In my fidelity accounts, is the money in the core accounts FDIC insured?
Here’s a summary of the main problem and solutions discussed in the post:
- Main Problem: The user, jce, inquired whether the money in their Fidelity core accounts is FDIC insured.
- The user received confirmation from another participant that funds are indeed FDIC insured.
- A Fidelity representative explained that Fidelity offers an FDIC Insured Deposit Sweep Program for certain accounts, which provides FDIC insurance for cash deposits up to $250,000.
- Further clarification was provided that funds in brokerage accounts are protected by the Securities Investor Protection Corporation (SIPC), covering certain securities and cash up to $500,000, including a $250,000 limit for cash.
- Additionally, the representative confirmed that specific money market funds (SPAXX and FDRXX) are covered by SIPC insurance.
Here’s the full thread
In my fidelity accounts, is the money in the core accounts FDIC insured?
yes it is
@angels&airwaves, Are you a fidelity representative?
If not, Can a fidelity Rep respond?
Great question, @jce.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government that insures cash deposits at FDIC member banks, generally up to $250,000 per account.
Fidelity offers an FDIC Insured Deposit Sweep Program for Cash Management, HSAs, and most IRAs. Cash balances in the Fidelity FDIC Insured Deposit Sweep Program are swept into an FDIC-Insured interest-bearing account at one or more program banks. Deposits swept into the program bank(s) are eligible for FDIC Insurance, subject to FDIC insurance coverage limits.
You can learn more about SIPC coverage and FDIC Insured Deposit Sweep Program here: https://www.fidelity.com/why-fidelity/safeguarding-your-account
We’re a great resource for general questions, so please don’t hesitate to follow up with us if there is anything that we can clarify. We’re always happy to help. 🟢
Are my core accounts in my brokerage accounts also swept into the Fidelity FDIC insurance deposit sweep program?
All Fidelity brokerage accounts are covered by SIPC. This includes money market funds held in a brokerage account since they are considered securities.
The Securities Investor Protection Corporation (SIPC) is a nonprofit organization that protects stocks, bonds, and other securities in case a brokerage firm goes bankrupt and assets are missing.
The SIPC will cover up to $500,000 in securities, including a $250,000 limit for cash held in a brokerage account. 🟢
My core positions are SPAXX and FDRXX
So I assume SPAXX and FDRXX are both covered by eithe SIPC or FDIC, correct?
Hi, @jce. The Fidelity Government Money Market (SPAXX) and the Fidelity Government Cash Reserves (FDRXX) are both covered by Securities Investor Protection Corporation (SIPC) insurance.
You can learn more here: https://www.fidelity.com/why-fidelity/safeguarding-your-accounts
Please let us know if you have any other questions. 🟢
Hey I have a fidelity teen account and i did a lesson and i am supposed to get a $2 reward but i never received it. Could someone help me put
You should get it in 3-5 buisness daay after you do it
Hi there @Ops_wonderboy123. We appreciate you reaching out here. I’m happy to help.
Reward amounts are calculated and deposited to the teen’s Youth Account within 2-3 business days after completion of each module. Please note that this does not include weekends or holidays.
Youth Account FAQs: https://www.fidelity.com/go/youth-account/faqs
That said, if it has been longer than that timeframe and you still have not received the reward amounts, we are happy to review the account with you. Please get in touch with us on other social media channels, such as Reddit, X, Instagram, Facebook, and Google Business Messages, so that we can connect securely.
Please know, you can also call our service team to connect with a representative via phone. Associates are available 24/7.
Fidelity Contact Information: https://www.fidelity.com/customer-service/contact-us
Feel free to follow up if you have additional questions! 🟢