This is not sponsored. @fidelity has sadly never paid me a penny. But I have been using the Fidelity Cash Management account as my primary checking account for at least 20 years. Yet it still feels like the best kept secret in personal banking and it just got better.

Up until about a week ago, any money just sitting in your Fidelity Cash Management account (I refer to it as my checking account) was held in an FDIC bank account currently paying 2.72%. That’s WAY better than most checking accounts which generally pay right around 0.00%. But still below the market rate of money market funds or high yield savings accounts. BUT, they just released a new option to let you choose to have your money held in the SPAXX money market fund currently paying 4.96%. In my opinion, this account makes any high yield savings account (HYSA) totally obsolete. You can keep boatloads of cash right where you need it and always be getting the current money market rate without playing any HYSA gimmicky intro rate games.

If you have one of these accounts, and want to switch to SPAXX, here’s how you do it.

• Login to Fidelity’s web app
• Click “Accounts & Trades” then “Account Positions”
• Scroll down to your cash management account and click on the “Cash” line
• Click “Change Core Position”
• Choose SPAXX and click confirm!

I have had all my paychecks deposited to this account, use the debit/ATM card to get cash when I need it (any ATM around the globe for free), and basically use it for every cash transaction in my life. So when y’all keep asking me for HYSA recommendations, I’m gonna give you the answer I always do. I don’t have one! I used to keep most of my cash in a money market fund (like SPAXX) in a brokerage account with Fidelity, but now I don’t even need to do that!

The one shortcoming to this Fidelity account is it can’t do in-person cash transactions. I have a local credit union for that I use about once/year.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy