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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.
$0 per month
Minimum deposit to open
|Fee||$0 per month|
|Minimum deposit to open||$0|
|ATMs||withdraw cash for free from any ATM in the world|
|ATM transaction fee||$0|
|ATM fee rebates||unlimited ATM fee reimbursements worldwide|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||1%|
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.
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.
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.
To open a Fidelity Cash Management account, you must meet these requirements:
You’ll need to provide the following information when opening an 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:
There’s a lot to like about Fidelity’s CMA, but there are some drawbacks to keep in mind.
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.
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.
Compare leading cash management accounts based on their monthly fees, minimum deposits, ATM networks, and out-of-network ATM fees.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
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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.
Fidelity Cash Management is not currently available on Finder
Have you considered Chime Checking account?
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
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