5 ms·

FWIW, Fidelity now offers brokerage accounts that include checking, bill pay, etc. and have access to no minimum, no fee, no load index funds.

jamiek88 8y ago
FDIC insured?
- JumpCrisscross 8y ago
  Yes, up to $1.25 million through a sweep program [1]. They also reimburse ATM fees and let you trade anything inside them. [1] https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview https://www.fidelity.com/cash-management/fidelity-cash-manag...
  - deleted 8y ago
    [deleted]
  - jamiek88 8y ago
    Interesting! Thanks!
artursapek 8y ago
Fidelity's cash management offering kicks ass. I use it exclusively. I paid the down payment for my house through Fidelity.
- picodguyo 8y ago
  I'm curious why you would want to do that. I have an IRA/brokerage with Fidelity but haven't yet understood the value prop for their cash management product.
  - astura 8y ago
    No account fees whatsoever No minimum balances No minimum debit card purchases No minimum direct deposits No minimum bill pays Free checks Free wire transfers ATM fee reimbursements (If you pay $2 to the ATM owner to take out money, you'll see a $2 credit on your account immediately) No limit to ATM fee reimbursements FDIC insurance Paycheck posts a day early (not advertised, but that's been my experience) It's obviously a loss leader to encourage you to use their brokerage offerings, but no brokerage account is required to open the account. The only other companies that offer products that are comparable is Schwab (which is another brokerage), and USAA (whose membership is limited to military, veterans, and immediate family)
    - Sohcahtoa82 8y ago
      Nearly everything there describes my credit union.
  - artursapek 8y ago
    In addition to what astura said, Fidelity being a top brokerage has a much better website and mobile app than any bank I've used.
deleted 8y ago
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icelancer 8y ago
Fidelity also bans people from their platform, does not tell them why, and makes it a pain in the ass to liquidate assets and get your money. Source: It happened to me, I have fine credit, I don't daytrade (I'm an index investor for 95% of my investments), don't rapidly move money in/out, don't exploit interest-bearing accounts like weirdos do on various sites, and I have no idea what the hell the problem was. They still won't tell me anything beyond "We don't want your business."
- elliekelly 8y ago
  If they aren't telling you that means it's AML-related and they legally can't. It could be for any number of things ranging from online gambling to your name (or even the name of a family member of your business/employer) appearing on a "watchlist" or being similar to a name that appears on such a list. You should try to figure out where you're getting flagged because if it's a problem at Fidelity it's only a matter of time before you get the same flag from other financial institutions.
  - icelancer 8y ago
    Hasn't been a problem at any other financial institution that I'm at, including Vanguard (been there over a decade). Also, there is some irony in you telling me to figure out why I am getting flagged while also telling me I can't be told what it is.
    - sumedh 8y ago
      Since you are from the US, can you sue them and then they tell what happened?
    - elliekelly 8y ago
      Sorry, I meant via performing your own searches against the watchlists. Most of them are public. Treasury Department sanctions are a good place to start.
- astura 8y ago
  >don't exploit interest-bearing accounts like weirdos do on various sites Can you elaborate on what "weirdos" do to exploit interest-bearing accounts?
astura 8y ago
This account has been around for ages; Schwab has one too. The difference here is Robinhood was offering a 3% interest rate without a balance limit, without any minimums or minimum activities (direct deposits, debit card purchases). That interest rate with no requirements was the selling point, nobody else offers that.

jamiek88 8y ago

FDIC insured?

JumpCrisscross 8y ago
Yes, up to $1.25 million through a sweep program [1]. They also reimburse ATM fees and let you trade anything inside them. [1] https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview https://www.fidelity.com/cash-management/fidelity-cash-manag...
- deleted 8y ago
  [deleted]
- jamiek88 8y ago
  Interesting! Thanks!

artursapek 8y ago

Fidelity's cash management offering kicks ass. I use it exclusively. I paid the down payment for my house through Fidelity.

picodguyo 8y ago
I'm curious why you would want to do that. I have an IRA/brokerage with Fidelity but haven't yet understood the value prop for their cash management product.
- astura 8y ago
  No account fees whatsoever No minimum balances No minimum debit card purchases No minimum direct deposits No minimum bill pays Free checks Free wire transfers ATM fee reimbursements (If you pay $2 to the ATM owner to take out money, you'll see a $2 credit on your account immediately) No limit to ATM fee reimbursements FDIC insurance Paycheck posts a day early (not advertised, but that's been my experience) It's obviously a loss leader to encourage you to use their brokerage offerings, but no brokerage account is required to open the account. The only other companies that offer products that are comparable is Schwab (which is another brokerage), and USAA (whose membership is limited to military, veterans, and immediate family)
  - Sohcahtoa82 8y ago
    Nearly everything there describes my credit union.
- artursapek 8y ago
  In addition to what astura said, Fidelity being a top brokerage has a much better website and mobile app than any bank I've used.

deleted 8y ago

[deleted]

icelancer 8y ago

Fidelity also bans people from their platform, does not tell them why, and makes it a pain in the ass to liquidate assets and get your money. Source: It happened to me, I have fine credit, I don't daytrade (I'm an index investor for 95% of my investments), don't rapidly move money in/out, don't exploit interest-bearing accounts like weirdos do on various sites, and I have no idea what the hell the problem was. They still won't tell me anything beyond "We don't want your business."

elliekelly 8y ago
If they aren't telling you that means it's AML-related and they legally can't. It could be for any number of things ranging from online gambling to your name (or even the name of a family member of your business/employer) appearing on a "watchlist" or being similar to a name that appears on such a list. You should try to figure out where you're getting flagged because if it's a problem at Fidelity it's only a matter of time before you get the same flag from other financial institutions.
- icelancer 8y ago
  Hasn't been a problem at any other financial institution that I'm at, including Vanguard (been there over a decade). Also, there is some irony in you telling me to figure out why I am getting flagged while also telling me I can't be told what it is.
  - sumedh 8y ago
    Since you are from the US, can you sue them and then they tell what happened?
  - elliekelly 8y ago
    Sorry, I meant via performing your own searches against the watchlists. Most of them are public. Treasury Department sanctions are a good place to start.
astura 8y ago
>don't exploit interest-bearing accounts like weirdos do on various sites Can you elaborate on what "weirdos" do to exploit interest-bearing accounts?

astura 8y ago

This account has been around for ages; Schwab has one too. The difference here is Robinhood was offering a 3% interest rate without a balance limit, without any minimums or minimum activities (direct deposits, debit card purchases). That interest rate with no requirements was the selling point, nobody else offers that.