Fidelity Review: 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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Written by Chanelle Bessette
Lead Writer
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Edited by Sara Clarke
Assistant Assigning Editor
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Fidelity Cash Management Account
NerdWallet rating 

The Fidelity Cash Management account is technically a brokerage account, which means it’s not a bank account and doesn’t have the same regulations that a bank would have. The Federal Insurance Deposit 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.

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» 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.

Where Fidelity shines

Where Fidelity falls short

  • ATM fee reimbursements globally.

  • No monthly fees or minimum opening deposit requirements.

  • FDIC insurance on cash balances.

  • Limited in-person support.

» Want to check out other cash management accounts? See NerdWallet's list of the best CMAs

Checking and savings features

5.0/5.0

The 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 2.72% 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 (note that for transactions outside of the country, a 1% foreign transaction fee still applies).

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

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

4.5/5.0

Upsides

Strong remote customer service options. Teller support is available 24/7, and Fidelity’s Twitter page is active and responsive. Fidelity also has customer support available on Reddit. Chatbot 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.

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