With a Fidelity brokerage account, your uninvested cash can currently earn a competitive 3.52% (7-day yield for SPAXX, as of October 22, 2026; yield may vary)—with no account1 or subscription fees.
Make sure your uninvested cash is working hard, to help you invest more—without the need to pay account fees, subscription fees or trade commissions.2
| Fidelity | Robinhood | Schwab | |
Yields as of October 22, 2026 Yields may vary due to market conditions |
3.52% Government Money Market Fund 7-day yield |
0.00% For non-Robinhood Gold subscription customers. Other rates apply for Gold members - see below for additional details. |
0.01% Default Sweep APY |
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. See current yield and most recent month-end performance for Fidelity® Government Money Market Fund SPAXX.
Money market funds are low-risk mutual funds that can earn higher returns than a typical savings account. They're different from some other investments because of their liquidity, meaning you can turn your investment into cash quickly and easily. Fund managers work to keep money market fund prices at $1 per share.
Give your cash a chance to earn more with a competitive yield. Here's how:
Money market funds have different characteristics than bank sweep accounts and savings accounts. Read any fund's prospectus carefully.
More information
An important difference is that bank sweep products have FDIC protection, which guarantees principal and interest within limits; and money market funds and non-bank default sweep products do not. See more information about safeguarding your accounts. The Fidelity fund yield is the average amount earned by the fund after expenses over the past 7 days (per date indicated) and annualized. For Robinhood non-Gold members, uninvested cash in Robinhood self-direct investing accounts will not be swept to a bank and will be held as a free credit balance and will not earn interest. Free credit balances while covered by SIPC, are not FDIC insured. As of February 2, 2026, Robinhood’s cash sweep program is now part of the high yield cash program which allows Robinhood Gold subscribers ($5/month) to earn a 3.6% annual percentage yield (APY) on eligible uninvested brokerage cash. Eligible cash up to and including $10,000 in Robinhood accounts will earn 3.6% APY as free credit balances as part of the Brokerage-Held Cash program while cash over $10,000 will also earn 3.6% APY but be swept to FDIC-insured program banks as part of the Cash Sweep Program. APY might change at any time at Robinhood’s discretion. The Schwab APY is the amount of total interest earned on a bank product in 1 year and reflects the Schwab Default Sweep for the Schwab One Interest for retail and Bank Sweep Account for retirement. Other rates may be available for other non-default core options which may be available and are not reflected in in the above average. Please consider each type of account and products carefully, as there are differences in services and fees.
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund's sponsor, have no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
When you open a new Fidelity retail brokerage account, we automatically put your uninvested cash into the Fidelity® Government Money Market Fund (unless you choose another option). Comparison based on publicly available data as of the date indicated above.
1. No account or subscription fees, applies to retail brokerage accounts only. Commissions and other expenses associated with transacting or holding specific investments (e.g., mutual funds), or selecting certain account features or types (e.g., managed accounts and certain HSAs) may apply. See Fidelity.com/commissions for further details.
2. This applies to online US equity trades and exchange-traded funds (ETFs). The $0 commission does not apply to customers designated by Fidelity as Professional Equity Traders, who are subject to an equity commission charge of $0.001 per share. This charge will be rounded up to the nearest $0.01 on a per-order basis. For complete details on pricing, please visit Fidelity.com/commissions. A limited number of ETFs are subject to a transaction-based service fee of $100. Review the full list of ETFs subject to this service fee. Other exclusions and conditions may apply. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Institutional are subject to different commission schedules.
The trademarks and service marks appearing herein are the property of their respective owners.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
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