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Fidelity Review: Cash Management Account

June 7, 2018
Banking, Checking Accounts
Fidelity Review: Cash Management Account
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Fidelity Checking Account
NerdWallet’s rating: 4.0 / 5.0

Extensive ATM access, consumer-friendly overdraft policies and no fees make Fidelity’s Cash Management account an excellent place to keep your spending money.

Though it’s technically a brokerage account, it functions like a checking account, with FDIC insurance on deposits. But because Fidelity isn’t a bank, it doesn’t offer certain products, such as savings accounts and traditional certificates of deposit.

The bottom line

  • With no monthly fees or minimum opening deposit requirement and excellent ATM accessibility, Fidelity’s Cash Management account offers a good customer experience overall
  • Though anyone can open a Cash Management account, you can only opt into its overdraft protection service if you have at least one other type of Fidelity account
  • You’ll want to look elsewhere if you want your checking and savings accounts under one roof

» Need a savings account? Explore NerdWallet’s best savings accounts

Read on for more information about Fidelity’s checking account, bank experience and overdraft fees.


4.5 / 5.0

The Cash Management account doesn’t have any monthly fees or minimum deposit requirement. It has one of the most generous ATM reimbursement policies in the game, and it offers free checks. That said, its annual percentage yield isn’t as high as that of other interest-bearing accounts.

  • No minimum opening deposit requirement and no monthly fees
  • Free check writing
  • Extensive ATM accessibility as a part of the Visa, Plus and Star networks, and unlimited reimbursement for domestic ATM fees
  • Has a low interest rate of 0.19% for balances under $100,000

» Want to explore other options? Check out NerdWallet’s best checking accounts

Bank experience

4.5 / 5.0

Though branch support will be hard to come by with only about 190 financial planning offices scattered across the country, Fidelity’s online and phone support system may well make up for it. Teller support is available 24/7, and Fidelity’s Twitter page is active and responsive. Chat support is available on the website.

Overdraft fees

4.5 / 5.0

Fidelity doesn’t charge any overdraft fees or continuous negative balance fees, but the company may close your account if your balance repeatedly goes into the red. Opting into the Cash Manager Tool, Fidelity’s stand-in for overdraft protection, allows you to select other Fidelity funding accounts that will transfer money automatically into your checking account if you overdraw it, free of charge.

You can also set up the tool to move money automatically from an account at a different bank or credit union. Just remember that you must have at least one Fidelity funding account to qualify for this overdraft protection service.

No fees and great ATM access

If you’re looking for a fee-free account with excellent ATM coverage to manage your spending money, Fidelity’s Cash Management account will serve you well. Although there are no overdraft fees, you’ll need to have a Fidelity investment account if you want to take advantage of its free overdraft protection.

Amber Murakami-Fester is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @iamyams.

Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.