The Fidelity Cash Management Account is a fee-free brokerage account that’s FDIC insured up to $1.25 million and earns a little interest. In addition, Fidelity also reimburses ATM fees worldwide when you withdraw using the linked Fidelity Debit Card. This bank account alternative is a great option to consider, especially if you’re a frequent traveler.
Keep reading for more on the Fidelity Cash Management Account to see if it’s a good fit for you.
An alternative to Fidelity is Charles Schwab. They offer a fee-free cash management account with worldwide ATM reimbursements that’s very popular with travelers.
- Unlimited ATM fee reimbursements worldwide
- No monthly fees
- No minimum balance requirement
- FDIC insured
- Low interest rate
- Limited in-person support
Fidelity Cash Management Account Features
The Fidelity Cash Management account was designed to hold your idle cash when you’re not investing in other Fidelity products. Similarly to a checking account, it comes with a debit card, check-writing, and FDIC protection through partner banks. The main difference is that it doesn’t come with the usual bank fees that are 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. This feature 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.
For a fee-free account with solid ATM coverage, take a look at Fidelity Cash Management Account. This is a great way to store your idle funds in a readily-accessible, FDIC-insured bank accounts that are interest bearing. The no ATM fees feature is available worldwide using the Fidelity Debit Card and makes this card a good choice for those who travel often.
If you’re looking for more cash management accounts, then check out SoFi. It comes with a debit card as well, but usually has a bit better interest rate.