![]() The Forbes Advisor editorial team is independent and objective. You can also get paid up to two days early with direct deposit. Wealthfront’s cash management account might be worth considering if you’re seeking a high APY and a place to store a large sum of money, as up to $8 million is FDIC-insured through Wealthfront’s partner banks. Like Fidelity and Betterment, Wealthfront has zero account fees and no minimum balance requirements. The Wealthfront Cash Account offers a competitive 5.00% APY, slightly higher than Betterment’s base APY and significantly higher than Fidelity’s 2.72% APY. You must be a Betterment Client to open a Cash Reserve account. Betterment’s Cash Reserve account currently earns a base rate of up to 5.50% APY after meeting activity requirements for the first year for new customers, then earn 4.75%, significantly higher than Fidelity’s 2.72% APY.īetterment provides up to $2 million in FDIC insurance through its partner banks. ![]() While both the Betterment Cash Reserveaccount and Fidelity’s Cash Management account boast no account fees or minimum balance requirements, Betterment is the clear front-runner when it comes to APY. Compare your banking needs to what Fidelity Cash Management Accounts offer to determine if this account is right for you. It’s a good alternative to an everyday checking account but no substitute for a high-yield checking or savings account. Unfortunately, Fidelity’s Cash Management Account earns very little interest. Perks like mobile check deposit, check writing and unlimited ATM fee reimbursements are a bonus. It’s especially beneficial to individuals who already have a relationship with Fidelity since it’s possible to move money between the two accounts quickly. You can also send messages via secure email to Fidelity through your online account or visit one of Fidelity’s 200 investor centers in person.įidelity Cash Management certainly offers several benefits that make it an attractive alternative to a traditional checking account. ET or by phone 24/7 at 80.įidelity also offers some additional support options via social media, including a customer care channel on Reddit, a YouTube page, a Twitter handle and a Facebook page. You can also receive support via live chat Monday through Friday, 8 a.m. Through the app, customers can:įidelity’s website features a virtual support assistant to answer any basic questions regarding its products and services using a sizable knowledge base. The Fidelity mobile app is available for iOS (4.8 stars out of 5 on the App Store) and Android (4.3 stars out of 5 on Google Play). It earns an interest rate of 2.72% on all balances.įidelity Cash Management Accounts are accessible online through Fidelity’s website or its mobile app. The sweep program allows for cash management deposits into accounts at multiple banks, allowing Fidelity to protect deposits in its cash management account far beyond a standard bank account.Īlthough it’s not highly advertised on the Fidelity website, the Cash Management Account is an interest-bearing account. Typically, FDIC insurance covers $250,000 per depositor, per insured bank, for each account ownership category. This coverage is offered through Fidelity’s partner banks. You can also connect your debit card to digital wallets like Apple Pay and Google Pay.Īlong with its many banking features, the account comes with FDIC coverage of up to $1.25 million through the use of Fidelity’s deposit sweep program. Speaking of mobile, you can also deposit checks into your Cash Management Account through Fidelity’s highly rated mobile app.Ĭash management customers can also connect their account to several popular payment apps like Venmo and PayPal. You can pay bills using your checkbook or set up a Fidelity BillPay account to make mobile bill payments. ATM displaying the Visa, Plus or Star logos. And there’s no need to stick to a specific ATM network account holders get unlimited third-party ATM fee reimbursements at any U.S. You’ll also get free standard checks and a debit card. The account has no minimum balance requirement and no monthly maintenance fee. With this account, you can save, spend and invest. The Fidelity Cash Management Account is a versatile cash account offering features similar to checking and savings accounts.
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