Fidelity Cash Management account review
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- Fee
- $0 per month
- APY
- 2.35%
- Minimum deposit to open
- $0
Our verdict
This account boasts checking and savings, giving you free ATM reimbursement and no monthly fees.
The Fidelity Cash Management account gives you two options: the Government Money Market Fund and the Deposit Sweep Program. The Government Money Market Fund can offer a higher yield, while the Deposit Sweep Program offers easy access to federally insured balances of up to $5 million. Both options provide unlimited ATM reimbursements domestically and internationally, making it a good pick for travelers. Fidelity reimburses any ATM fee posted to your account except the 1% currency conversion fee. And as a cash management account, you’ll also get a free debit card and checkwriting privileges — but there’s no way to deposit cash.
Best For: Existing Fidelity customers who want high FDIC insurance and decent yields.
Pros
-
No monthly fees or minimum balance requirements
-
Enjoy free outgoing domestic wire transfers and checks
-
Unlimited ATM fee reimbursements
-
Up to $5 million in FDIC insurance
Cons
-
No cash deposits
-
Poor customer reviews
What we like about the Fidelity Cash Management account
This account may be a great addition if you already manage investments with Fidelity.
Government Money Market Fund vs. Deposit Sweep Program
You get two options with the Fidelity Cash Management account:
- Government Money Market Fund. If you want a higher yield, this option advertises a 4.26% seven-day yield (exact yield varies).
- FDIC-Insured Deposit Sweep Program. With a lower 2.35% annual percentage yield (APY), this option comes with FDIC insurance up to $5 million thanks to a network of program banks — much higher than the standard limit of $250,000 per depositor.
With the Government Money Market Fund option, your actual yield may vary based on market conditions. The Deposit Sweep Program has a 2.35% APY, which is a rate set by Fidelity and not tied to market conditions.
Few fees and generous ATM reimbursements
The account is a cash management account, which is often considered a combination of checking, savings and investments all in one place. It also offers free bill pay, doesn’t cost you anything to open and has no monthly maintenance fees.
The Fidelity Cash Management account offers unlimited ATM reimbursements at ATMs displaying Visa, Plus or Star logos — domestically and internationally. On top of that, you’ll also get free domestic outgoing wire transfers and free checkbooks.
Where it falls short
While there is a lot to love about Fidelity’s CMA, there are also some drawbacks. Namely, the APY you earn is relatively low compared to other savings products.
Currently, the APY is 2.35% on uninvested funds in the Deposit Sweep Program, which pales in comparison to rates paid by top high-yield savings accounts.
Another downside is that you can’t deposit cash directly into your account. Your only option for funding your account is an external bank transfer via electronic funds transfer.
Fidelity also has overwhelmingly negative reviews on the Better Business Bureau (BBB) and Trustpilot, calling out the unresponsive customer service and account closure difficulties.
Fidelity Cash Management fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees | $0 |
| Overdraft or insufficient funds | $0, declines transactions with insufficient funds |
| Wire transfers | Incoming
Outgoing
|
| Other fees |
|
Compare Fidelity Cash Management with other cash management accounts
Compare leading cash management accounts based on their monthly fees, minimum deposits, and APY.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
How to open the 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. Go to the cash management account landing page and follow the steps to apply.
- Select Open an account and specify whether you are an existing Fidelity customer.
- Choose between an Individual or Joint account, then select Next.
- Enter your name and email address, then select Get started.
- Provide your personal information and a legal/residential address, then select Next.
- Accept the terms and conditions, then link a funding source to your brokerage account.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.18 out of 5 stars, based on 200 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 716 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 2,600,000 customer reviews |
| Google Play Score | 4.5 out of 5 stars, based on 5,000,000 customer reviews |
| Customer reviews verified as of | 03 December 2024 |
Fidelity has some customer feedback on the Better Business Bureau (BBB) and Trustpilot, but it’s a mixed bag.
Customers love the unlimited ATM fee reimbursements worldwide and the no fees on the account. However, many customers also have complained about Fidelity’s unresponsive customer support and how difficult it can be to close an account with Fidelity.
Your reviews
Summer Finder
Contributor
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