The company has had a few recent public controversies. Is Fidelity Trustworthy?įidelity has an A+ rating from the Better Business Bureau, indicating the company responds to customer complaints effectively and is transparent about its business practices. If you have more than $5 million in cash, Fidelity will sweep it into money market funds, which are not FDIC-insured. Interest is compounded daily and paid monthly.Ĭash held in your account is FDIC-insured (up to $250,000 for a solo account and $500,000 in a joint account). There are no monthly service fee and no minimum balance requirements. The account currently pays 2.60% APY, which is much higher than traditional savings and checking accounts. Cash balances earn interest, and you can use your funds to invest. You can use it to store and save cash, easily accessing it with a debit card or ATM as needed. The Fidelity Cash Management Account blends features of a checking, savings, and brokerage account. Doesn't have physical locations in every stateĬash management accounts are hybrid checking/savings accounts offered by online platforms.Rate is lower than with many high-yield savings accounts and cash management accounts.Higher interest rate than typical savings and checking accountsĬomes with a debit card and check-writing capabilitiesįee reimbursement at over 1 million ATMs (all ATMs featuring a Visa, Plus, or Star logo.)

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