An alternative to traditional banking that can pay you more

Common questions

• May I open a Fidelity^® Cash Management Account if I already have a Fidelity brokerage account?

  The Fidelity^® Cash Management Account is intended to complement, not replace, your existing brokerage account. It lets you separate your spending activity from your investment activity.

• What spending and money movement features are included?
  • Free mobile check deposit and mobile Bill Pay, via the Fidelity mobile app
  • No annual fee debit/ATM card with ATM fee reimbursements³
  • Free online Bill Pay
  • Free checkwriting
  • Free online transfers between your Fidelity accounts and bank accounts
• Is the Fidelity^® Cash Management Account eligible for FDIC insurance coverage, and how does it work?

  If elected, the cash balances in the Fidelity^® Cash Management Account are swept into an FDIC-Insured interest bearing account at one or more program banks and, under certain circumstances, a money market mutual fund (the "Money Market Overflow"). Deposits swept into the program bank(s) are eligible for FDIC Insurance, subject to FDIC insurance coverage limits. Balances that are swept to the Money Market Overflow are not eligible for FDIC insurance but are eligible for SIPC coverage under SIPC rules (referenced below). Fidelity automatically performs all transfers between the program banks and your account. You cannot access your funds directly from a program bank. Please refer to the following for additional information:

  • Fidelity^® Cash Management Account FDIC-Insured Deposit Sweep Program Disclosure document (PDF) for complete explanation and disclosures on the Deposit Sweep Program
  • List of Program Banks
  • www.fdic.gov for additional information on FDIC insurance coverage limits
• Is the Fidelity Cash Management Account a bank account?

  The Fidelity Cash Management Account is not a bank account. It is a brokerage account that allows you to spend, save, and invest. The account offers competitive rates as well as spending and money movement features including a free debit card, checkwriting, Bill Pay, and more.

• What's the difference between a money market mutual fund and an FDIC sweep option?

  A money market mutual fund is a type of mutual fund that invests in debt securities characterized by their short maturities and minimal credit risk. Money market mutual funds are among the lowest-volatility types of investments.

  However, a money market fund is not a bank account and an investment in it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

  The FDIC-insured Deposit Sweep program option sweeps your uninvested cash into an FDIC-insured interest-bearing account at one or more program banks. Deposits swept into the program bank(s) are eligible for FDIC insurance, subject to FDIC insurance coverage limits, and amounts over FDIC coverage limits may be swept to a money market fund.

• Is the cash in the Fidelity Government Money Market Fund protected?

  The Fidelity Government Money Market Fund is not covered by FDIC insurance and therefore subject to market risk. However, as a security in your account, the fund is covered by Securities Investor Protection Corporation (SIPC). SIPC is a nonprofit organization that protects stocks, bonds, and other securities in case a brokerage firm goes bankrupt and assets are missing. The SIPC will cover up to $500,000 in securities, including a $250,000 limit for cash held in a brokerage account such as the Fidelity Cash Management Account. To learn more, visit https://www.fidelity.com/why-fidelity/safeguarding-your-accounts.