主力checking/saving account Fidelity 总结贴
论坛里面好几个帖子说到拿什么做主力checking/saving account. 所以我来个总结贴。
TLDR: Brokerage Account (BA) for checking/saving + Cash Management Account (CMA) for ATM
Update of Yield as for 3/3
SPAXX - 4.22, 高级的翻版 FZCXX 4.32
SPRXX - 4.34, 高级的翻版 FZDXX 4.46
Fidelity Brokerage Account 最大的好处是可以自动选高质量的SPAXX 作为 core/cash/default account, 然后可以手动买 SPRXX.
Q: 什么是 core/cash account?
A: 就是当成cash. deposit/transfer cash 进来, 会自动买 SPAXX. 如果用这个 account 来 pay credit card, 会自动卖 SPAXX. 这个 自动"sweep" 功能，是其他公司/银行没有的。很多公司，如果你不自己动，钱就会放在一个没啥利息的地方，不划算。
Q: 哪里设置core account？
A: 你必须先有一点钱（哪怕一分钱）在brokerage 账户上。然后找下图按钮。
如果还是找不到按钮，可以用 link:
https://digital.fidelity.com/ftgw/digital/core-change/X????????
where X??? is your BA account number.
Q： Brokerage 怎么做 checking account?
A: log into fidelity, click on “Position”. Then you see “Routing Number”. 这个是可以用来做 ACH transfer. 我连到银行信用卡来autopay, 那边银行显示，连着的银行是 UMB Bank. 应该是 fidelity and UMB Bank 的合作。另外支票本免费，wire fee 免费。
也可以这里查 routing number.
https://digital.fidelity.com/ftgw/digital/direct-deposit-information
Q： 怎么操作？
A: choose SPAXX as core account, and then 手动买 SPRXX。 如果你的账号里面95%是SPRXX, 5%是SPAXX （比如存一部分钱进来，忘了手动买SPRXX） ， 那么扣钱 (pay credit card etc) 会先扣 SPAXX, 如果不够，后扣 SPRXX。 都是自动的。 在 account feature 里面，可以选 auto invest dividend. 就是 SPRXX发利息了，利息会自动滚进SPRXX里面，不会变成 SPAXX。
Q： 什么是 SPAXX/SPRXX?
A: They are money market funds (MMF), similar to saving account. Not FDIC insured, but underlying asset is treasury/government 证券. 我觉得FDIC破产了，国债都没破产吧？所以这个我不担心。
AS of 1/30/23, 利息 (7-day SEC yield) SPAXX 3.95%, SPRXX 4.17%, 比不少银行的 online saving account 高。 这个yield 是已经把 expense ratio考虑进去了的。(net of expenses)
7-day yield does not mean what you can make within 7-day; it is annualized 利率.
这个利率是由fed/市场驱动，跟银行无关。以前把钱存过不少银行，比如barclay/ally/c1/etrade 等等，很多银行开始用 high interest rate to attract deposit, 等拿够钱了，市场利率涨，他银行利率也不涨，或者涨很慢, 银行自己赚多一点利差。 MMF利率紧跟市场，没有银行这么鸡贼的行为。
Q: SPAXX/SPRXX 里面是国债吗？能省州税吗？
A: Treasury bill/note/bond 能省州税，但是其他的应该不行。 你到这两个fund的官网，你会看见他们几乎都没买 treasury bill/note/bond, 大头都是 repo (repurchase agreement), 这个是国债类的（所以很安全），但是不能 (全部) 省州税。 因为holding每天都可以变，弄清楚到底有多少%可以省州税，会很困难。(注：后面有更详细说明/文件)
Q： 有比 SPRXX更好的选择吗？
A: fidelity 你可以买 treasury bill directly, or brokered CD，for better interest rate. 但是你会把钱锁住。如果你愿意被锁住几个月，那没问题. 但是你如果要随时准备抄底股市，那就不行了。 fidelity 里面也有 municipal MMF 可以买，因为可以省联邦税，如果是muni mmf 跟你是同一个州，还可以省州税。不过划算与否跟你税率有关。某潭友介绍，NY的 muni MMF FSNXX 不错，CA的比较拉垮。
潭友推荐的 yield calculator that is good for muni.
https://digital.fidelity.com/prgw/digital/taxyieldcalc/
PS: 经潭友提醒，有FZDXX，这个4.29%，比SPRXX更高，但holding是一样的 so just expense ratio lower. FZDXX has min initial investment = $100k for brokerage account, but only $10K for retirement/IRA account.
compared to SPAXX, SPRXX/FZDXX has more bank CD and bank CP, and less repo.
both are relatively short-term (guessing a few months) so it should be quite safe, but at least in theory not as safe as repo which is guaranteed by government, while bank CD and bank CP are guaranteed by the banks only. 88% of asset with maturity < 7 days, 97% of asset with maturity < 3 months. so even though it is not as safe as repo, banks probably are still very safe within 3-month horizon. I believe the fund manager will change investment strategy if he sees any bank is under stress, after the CD/CP is mature within a couple months.
如果喜欢 SPAXX，比如觉得SPRXX不够安全，可以手动买FZCXX。基本是SPAXX的翻版，但是利率高一点，4.06%. 就是 minimum initial invest is 10k for ira, 100k for brokerage.
FZDXX 是高级翻版的 SPRXX. (higher yield and higher min invest amount)
FZCXX 是高级翻版的 SPAXX. (higher yield and higher min invest amount)
10K/100K is minimum INITIAL investment amount. subsequent investment can be lower.
Q： Fidelity Brokerage Account 可以做 checking and saving, 那么为啥要 cash management account （CMA) ?
A: 全球ATM无手续费取现.
brokerage account ATM withdraw 没有 atm fee reimbursement. only CMA 有。如果不需要ATM，那可以不用考虑CMA。
Cash Management account 可以手动买MMF，但是core account 没有 SPAXX。
转钱从 brokerage account to CMA 是马上到帐。
cash management account 可以用 brokerage account 做 overdraft protection. (要在设置里面选择才能生效）所以不用放钱在cash management account 也行. 所以ATM 拿钱的时候，会从brokerage account 里面扣.（虽然我没用过这个feature)
这个设置有点难找，“manage cash” → “account service” → “cash manager tool”
Self-funded overdraft protection provides available cash immediately for pending transactions if your balance would otherwise go into overdraft (that is, below $0). Cash Manager will draw on available cash, available margin, and non-core money market funds in your designated Fidelity funding accounts (up to $99,999.99 per day per funding account). Cash Manager will draw only enough cash to prevent a negative account balance.
（翻译到人话，就是如果你有spaxx (considered cash if chosen as core account), 就会用spaxx来cover你的debit/atm expense。如果没有，就用sprxx which is non-core mmf. 不会卖你的 tsla or spy 来 cover such expense.)
Q: Fidelity brokerage account 有开户 bonus吗？
A： 自己 google “fidelity brokerage bonus”, 现在好像有一个$50 account opening bonus.
ps: 喂到嘴里: The Fidelity Starter Pack℠ | First Step to Start Investing | Fidelity Investments
Q： 友商有什么选择吗？
A: 不太了解。Vanguard has VMFXX/VUSXX/VMRXX。 Schwab has SWVXX； Schwab does not have the “sweep” 功能，需要全部手动。 这个自动的功能很重要。
Q: Fidelity ACH transfer 速度快吗？
A: 快。我从barclay push to Fido, 第一天push, 第二天到。 (然后可以直接买股票了，虽然settlement 还是需要几天）
Q: 有办法让fidelity brokerage account ATM fee reimbursed 吗？(BA, not CMA)
A: 有的，就是有点麻烦。
- you need to be either Fidelity Account Premium, or Active Trader VIP, or private client.
- Fidelity Account Premium: need $250K under Retail account (brokerage + IRA, not including 401k. If it is brokerage link under 401k, then it depends. so just don’t count this one for simplicity. )
- Active Trader VIP: 1M asset + 500 trades
- Private Client: did not bother to find out eligibility LOL
- you need to call Fidelity to ask them to add Premium to your account.
Make sure you call/chat and verify that the rep sees you do have atm fee waived under his screen.
I called and they said if they change my account to premium, i will lose my active trader service status. i said i do not use anything in active trader service; plz make the change. Then the rep went ahead to try to add Premium to my BA.
yeah, complicated. easier to just open a CMA.
拿到 fidelity premium service and rep said he saw atm fee waived is under my account 以后，亲身测试过用BA的 debit card withdraw money from wells fargo ATM. atm fee $3 reimbursed.
Q: Brokerage Account 如何申请 debit card?
A: 网站上鼠标点点 就自动给你寄.
manage cash → debit card → order debit card
or directly
https://www.fidelitydebitcard.com/
tips: 经楼下的群友推荐/dp,可以打电话给 fidelity客服，让他们永久提高ATM withdrawl daily limit, from ~$500 to $1530.
Q: MMF 怎么算/发利息？
A: MMF, many of them as well as spaxx/sprxx, 发利息 as ordinary dividend 每个月一次。
但是会pro-rated 根据你持仓了多少天，所以不能像股票一样，最后一天买，吃到整个股息。
Technically speaking, MMF does ex-dividend daily, 但是到月底统一发。可以参照下面链接。
https://www.bogleheads.org/forum/viewtopic.php?t=310214
Q: SPAXX/SPRXX 等等MMF买了一部分treasury, 可以省一点的州税。如何省税？
A: Fidelity 有文件帮助。
虽然觉得不准确，但是既然fidelity给了官方文件，就算给audit,也能甩锅给fidelity, 觉得风险不大。
SPAXX/SPRXX = 30%.
所以对很多朋友，并不能省税。对税务比较看重的朋友，可以考虑FDLXX 93.63%, 或者Muni MMF FTEXX.
不是CPA，不给税务建议。文件 for your reference.
Q: schwab的股票跌这么多，真害怕。如果fidelity倒闭了怎么办？
A: fidelity 跟schwab不一样。 schwab有个 bank subsidiary, 会乱投资，但是fidelity 没有 bank, 所以应该 not subject to bank run and safer.
fidelity is a private company. the bad thing is that there is no public financial statement, but the good thing is that it is not under as much stress to make big bets to generate a high ROI for shareholder, compare to public company. 所以觉得这个是个优势。fidelity 觉得这个公司骚操作不多，主要是靠收服务费，没必要 take directional bet in the market. 所以觉得不担心。
- Fidelity 里的钱不受 FDIC 保护，但是有SIPC。coverage 500k, including 250k cash. 股票保护，但是价格不保，所以说如果你的VOO跌了，这个不保。当然，等等党可以说，只要不卖就没有loss.
- brokerage account != IRA != 401K。 401k is the safest，有ERISA 保护. IRA money can roll into existing 401K if you want extra protection. 不过如果美国不完蛋，fidelity的钱觉得不可能完蛋吧？
- fidelity 如果真的花样作死倒闭了，觉得也只是换一个接盘侠custodian （根据下文）. 不觉得有啥问题。
- fidelity or any other brokerage firm cannot sell your security. cash only covered up to 250k. 如果怕的话, 不留cash, 买证券.
------------------------------------------ 我是分界线 -------------------------------------------
个人很喜欢fidelity. brokerage, checking, saving, 401k, HSA 都在fidelity. 不喜欢的地方只有不能买期货.
Fidelity是唯一一个broker是不卖你的orderflow赚钱的。 ETRADE/TD AMERITRADE/SCHWAB 都在卖你的 orderflow 赚钱，更不说 RH 这些了.（IB有两个plan, 一个免费的plan which will sell your order flow, 一个 Pro plan 不会卖 orderflow, 但是 commission 更贵。）
PS:
Fidelity 还有一个免费的 feature 叫 fullview, 就是类似于 mint一样的东西，把不同银行/账号的transactions都放在一起看。觉得能用，虽然不是特别好用。觉得把数据给fidelity会比给mint还有其他startup公司，更放心很多。有兴趣的可以看一下。
SPAXX holding
SPRXX/FZDXX holding: more CP (commercial paper) and CD, less repo
这里设置利息自动滚，比如sprxx的利息会自动买成sprxx.
