Notably, Fidelity shunts virtually all customer deposits off into separate institutions: FDIC member banks (Fidelity doesn't own one) or Fidelity money market f

Notably, Fidelity shunts virtually all customer deposits off into separate institutions: FDIC member banks (Fidelity doesn't own one) or Fidelity money market funds (legally separate companies who custody their assets elsewhere). It's technically possible to deposit cash with Fidelity itself (FCASH[1]), but (a) that option is not the default and (b) the interest paid is significantly lower. [1]: https://www.fidelity.com/trading/faqs-about-account#faq_about2 https://www.fidelity.com/trading/faqs-about-account#faq_abou...