Youth Account As Bank

Hey there, @spire. Thanks for reaching out this morning! Let’s jump in and discuss this. Since it sounds like you’re looking for an account similar to a bank checking account, let’s walk through some of the choices you have in terms of cash management here at Fidelity. The Fidelity Government Money Market Fund (SPAXX) is a money market mutual fund position that can be held in a variety of accounts at Fidelity, two of the most common being our Brokerage accounts and our Cash Management Accounts (CMAs). The Fidelity CMA and the Fidelity Brokerage account are both non-retirement brokerage accounts that have some similar characteristics. They both offer a variety of investments, debit cards, and have no maintenance fees or minimums to open. However, there are some key differences in their features. You can check out the complete list of similarities and differences using the link below. Features by Account: https://www.fidelity.com/spend-save/features-by-account Now let’s touch on using SPAXX. When you deposit money into your Fidelity account, the cash goes into your account’s core position. All Fidelity Brokerage accounts and CMAs have a core position. The core position acts as a wallet, holding all of your account’s uninvested cash. It is used to process cash transactions like check deposits, debit card transactions, and even trades. SPAXX is available as a core position for our brokerage accounts, whereas the CMA does not offer SPAXX as an available choice. That said, you’re still able to purchase SPAXX and other money market funds within the account. Money market mutual funds, like SPAXX, pay accrued interest on the last business day of each month. This is referenced as the “7-day yield.” You can find the current 7-day yield for SPAXX on the fund’s research page. To do so, type the fund’s symbol into the search bar and access the research page. If there’s anything else we can answer as you make your decision, let us know!