I Can’t Buy SPAXX for My Emergency Fund, Help!
Summary of User’s Issue and Solutions Discussed:
- The main problem reported by the user, Haydon, is that they are unable to purchase SPAXX for an emergency fund due to an error message that appears when attempting the transaction.
- Fidelity representative, Shawn, explained that the user’s account has SPAXX set as the core position, meaning that any deposited funds are automatically directed into SPAXX, which is why they cannot make a separate purchase.
- A link to further information about core positions was provided for the user to understand more about the functionality of their account.
Here’s the full thread
Tried buying SPAXX for an emergency fund. Not letting me buy it and I don’t understand. This is what pops up. Any ideas?
Thank you for the question today, @Haydon. I’ll gladly explain the message.
Based on the error message you received, your account has the Fidelity Government Money Market Funds (SPAXX) as the core position. When you deposit funds into the account, they uninvested funds go into the core. With SPAXX as the core, your deposits are automatically going into SPAXX.
Please read this to learn more about the core position: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/what-is-a-core-position.pdf
If you have any further questions, please let us know. We’re happy to help! 🟢