Comments on: Fidelity Investments to Offer High-Yield Checking

By: jeff

jeff — Mon, 22 Sep 2008 00:44:01 +0000

i have to agree with craig. i have my 401 k and other company retirement plans with fidelity. the my smart cash account which i opened up when it was first available is the BEST deal around. access to the best billpay in the business, automatic no hassle reimbursement of atm fees…paying you interest… free checks… no minimum balance… there website is great with too many features to mention here…. but i am always on the look out and this is the best all around deal going

By: Where Did You Come From, Where Did You Go (August 2007) on Consumerism Commentary: A Personal Finance Blog

Tue, 28 Aug 2007 03:08:05 +0000

[...] Fidelity Investments to Offer High Yield Checking [...]

By: Craig

Craig — Mon, 27 Aug 2007 00:19:13 +0000

First of all, atm rebates are automatic and unlimited with the “My Smart Cash” account…there are no receipts to send in…Secondly, you can purchase a 5% plus MM Fund within “My Smart Cash” or if you have a seperate brokerage with them, use any MM Funds you have in the other account (using their “Cash Manager” feature)…

With or without the 2nd brokerage account, My Smart Cash will automatically use your MM Fund to overdraft (with no charge) evry single debit you do in the My Smart Cash Checking..so in effect, you can keep a 0 Balance in it, and overdraft everything for free, from you 5% plus MM Fund, thus turning this into a 5% Checking with Unlimited free atm access….

And there are no receipts to mail in, you get free checks all the time, great Checkfree Bill Pay and a debit card as well….Plus Fidelity’s outstanding customer service.

This is a bad deal??? I have it now and I LOVE IT..best banking set up i ever had….

By: Pedro

Pedro — Wed, 08 Aug 2007 13:59:58 +0000

Fidelity says they will refund ATM fees the same day a withdrawal is made, therefore, I don’t believe you need to collect & submit receipts. It’s done automatically.

By: Terry

Terry — Tue, 07 Aug 2007 01:35:09 +0000

At a Fidelity brokerage account:

You can get a 3.11% 7-Day yield on FNYXX (New York Tax Exempt Money Market), tax equivalent yield 5.41%.

Also Fidelity Cash Reserves offers a 7-Day Yield of 4.99%

Instead of Overdraft you can use margin against your securities. ACH transfers in and out are quick. Checks, no problem. Bill pay is free. No ATM rebates, but I just do a transfer to a bank account that does ATM rebates instead.

I’m failing to see the advantage of the 3.5% new offering by Fidelity, other than perhaps FDIC.

By: Pat

Pat — Mon, 06 Aug 2007 20:56:24 +0000

I have been with Schwab checking since it came out and it has been great. The service is good with free overdraft, ATM’s, easy account linking, and no hassle with moving money back and forth from a savings account. Yes I may be out some interest because of higher savings rates but all of my money is earning interest so it evens out.

By: Eric

Eric — Mon, 06 Aug 2007 19:18:07 +0000

In my experience, either you have a brand name company that requires unreasonable minimum’s to obtain the checking, or an obsure online-only place that requires a little bit of faith to go for it. I am using HSBC’s savings and have been very content with it. I’m moving my roth from sharebuilder to etrade so I might actually give their checking a chance.