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.
See the $150 bonus when you open a Fidelity Cash Management account here.
Charles Schwab also offers a fee-free cash management account with worldwide ATM reimbursements that’s very popular with travelers.
PROS:
- Unlimited ATM fee reimbursements worldwide
- No monthly fees
- No minimum balance requirement
- FDIC insured
CONS:
- Low interest rate
- Limited in-person support
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.
Also consider these other bonuses from Chase, HSBC, and Qapital. Find more bank promotions here.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
Trending Deals
We are pleased to share with you the current trending financial deals and promotions featured on our blog.