Concur! Here's a tip ("hack") for Fidelity fans, of which I am one. If you can come up with $100k on a short-term basis, switch to the Fidelity Government Money Market Fund Premium Class FZCXX or the slightly riskier Fidelity Money Market Fund Premium Class FZDXX. Then, after it's open, you can draw it down to $10k without Fidelity closing the account on you. This minimum to keep the account open is detailed in the prospectus. Essentially, it's $100k to open but only a $10k minimum to maintain the account. The fees are lower and yields higher. The other great benefit of Fidelity versus Vanguard or Schwab is that you can sweep ALL of your money into their money markets and they automatically pull drafts out of the M/M fund. That is, you don't need to keep a bank/free cash balance to service drafts from the account.
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Concur! Here's a tip ("hack") for Fidelity fans, of which I am one. If you can come up with $100k on a short-term basis, switch to the Fidelity Government Money Market Fund Premium Class FZCXX or the slightly riskier Fidelity Money Market Fund Premium Class FZDXX. Then, after it's open, you can draw it down to $10k without Fidelity closing the account on you. This minimum to keep the account open is detailed in the prospectus. Essentially, it's $100k to open but only a $10k minimum to maintain the account. The fees are lower and yields higher. The other great benefit of Fidelity versus Vanguard or Schwab is that you can sweep ALL of your money into their money markets and they automatically pull drafts out of the M/M fund. That is, you don't need to keep a bank/free cash balance to service drafts from the account.
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Link to comment from June 29, 2024