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Old 02-05-2017, 07:43 AM
 
Location: Charleston, SC
1,367 posts, read 768,850 times
Reputation: 2428

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I have been looking into Fido's MM Funds as a "parking spot" for transfers in & out of our Local Bank Checking. The sheer number of choices is mind-numbing.
I'd like to ask opinions from my fellow C-D citizens.

I set up ACH Transfer from our Local Bank into Fido, but they changed their Core Fund to some Gub-mint thing that pays No Interest At All. You have to login to Fido and as a separate action you have to transfer to any other Fund. Not User Friendly.

I have been using a Fed Tax Free MM for my Parking Spot. They don't have a South Carolina Specific Tax Free MM Fund, our State Tax Rate is reasonable and there's not a big tax bite from the Palmetto State.

Does anybody else use Fidelity ?? Where do you "Park" money before deploying it in Fido Funds ??
FTCXX, FTEXX, FTMOX ????????

Is there a Bond Fund with short duration that would serve this purpose ??

I will pose these questions to Fidelity on Monday, but just looking for a heads-up before hand.

Thanks in advance....
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Old 02-05-2017, 07:58 AM
 
71,713 posts, read 71,829,507 times
Reputation: 49283
we use spaxx for everything . bill paying ,check writing and holding money waiting to be deployed or spent . it is our core and use it as we would a bank .

we also use fdrxx to hold any money ear market for emergency money and keep it out of our main working account .
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Old 02-05-2017, 08:13 AM
 
Location: Charleston, SC
1,367 posts, read 768,850 times
Reputation: 2428
Thanks for the response Matt. SPAXX is the new core fund.....I believe that was part of a Dodd-Frank mandate.

Do you bother with Tax Free Parking ?? Or is it too little to matter ??
I've been using FTEXX as a Core after moving money over from SPAZZ.
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Old 02-05-2017, 08:17 AM
 
71,713 posts, read 71,829,507 times
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we stopped using the tax free one . to little to matter and i am not sure it meets the new terms so it does not break the buck . in any case we didn't bother with tax free at this point .

the fdrxx account was my original fidelity usa account from 30 years ago . 30 years ago if you had 25k with fidelity they gave you an account with perks like check writing and free checks .fdrxx was the core you got .
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Old 02-05-2017, 08:38 AM
 
Location: Charleston, SC
1,367 posts, read 768,850 times
Reputation: 2428
I've been with Fido a long time too. Whenever I talk to one of their young Phone Reps, I always ask them to look up my first Account. Back in the 80's......probably before the young whipper-snapper was born HA !

I see the Muni Tax Free Funds are getting closer in yield to the others lately.
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Old 02-05-2017, 09:05 AM
 
71,713 posts, read 71,829,507 times
Reputation: 49283
i don't know if the muni account can have unlimited check writing and bill paying like it did . i think that may be why we switched .
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