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Where to park short term funds at WF?
Old 07-10-2007, 01:32 PM   #1
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Where to park short term funds at WF?

I switched over to Wellstrade a few months ago, thanks to the people on this board passing along the info about the free trades. I read that they just changed their cash sweep to something like 1.5% or something rough like that.

So, since I have free trades in many funds and ETFs, where do you guys stash the short term cash? I was thinking a short-term bond fund or ETF. Do you have any recommendation at WF specifically? I don't think you can get into the vanguard prime money market fund outside of vanguard, unfortunately, so I need a backup.

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Old 07-10-2007, 01:42 PM   #2
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I called up a couple Saturdays ago and switched my cash sweep to NWMXX which is a tax-exempt money market fund. Everything was completed on the Monday after my phone call. I did this when I figured out that I am in the 33% marginal tax bracket this year. This gives me about a 4.5% taxable-equivalent yield. I must write that the phone call experience was superb and everything was quickly taken care of.

[Edit to add] You can always buy a WF money market manually. I think the problem with that is some have minimum initial amounts and minimum subsequent additions. You should just call the phone number listed in the special mailing. It's a hot-line for these cash sweep questions.
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