Fidelity CMA Now Offers SPAXX for Core Position

Previously the only core position available for Fidelity Cash Management accounts was the FDIC Insured Deposit Sweep — currently at around 2.72% APY at this time of writing. Now you can change your Core Position to SPAXX — currently at around 4.95% APY at this time of writing.

For me this is huge news and I personally switched mine over to SPAXX so can get almost twice as much return on my cash in my Fidelity Cash Management account. This account is one of my hub accounts.

To change this, select Account Positions from the Accounts & Trade main menu.

Then select your Cash Management account followed by clicking on the Cash link:

Then click on Change Core Position, notice for me it was set to FDIC Insured Deposit Sweep.

Then select SPAXX and click Review Order:

You are then presented with:

And here’s the final screen:

Might as well check your Fidelity Brokerage account as well if you have one, in the same manner as described above for Cash Management — just to see what it is set to. I remember when I first started out my brokerage account wasn’t even set to SPAXX and I was getting MUCH less interest.

I first read about this at DoC.