Well then you would appear to be wrong because buying SGOV, and FDLXX (cash equivalent bonds that track tbills) will give you closer to 5.0% (creating a high yi

Well then you would appear to be wrong because buying SGOV, and FDLXX (cash equivalent bonds that track tbills) will give you closer to 5.0% (creating a high yield checking account for daily use). What you are quoting is an APY on a deposit sweep. There are clearly two options to get any % back.[0] Even if you foolish choose the 2.2% option you would still yield more return on your money than a bank checking account which probably gives you less than 0.01% return. You can optimize further by cutting Fidelity out of the equation and purchase Tbills on treasurydirect.gov straight from the government creating a high yield savings account with monthly yield. Even better, Tbills are tax-free at the state and local level. [0] https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview https://www.fidelity.com/spend-save/fidelity-cash-management...