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Fidelity Cash Management account review

This account boasts checking and savings with no ATM fees, but it earns little interest.’s rating: 4.4 / 5.0


The Fidelity Cash Management account offers checking and savings capabilities. It’s best for existing Fidelity customers who want a place to keep cash between investments or for those who want free access to every ATM in the world. However, it earns little interest compared to other cash management accounts.

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$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMswithdraw cash for free from any ATM in the world
ATM transaction fee$0
ATM fee rebatesunlimited ATM fee reimbursements worldwide
Out-of-network ATM fee$0
Foreign transaction fee1%

Review by

Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.

Expert review

The Fidelity Cash Management account is best for those who already have investments with Fidelity because it gives you easy access to federally insured balances of up to $1.25 million. This account shines when it comes to its ATM reimbursements, making it a good option for travelers. You can withdraw money from any ATM without worrying about fees. Any fee that gets posted to your account will be reimbursed — with the exception of the 1% conversion fee.

But the major drawback is that it earns little interest. You’ll only earn 2.21% APY, which is much lower than other cash management accounts.

If high interest is what you’re after, check out other top cash management accounts to find the best choice for you.

How do I open a Fidelity Cash Management account?

Opening a Fidelity Cash Management account only takes a few minutes, and it’s faster if you already have a brokerage account with the company.

  1. Go to the provider’s site and follow the steps to apply.
  2. From the provider site, select Cash management from the Accounts & trade menu.
  3. Log in if you already have an account with Fidelity, or select Open an account.
  4. Under Investing and trading, next to Brokerage and cash management, select Open both accounts.
  5. Choose whether you want to open an Individual or Joint account, then select Next.
  6. Enter your name and email address, then select Get started.
  7. Provide your personal information and a legal/residential address, then select Next.
  8. Accept the terms and conditions, then link a funding source to your brokerage account.


To open a Fidelity Cash Management account, you must meet these requirements:

  • At least 18 years old
  • US citizen

Required information

You’ll need to provide the following information when opening an account:

  • Social Security number
  • Date of birth
  • Government-issued photo ID, like a driver’s license or passport
  • A copy of a rent receipt or mortgage statement
  • A copy of a W2

What are the benefits of a Fidelity Cash Management account?

A Fidelity Cash Management Account offers free bill pay and lets you manage your checking, savings and investments in one place. It also includes these attractive features:

  • No fees or balance requirements. It doesn’t cost anything to open or maintain Fidelity CMA.
  • ATM reimbursements. Get unlimited ATM fees reimbursed everywhere in the world.
  • Free wire transfers. Unlike banks that will charge you up to $30 in wire transfers, you’ll never pay a penny for outgoing domestic wire transfers with Fidelity.
  • Free checks. Get checkbooks delivered for free whenever you need them.
  • High FDIC insurance. Your money is insured up to $1.25 million — that’s up to five times the standard limit.

What should I look out for?

There’s a lot to like about Fidelity’s CMA, but there are some drawbacks to keep in mind.

  • Low APY. This account only earns 2.21% APY, which is next to nothing.
  • Can’t deposit cash. You can’t deposit cash directly into this account, but you can deposit it into an external bank and move it into your Fidelity account via an electronic funds transfer.
  • Poor reviews. Fidelity has overwhelmingly negative ratings on the Better Business Bureau (BBB) and Trustpilot for unresponsive customer support and account closure difficulties.

Is Fidelity Cash Management safe?

Yes. Fidelity Cash Management Accounts are FDIC-insured for up to $1.25 million. That’s five times the amount most cash management and bank accounts are insured for. Fidelity can offer this level of protection because it spreads your money across five different banks, which are each insured for $250,000.

Fidelity Cash Management reviews and complaints

As of July 2022, Fidelity Investments is not accredited by the Better Business Bureau and has 120 customer reviews on the BBB’s website, with an average rating of 1.12 out of 5 stars. On Trustpilot, Fidelity has 351 reviews with an average rating of 1.5 out of 5 stars.

Customers love that this account offers unlimited ATM fee reimbursements worldwide, but many complain about unresponsive customer support and difficulty closing accounts.

Fidelity Cash Management‘s ATM network and fees

Fidelity Cash Management accounts come with a debit card you can use to withdraw cash for free from any ATM in the world. Fidelity automatically refunds ATMs fees as soon as they post to your account rather than at the end of your statement period. But if you use your debit card to make purchases in other countries, you will pay a 1% transaction fee.

Compare Fidelity Cash Management with other cash management accounts

Compare leading cash management accounts based on their monthly fees, minimum deposits, ATM networks, and out-of-network ATM fees.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
M1 Spend
Finder Rating: 4.2 / 5: ★★★★★
M1 Spend
From $0 per year
Try M1 Plus FREE for three months. It begins the date you enroll in the M1 Plus subscription, and ends 90 days after. Upon expiry of the Free Trial, your account is automatically billed an annual subscription fee of $125 unless you cancel under your membership details in the M1 Platform.
An FDIC-insured checking account integrated directly into the M1 app. FDIC insured.
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
$0 per month
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds. Uninvested funds are FDIC Insured up to $2.25 million. Invested funds are SIPC insured.
Empower Personal Cash
Finder Rating: 4.4 / 5: ★★★★★
Empower Personal Cash
$0 per month
The Empower Personal Cash account doesn’t require a minimum balance and is federally insured for up to $2 million. FDIC insurance up to $2 million.
Robinhood Cash Card
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Card
$0 per month
The Robinhood Cash card lets you invest spare change in your brokerage or crypto account, earn cash back as you spend and more. Robinhood Cash card is FDIC insured. Robinhood brokerage or crypto account is not FDIC insured.

How do I deposit or withdraw my money?

There are several ways to move money into and out of your Fidelity Cash Management account, though there’s no way to deposit cash without using an intermediary bank.


  • Electronic funds transfer (EFT). Send a bank-to-bank transfer through Fidelity’s website and app.
  • Direct deposit. Your employer can deposit your paycheck directly into your CMA.
  • Mobile deposit. Use Fidelity’s mobile app to deposit paper checks.
  • Incoming wire. Fidelity doesn’t charge for incoming wires, but the funding bank might.
  • Branch deposit. You can deposit paper checks off at any of the 200+ Fidelity Investor Centers.
  • Paypal. Link your PayPal account to your Fidelity CMA to transfer funds at any time.


  • EFT. Send funds directly from your Fidelity CMA to another bank account.
  • ATM. You can withdraw cash for free at any ATM in the world.
  • Paper checks. Fidelity can provide you with free paper checks whenever you need them.
  • Outgoing wire. Fidelity doesn’t charge for outgoing wire transfers to other institutions.
  • PayPal. You can transfer funds from your Fidelity CMA to your PayPal account at any time.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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