Monday, May 15, 2006

Recent Fidelity Money Market yields

If there is any benefit about the Fed's 16 rate hikes since June 2004, it is that money market rates are finally worth noting. Here are a few examples of Fidelity money market rates as of today -
  • Fidelity Cash Reserves (FDRXX) - 4.6%
  • Select Money Market Portfolio (FSLXX) - 4.66%

These rates compare to the following savings rate by some popular on-line banks -

  • ING Direct - 4.15%
  • CapitalOne Savings - 4.55%
  • Emigrant Direct - 4.5%

As you can see, the Fidelity fund rates have all surpassed the most popular online banks. If you are currently earning less than 4%, please do yourself a favor and at least transfer your cash to one of the online banks. The Fidelity funds each have minimum deposit requirements of $2,500. The online banks do not have any minimum requirements.


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