SIPC Reddit Mentions | ChartExchange

Great job on starting your journey, you're already miles ahead of many of your peers!
1) Spaxx is just a default account. Brokerages are NOT a bank accounts, so they don't just "hold" money like a bank does. If you deposit money they put it right into an asset, that is your default account, the money market. There are some small variations between them, but I use SPAXX myself as well. This is highly liquid (its almost always available to transition to cash or an asset, unlike other assets that may have low demand or like real estate where it takes time to sell it), very safe, and does generate some return for you.
If you go to "Activity and Orders" in fidelity you will see that on the 31st of each month fidelity pays you what you have earned from SPAXX. They show the yield to you (should be %3.29 currently) and this is the yearly rate, so you get 3.29 divided by 12 each month on the last day of the month based on what you held in your SPAXX. They prorate it so if you only held money for half the month you'll only get half of what the payout would normally be.
You can see your deposits in "activity and orders" click on the Transfers button and set the time window to "Year to Date"
You've done nothing wrong, but you haven't chosen any assets so that money is waiting to be put into something that will grow into greatness! FDIC is an insurance for banks, brokerages are not banks so they are not covered by that. Investments are a risk venture, there is always risk involved so they are not responsible for that. SIPC I believe just protects you if fidelity does something underhanded and you lose your money because they violated the law (I don't know the specifics) but not being FDIC insured is normal in this space, you are in good hands with fidelity, I have been with them a long time and they take good care of me.
As far investing, now you simply need to pick some stocks, bonds, or funds. I would start with a total market fund. It is 10,000 companies all bundled into one and they do all the work for you, you just hit buy! You get exposure to international stocks, large, mid, and small market cap stocks, and a variety of industries and sectors. Its a great thing to start with and should grow about 8-10% most years just sitting on its own. It will not make you money periodically like spaxx will but has much more potential to grow over time.
Once you've invested in your first asset, start learning and asking questions and figure out what your goals are, then start adding more variety. Happy to answer questions any time, and have fun with it!

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