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The Cash Balance1 in your core position that is swept to Program Banks is eligible for FDIC insurance coverage subject to the applicable FDIC coverage limits. All assets of the account holder at the depository institution will generally be counted toward the aggregate limit.
The interest rates for amounts that are swept to the Program Banks are:
Money Market Mutual Fund Overflow
The Money Market Mutual Fund Overflow ("Money Market Overflow") was introduced as an enhancement to the Fidelity FDIC-Insured Deposit Sweep program ("Program").
This component of the Program provides that, for cash balances that exceed FDIC insurance coverage limits, or cannot be swept to a Program Bank due to either a lack of bank capacity or unavailability of FDIC insurance, your funds will instead be swept into the Money Market Overflow feature. Funds swept into the Money Market Overflow will be held in the Fidelity Government Money Market Fund* – Class S (FZSXX | Get Prospectus).
Once your funds are placed in the Money Market Overflow fund, these funds will be the first funds that are used to settle any debits or withdrawals from your account.
Note: Funds held in the Money Market Overflow are not FDIC Insured. The MMKT Overflow is not available for purchase as a stand-alone investment but is a component of the FDIC Insured Deposit Sweep Program.
Please see the FDIC Insured Deposit Sweep Program Disclosure for more details.
Fidelity also offers the Fidelity Account®, a brokerage account, which is designed to meet all your trading and investing needs. The core position options available in the Fidelity Account include money market mutual funds available at Fidelity. These mutual funds may have comparable rates than the rates offered on the FDIC-Insured Deposit Sweep in the Fidelity® Cash Management Account. Keep in mind that the Fidelity Account, as an investment account, offers a different array of cash management features than the Fidelity® Cash Management Account. Listed below are two examples of the Fidelity money market funds available through the Fidelity Account, and their rates of return. You can also hold these funds as short-term investments within a Fidelity Account4. These money market funds are eligible for SIPC protection rather than FDIC insurance coverage.
Performance data shown represents past performance and is no guarantee of future results. Current and future portfolio holdings are subject to risk. 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. Visit Fidelity.com/performance for the most recent month-end performance.
A Note about Differences in Rates of Return. The rate of return of the FDIC-Insured Deposit Sweep is shown as the interest rate that will be paid on Cash Balances in your Fidelity® Cash Management Account that are deposited at a Program Bank. The Annual Percentage Yield (APY) takes into account the effect of monthly compounding of the interest posted to your account. The rate of return of a money market fund is typically shown for a seven-day period, but is expressed as an annual percentage rate. It is referred to as the "7-day yield" and may change at any time based on the performance of the investments held by the money market fund. The effective yield on a money market fund reflects the effect of compounding of interest over a one-year period.
You could lose money by investing in a money market 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 money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.
Fidelity's government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.
The Cash Balance in the Fidelity Cash Management Account is swept into an FDIC-Insured interest bearing account at one or more program banks and, under certain circumstances, a money market mutual fund (the "Money Market Overflow"). The deposit at the Program Bank is not covered by SIPC. The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. All assets of the account holder at the depository institution will generally be counted toward the aggregate limit. For more information about FDIC insurance coverage, please visit the FDIC Web site at www.FDIC.gov or call 877-ASK-FDIC. As referenced in the FDIC-Insured Deposit Sweep Program Disclosures for the Fidelity Cash Management Account, customers are responsible for monitoring their total assets at the Program Bank to determine the extent of available FDIC insurance. All FDIC insurance coverage is in accordance with FDIC rules. Go to Fidelity.com/fcmacorebanks to see a list of Banks Eligible to Receive Cash or the Bank Assigned to Receive Your Cash.
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To determine the interest tier rate you are eligible to receive, we look at the Cash Balance in your FDIC-Insured Deposit Sweep as of the last business day of the current account statement period. Interest rates may change at any time.
Rates are variable and may change frequently without prior notice. Fees (as described in the Fidelity Cash Management Account Customer Agreement) may reduce earnings on the account. Interest rates are determined based on FDIC-Insured Deposit Sweep balances.
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The rate reflects 7-day yield with no compounding and is also published on Fidelity.com/moneymarketfunds.
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. 526719.5.0