If you are looking for a free brokerage account, check out the Fidelity Cash Management Account which is FDIC insured up to $1.25 million and earns a little interest. This bank account alternative is a great option for frequent travelers since it also reimburses all your ATM fees worldwide when you use the linked Fidelity Debit Card. Be sure to continue reading to learn more about the Fidelity Cash Management Account & Fidelity Debit Card.
Charles Schwab also offers a fee-free cash management account with worldwide ATM reimbursements that’s very popular with travelers.
PROS
- Unlimited ATM fee reimbursements worldwide
- No monthly fees
- No minimum balance requirement
- FDIC insured
CONS
- Low interest rate
- Limited in-person support
Fidelity Cash Management Account Features
The Fidelity Cash Management account is designed to hold your idle cash when you’re not investing in other Fidelity products. Similar to a checking account, it provides a debit card, check-writing and FDIC protection through partner banks. However, it doesn’t have with the normal bank fees that come with a checking account.
Here are some other features:
- No minimum balance requirements.
- Mobile check deposit.
- Free bill pay.
- Interest-earning, currently 0.01% APY (check their site for updates)
- Cash Manager, which alerts you when you reach a maximum and minimum balance. Move or invest the excess cash when you reach your maximum target, or automatically move money from another account when you reach your minimum threshold.
- Wide ATM access at more than one million ATMs worldwide.
- Unlimited ATM fee reimbursements worldwide (a 1% foreign transaction fee still applies).
- Support via phone 24/7, as well as live chat and Twitter.
- Learning center with videos, articles and webinars on a wide range of financial topics.
Conclusion
The Fidelity Cash Management Account is a great option for you if you want a fee-free account with good ATM coverage. It’s a great way to store your idle funds in a readily-accessible, FDIC-insured bank accounts that are interest bearing. Furthermore, those who travel often will appreciate that there are no ATM fees worldwide.
Additionally, be sure to check out our list of the best cash management accounts here if you want to look at some other options.