Cash automatically went into money market funds, so I didn't had to care about cash lying around useless.

If my memory serves me correctly, this was the same for US customers up until the spring of 2020. Up until then I was able to have my cash sweep vehicle set to a TDAmeritrade money market fund. During the pandemic lock downs there were some concerns of money market funds 'breaking the buck' and I believe it was shortly after that they took away the auto sweep functionality. I have no idea why Vanguard and Fidelity still allow it and TD/Schwab do not. The vagaries of the US retirement savings system, and general laziness, means I have accounts at all four.

I honestly didn't pay too much attention to it at the time because I had all my cash in government backed accounts. Money market accounts were useless with near zero rates. As rates increased I moved cash to SWVXX because it was easy. The really frustrating thing for TD account holders is that you can only buy/sell SWVXX on the Schwab website, it cannot be done in the mobile app. That should all work itself out once all accounts transition to the Schwab platform, I hope.

Jeff

Berkshire Hathaway FAQ

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