Fidelity
Fidelity Cash Management Account
By Alex Compton · Last verified
Checking-replacement brokerage account that puts your idle cash in a money market fund
Insurance: FDIC sweep insured up to $5 million across program banks; money market fund option is SIPC-protected instead
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-09-07 | ~2.7% on the FDIC sweep; or hold SPAXX money market (~3.3% 7-day yield, September 2026) as your core position | $0 | None | Archive record · no attached snapshotLegacy snapshot; event-level evidence was not attached at the time |
Primary-source verification log
Append-only evidence ledgerEvent-level primary-source attachments begin with the September 2026 verification system. Older records remain visible but are not retroactively presented as evidenced.
Features
- ▸Choose your core: FDIC-insured bank sweep or SPAXX government money market fund
- ▸Unlimited worldwide ATM fee reimbursement on the Fidelity debit card
- ▸Full checking toolkit: routing/account number, checks, bill pay, mobile deposit, Zelle
- ▸Cash overflow can auto-sweep into linked Fidelity brokerage investments
- ▸Self-funded overdraft protection from linked accounts
- ▸No fees of any kind and no minimums
Pros
- +Money market core yield embarrasses every checking account on this page
- +Unlimited ATM rebates worldwide, same league as Schwab
- +Up to $5M FDIC coverage on the sweep option
- +One login for checking, investing, retirement, and HSA
Cons
- −1% foreign transaction fee on debit purchases (ATM withdrawals abroad are still rebated)
- −No physical cash deposits
- −Money market core is SIPC-covered, not FDIC, which some savers dislike
- −Brokerage statements and tax forms are overkill if you just want simple checking
Our Take
The Fidelity CMA is the power user's checking account: set SPAXX as your core position and every dollar waiting to pay rent earns money-market yield until the moment it leaves. Add unlimited ATM rebates and a $0 fee schedule and it outclasses traditional checking on almost every line. The 1% foreign debit purchase fee is the one travel wart, so carry a Schwab card or credit card abroad for purchases. For domestic one-account simplicity, this is the ceiling.
Best for: Optimizers who want every idle dollar earning money-market yield
Open at Fidelity →Last verified 2026-09-07
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