan Municipal Money Market (FMIXX) 2.55%
Fidelity New Jersey Municipal Money Market (FNJXX) 2.53%
Fidelity New York Municipal Money Market (FNYXX) 2.58%
Fidelity Ohio Municipal Money Market (FOMXX) 2.54%
Fidelity Pennsylvania Municipal Money Market (FPTXX) 2.61% |
