Fidelity Review 2025: Online Cash Management Account
Fidelity Cash Management is a free account that has great customer service options and a solid interest rate.
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Overall star rating: 4.7/5.0
The Fidelity Cash Management account offers a solid interest rate with the added perks of up to $5 million in federal insurance and unlimited worldwide ATM fee reimbursements.
The account is provided by Fidelity, a brokerage firm, which means it’s not a bank account and doesn’t have the same regulations that a bank would have. The Federal Deposit Insurance Corp. insurance that Fidelity offers comes from the partner banks that Fidelity works with. As is the case with most cash management accounts, Fidelity sweeps its customers’ deposits into accounts at these banks behind the scenes and the deposits are given FDIC insurance by extension.
on Wealthfront's website
Wealthfront Cash Account
4.00%
$1
on Betterment's website
Betterment Cash Reserve – Paid non-client promotion
4.50%
$0
» What is a cash management account? Check out NerdWallet’s guide to this financial product
Best for: Those looking for a free cash account that earns a little interest alongside a Fidelity brokerage account.
Read on for more information about Fidelity’s cash management account features and customer experience.
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» Want to check out other cash management accounts? See NerdWallet's list of the best CMAs
Checking and savings features
4.6
NerdWallet ratingThe Cash Management Account is not technically a checking account, but it operates similarly to one in that it offers a debit card, check writing and FDIC protection through Fidelity’s partner banks.
Upsides
Solid interest rate. Fidelity Cash Management customers earn a 2.21% annual percentage yield.
Great ATM access. Account holders can access cash at more than 1 million ATMs worldwide.
ATM fee reimbursements. Fidelity reimburses ATM fees charged by other institutions globally.
No monthly fees. This account has no monthly fees or minimum balance requirements.
Fidelity doesn’t charge overdraft or continuous negative balance fees. Transactions will either be covered from a backup source if you opt in to Fidelity’s optional Cash Manager feature or rejected.
» Want to learn more about Fidelity's brokerage services? Read NerdWallet's full review of Fidelity's investment services
High federal insurance through third-party banks. Customers receive up to $5 million in Federal Deposit Insurance Corp. coverage through partner banks, which is twenty times the normal amount for FDIC insurance.
Option to invest cash in safe investments. Apart from putting cash into third-party banks, Fidelity’s cash management account alternatively lets customers put their cash into a money market fund, which is a type of mutual fund invested in short-term, low-risk investments such as U.S. Treasurys.
Downsides
Overdraft transfers need to be funded from a separate Fidelity account. These accounts include a Fidelity brokerage account or a Fidelity margin account.
» Want to explore other checking options? Check out NerdWallet’s best checking accounts
Customer experience
4.8
NerdWallet ratingUpsides
Strong remote customer service options. Human phone support is available 24/7. Fidelity also has customer support available on Reddit. Chatbot and human chat support is available on the website.
High app store ratings. Both Apple and Google Play users rate the Fidelity app highly.
Mobile check deposit. Customers can deposit checks into their cash management account through the Fidelity mobile app.
A downside
Branch support is hard to come by. There are only about 200 financial planning offices scattered across the country.
» Interested in CDs? Read about Fidelity's extensive list of brokered certificates of deposit