The Fidelity Cash Management Account is essentially a checking account with a ton of extra perks:
✅ NO minimums
✅ NO maintenance fees
✅ NO ATM fees*
✅ Get paid EARLY
✅ FREE Checks
✅ FIDC insured up to $1.25 million instead of just $250k
✅ Takes 10 minutes to open
*You’re charged up front for the ATM fees, but then reimbursed at the end of the week.
Related Blog Post:
5 Best Bank Accounts I haven’t Divorced: [ Ссылка ]
If you’re planning to open a brokerage account or IRA with Fidelity, the cash management account is a MUST**. I use it as one of my main checking accounts just to get my paychecks earlier and then have them auto transfer money for investing and into my digital envelop system (a.k.a. all my other bank accounts).
I had nothing to lose. There were no fees to open or maintain the account. The first 3 months I had it open, it had $0 in it, and I wasn’t charged a penny! If you tried to do that with Chase, Bank of America, or Wells Fargo, you’d start having a negative balance from all those maintenance fees! (Unless you’re a student, and then you’re safe with their student accounts for about 5 years).
Oh, and did I mention you can earn some interest on your money too? As of September 2020, you can earn about 0.20% interest - that’s more than 0% from those brick and mortar banks!
Now the Cash Management account does have some downsides:
❌ Hard to deposit cash
❌ Not a lot of brick and mortar stores around…
❌ Direct deposit setup can be tricky
But it’s still worth taking a look at! It’s always great to have a backup bank account to store some money, and the great thing about this account is that if you transfer money to your brokerage accounts with Fidelity, it funds it instantly! Don’t miss out on any crazy deals and once-in-a-lifetime trades because you’re waiting on a money transfer!
Nguyening Lifestyles is not a registered financial service provider and is not liable for any decisions you make regarding investing and Roth IRAs. We are simply here to entertain and provide content for educational purposes only. Therefore, we are not liable in any capacity for any actions that may result from this video.
A MUST READ TO LEARN HOW TO BUILD WEALTH & INVEST:
Rich Dad Poor Dad by Robert Kiyosaki - [ Ссылка ]
I will teach you to be rich by Ramit Sethi - [ Ссылка ]
Rule #1 Investing by Phil Town - [ Ссылка ]
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