Wealthy PotSPAXX Review (2026)
SPAXX is the reason cash at Fidelity earns a real yield with zero effort — it is a default sweep, so uninvested money sits in a money-market fund automatically. The fee is higher than rivals, but the convenience of an auto-sweeping core position is the whole point.
By Wealthy Pot · Last updated September 2026
Pros
- The default Fidelity core/sweep position — idle cash earns automatically
- No minimum investment
- Government fund (holds government debt and repos), lower credit risk than prime
- Portion of income is state-tax-exempt
Cons
- A higher expense ratio (0.42%) than Vanguard and Schwab government funds
- Government funds usually yield slightly less than prime funds
Who SPAXX is for
Best for Fidelity customers who want their idle brokerage cash to earn a competitive money-market yield automatically, without buying or selling anything.
Yield, fees & minimum
Fidelity Government Money Market Fund (SPAXX) is a government money-market fund from Fidelity, with a 0.42% expense ratio and a $0 minimum. Its 7-day SEC yield (3.34% (7-day SEC yield)) changes daily with short-term rates — confirm the current figure on the official page. State tax: partly state-tax-exempt (50.9% u.s. government obligations, 2025 — below the ca/ct/ny threshold). It can serve as an automatic core/sweep position.
The bottom line
SPAXX is the reason cash at Fidelity earns a real yield with zero effort — it is a default sweep, so uninvested money sits in a money-market fund automatically. The fee is higher than rivals, but the convenience of an auto-sweeping core position is the whole point. Main drawback: a higher expense ratio than vanguard/schwab government funds.
Compare SPAXX with…
See how SPAXX stacks up in our money-market fund comparison, or compare FDIC-insured options in our high-yield savings guide.
We summarize the fund's published facts, not user reviews. 7-day yields are variable, change daily, and are re-checked against Fidelity's official page. Money-market funds are not FDIC-insured and, while low-risk, can lose value in extreme conditions. Some outbound links may be affiliate links — that never affects which funds we include or how we rate them. Nothing here is financial advice.