The Fidelity Cash Management Account is a free brokerage account that’s FDIC insured up to $1.25 million and earns a little interest. Because it also reimburses all your ATM fees worldwide when you use the linked Fidelity Debit Card, this bank account alternative is a good option for frequent travelers. Keep reading for more on the Fidelity Cash Management Account to see if it’s a good fit for you.
PROS:
- Unlimited ATM fee reimbursements worldwide
- No monthly fees
- No minimum balance requirement
- FDIC insured
CONS:
- Low interest rate
- Limited in-person support
Featured Investing Promotions
Fidelity Cash Management Account Features
The Fidelity Cash Management Account is a brokerage account, designed to house your idle cash when not invested in other Fidelity products. It operates much like a checking account in that it provides a debit card, check-writing and FDIC protection through partner banks. But it doesn’t come with the usual bank fees associated with a checking account.
Other features include:
- No minimum balance requirements.
- Mobile check deposit.
- Free bill pay.
- Interest-earning, currently 0.01% APY (check their site for updates)
- Cash Manager, which alerts you when you reach a maximum and minimum balance. Move or invest the excess cash when you reach your maximum target, or automatically move money from another account when you reach your minimum threshold.
- Wide ATM access at more than one million ATMs worldwide.
- Unlimited ATM fee reimbursements worldwide (a 1% foreign transaction fee still applies).
- Support via phone 24/7, as well as live chat and Twitter.
- Learning center with videos, articles and webinars on a wide range of financial topics.
Bottom Line
If you’re in the market for a fee-free account with solid ATM coverage, a Fidelity Cash Management Account could be a good option. Your idle funds will go into readily-accessible, FDIC-insured bank accounts that are interest bearing. And with no ATM fees worldwide using the Fidelity Debit Card, it’s a good choice for those who travel often.
You might also want to consider a cash management account from SoFi. It comes with a debit card as well, but usually has a bit better interest rate.
GIPHY App Key not set. Please check settings