I have $5,000 sitting in my checkings account. Should I move it to Fidelity and let it sit in SPAXX?

I have $5,000 sitting in my checking account.

Should I keep it in my Fidelity brokerage account instead and let it sit in SPAXX? I think it's at 4.94% as of yesterday.

I guess this would considered my emergency fund as I don't have the need for it at this moment but I might need it if something comes up

Or should I stick it in FXAIX and sell FXAIX when I need the cash?

Edit: Thank you all for the suggestion. I'm going to keep it in SPAXX for the time being. Maybe consider buying a 30D TBill next week based on the rates with maybe $2,000.