Money market funds with Firstrade
Nueuve 
04-17-2008, 2:34 PM | Post #2509178 |  2 Replies

I've just opened an account with Firstrade and looking for a money market to park for the time being. Are there any "good" money market fund I can access from my Firstrade account?

2 Replies
Re: Money market funds with Firstrade
04-21-2008, 1:56 PM | Post #2510288
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Guess I should answer my own question now that I know the answer in case someone else is looking for the same info.

Firstrade's automatic sweep money market fumd current interest rate is 1.98%. And that's the only choice they have. No other MM fund is available. Your acct has to be 10K+ before you can activate this MM fund feature (no fee involved). They seem not to be overly eager about setting up this feature for users which is understandable. If users don't use it, Firstrade makes an extra 1.98%.

 

 

Re: Money market funds with Firstrade
04-21-2008, 5:27 PM | Post #2510356
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The Boy's ESA account earns interest on the cash balance, and there's nowhere near $10k in there.  Maybe they do the automatic sweeps differently for ESA/IRA accounts?

And a quick FIY for comparison  purposes, the money market account used by Firstrade is CAMXX.

Hope that helps.