SPAXX is the default place for uninvested cash in many Fidelity accounts, so many people watch what rate changes do to it. Figures below are from Fidelity’s SPAXX fund page and account pages, checked September 26, 2026. Yields change daily, so check Fidelity for current numbers.
Why the yield follows rates
SPAXX invests in U.S. government securities and related instruments, according to Fidelity. Yields on that kind of short-term debt tend to track the Federal Reserve’s policy rate, so the fund’s yield generally rises when rates rise and falls when they fall. The move is not instant, because the fund holds securities that mature over time. The Fed began cutting rates in September 2024 after a long period of high rates.
What the yield means in dollars
The 7-day yield is an annualized figure and is generally quoted after fund expenses. Using Fidelity’s 3.46% as of 09/25/2026 as an illustration, $10,000 would earn about $346 over a year, or roughly $29 a month, if the yield stayed the same. It will not stay the same, so treat this as a snapshot. The fund’s gross expense ratio is 0.42% as of 06/29/2026.
What you can do
- Check the current 7-day yield on Fidelity’s SPAXX page before you decide.
- Compare the FDIC-insured sweep and other core position options. See SPAXX vs. the FDIC sweep.
- Remember that SPAXX is not FDIC-insured. See Is Fidelity FDIC insured?.
- Read our SPAXX guide for how the fund works.
Educational information, not financial advice. Money market funds are not FDIC-insured and can lose value.
Frequently Asked Questions
Does SPAXX go down when the Fed cuts rates?
Its yield has generally followed short-term rates lower after cuts, usually with a lag. The share price is designed to stay at $1.00.
What is the SPAXX yield now?
Fidelity showed a 7-day yield of 3.46% as of 09/25/2026. Check Fidelity for today’s figure.
Should I move my cash out of SPAXX when rates fall?
That depends on your goals, and this is not financial advice. Compare current yields and risks across Fidelity’s core position options and other choices before deciding.