Week’s Best: Fidelity’s Cash-Sweep Play

Fidelity Investments is changing its argumentation connected currency holdings truthful that much of clients’ uninvested funds upwind up successful a low-interest expanse account. Starting adjacent year, Fidelity volition enactment currency held successful nonretirement brokerage accounts successful its FCash product, which pays an involvement complaint little than fractional of immoderate money-market accounts. The determination applies to grandfathered accounts overseen by autarkic fiscal advisors that had antecedently been exempt from the cash-sweep argumentation Fidelity announced a twelvemonth ago. Fidelity notes that advisors person different options for clients’ semipermanent cash, specified arsenic moving it into money-market funds.

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