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Yay! Fidelity CMA core position

At Fidelity their CMA account (Cash Management Account) the cash core position could only be a FDIC account paying currently 2.72%.

In order to get a ~5% money market fund (SPAXX) you have to link a brokerage account, which _could_ have SPAXX, and set up automatic overdraft money movement.

Well. As of today, 6/20/2024, you can select SPAXX as your core position in a CMA.
Now you don't have to play games to get 5% in your checking account at Fidelity.

I'll have to figure out how to do that. I just looked and saw I had cash in it only earning the sub 3% rate and bought a treasury with it.
Its my biggest annoyance with Schwab. I use Schwab for my checking account and bridge money to social security although now it has my TD Ameritrade money.

I was going to make a separate post but I'm lazy today.

Managing multiple accounts gets tedious. I won't ever put everything into a single account just because weird things happen and I no longer have any significant bank accounts.
I don't want to take the tax hit but I am tempted at times to clean out my inherited accounts because I have to remember the RMDs I need to take and also manage cash in them. Once I stop working* I might just close those inherited accounts over a couple of years where my income is low.


*working - I thought it was now or never and decided to take a job in July. The pay and vacation time is excellent (not as good as retirement) and I've been bored. Having nearly 18 months off has allowed me to recharge my batteries. Also it allows me to maintain a second residence back east to be close to an older relative who is slowing down and was like a second father to me when I was young. It also lets me to rethink where I want to live in retirement. AZ is becoming a tougher place for me to live due to the heat and some other factors. I have my doubts whether I'll last long at the job but after a month I'll be at worst break even with upfront costs (mostly shipping out a car) and after that saving quite a bit of money per month so we can use part of it for a nice trip to Europe. My last trip was cut short due to food poisoning.

Thanks
Rich

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