Fidelity Cash Management Account (Best Bank 2022) 1 year Review

Fidelity cash management account the best bank of 2022 & my personal favorite!

My Favorite Business Bank with Free Checking and No Fees!

#FidelityBankAccount #FidelityCash #FidelityBankReview

If you are new to the channel I am working toward financial independence. On this channel I share some of the insights that I have learned as I have been on this journey and my goal is to help you reach your financial goals and help you be more intentional with your money. I post new videos every week!

Feel free to check out my other videos for help on your financial journey.

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What Do You Have? (Understanding Your Net Worth)

What Do You Make? (Net Pay & Take Home Pay)

Understanding Net Worth and How to Grow It

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Jamie Beath 👇

I am a father of three who is working toward financial independence.

Outside of time with my family, watching people succeed with money is one of my greatest joys. So many people have challenges with personal finance. I create videos that have a simple, practical approach that anyone can apply to win with money. I have been practicing what I preach in my own personal financial life, and can help you immediately in yours.

Whether you need help organizing your finances or making progress on the path toward financial independence, retire early (FIRE), I can help you be more intentional with your money. Thanks for subscribing!

Other topics I discuss include:
-Getting out of Debt
-Building Savings (Building an Emergency fund)
-Budgeting (reducing expenses)
-Saving First
-Saving Everything (Automatic Savings)
-Home Payoff
-Retirement Savings (401k, Roth, HSA)
-Wealth Building
-Financial Independence

DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

[TheSavingSecret]

My Favorite Business Bank with Free Checking and No Fees!

[johnhenderson]

Are you still making Fidelity your main banking? I am retired and keeping my local credit union with a checking and savings and making Fidelity my only brokerage now and have the Cash Management. Making things very simple. Like creating the goals for future expenses and savings. Would like to see another updated Fidelity Cash Management Video for 2024. Thanks again!

[ladyRAM]

I'm not sure why many don't do this but I moved alot of my cash into one of these accounts and ive earned more interest in 2 months than i do in a year with the Bank and Credit Union.

[kwameamichel]

Thanks for the review. I have started with Fidelity primarily since August and I use them for most of my transactions. I love their customer service. Thanks for the recommendation.

[sgal]

Thank you for this video. Fidelity offered me this account when I opened the brokerage account earlier this year. Watching your video help me understand the benefits. I finally put some money into the account the other day. 👍😊

[rolandostaelena]

Yup, used the Fidelity CMA for years, decades even. It is quite simply the best “checking” solution anywhere. The cash manager tool lets you use fidelitys brokerage account as a high interest savings account with superior rates. It lets you automatically set targets for cash and investment levels that make it a no brainer.

[lynndurrant]

Good shoutout to Novo- they really are the best for business banking

[johnl]

THANK YOU! This helps me to understand a little about this account. I'm currently has ROTH IRA with Fidelity and not sure if I should get this account (CMA) as well. I only wants to get it because I thought it has divide yield of some kind so I can at lease have my money working while sitting there and get some kind of divide back, looks like this account don't offer divide. BUT one upside for me is, it will be easier to transfer the money to my ROTH IRA without have to waiting 2-3 days.

[TheQwaggs]

Thx for the vid. It was either Fidelity or Capital One. This made my mind up

[slmunney]

Thanks for the informative video. I'm thinking of cutting ties with my local bank and using Fidelity Cash Management exclusively. Just curious if you maintain one or more accounts with a traditional brick and mortar bank or if now relay on Fidelity cash management exclusively. Again, thanks for posting.

[lynndurrant]

100%. Super convenient for transferring back and forth to brokerage account.

[Dakotaden]

Guess you were wrong about the savings accounts coming back :) Nice review though. Enjoyed it 👍

[reynansumalinog]

Roberto Aragon and Kath Reyes is work in Fidelity

[carlosgarcia]

I opened an account and got $150, for depositing $ 50. I have never had a negative experience with them. I love Fidelity.

[Shepx]

Great Video. Since Fidelity is not a "bank" when you use a Cash Management Account do you have to invest the money? Or does it simply accrue modest interest with no risk and ability to take out your money at any time?

[greeneking]

So can you actually invest by just getting the Cash Management Account or do you need The Fidelity Account? The fine print states " The Fidelity Cash Management Account is a brokerage account designed for investing, spending and cash management. Investing excludes options and margin trading. For a more traditional brokerage account consider the Fidelity Account." I'm just a beginner so if that is the case, having just the Cash M. account seems best unless there are more fees or something by doing investing through the Cash Account?

[realJohnJohn]

can you compare with m1 "checking" ?

[kaym]

The 1% foreign transaction fee…does that apply to cash withdrawals or direct purchase with the card or both when you are overseas? If it applies to cash withdrawals then that sucks. I would rather go with Schwab.

[WLDWESLEY]

im currently stuffing Cd's into my cma. When interest pops in to it i can distribute money to charity, investment, and keep the rest in for spending. im in a hyper savings mode.

[packheavy]

So I can deposit money from an external bank to the cash management account? So if I made it physical cash, I can deposit it in my bank then transfer it correct?