Personal Finance (Not Investing) • Fidelity as a one stop shop

I'm slowly moving more of my bill pay over to Fidelity, and started using a second brokerage account like a traditional checking.

This process made me realize I was making too many "hops" or transfers with my money. For investments, are folks doing direct paycheck deposits into brokerage, or doing transfers from other accounts (Fidelity or outside)?

I like to keep as much cash in a money market fund as possible (to earn a bit more interest), so I have my employer direct deposit to a brokerage account with SPAXX as the core position. The brokerage does not have check writing enabled, but I pay various bills from it via BillPay and ACH.

For the odd personal check or ATM withdrawal, I transfer money from the brokerage account to a cash management account. These transfers are instant, and Fidelity makes them easy to automate if preferred.

Statistics: Posted by DN28 — Wed Mar 13, 2024 9:23 pm — Replies 5934 — Views 989476

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