Fidelity high yield savings account interest rate

SECURE AND ACCESSIBLE SAVINGS

Enjoy a risk-free, stress-free way to save your money and watch it grow with a money market account. From establishing an emergency fund to saving up for a major purchase, a flexible MMA will help you fund your future without restricting access to your money.

In addition to a competitive interest rates, money market accounts offer:

• The flexibility to write unlimited checks
• The security of FDIC insurance coverage
• Easy access to funds through ATMs and Interactive Banking Machines

Choose the money market account that is right for you:

Personal Money Market 

With a $2,500 minimum opening account balance and competitive interest rate, it is easy to start growing your savings with the Personal Money Market Account. Note: A $10 monthly fee is assessed if your balance falls below $2,500.

Open a Personal Money Market account online in minutes.

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Superior Money Market

With a Superior Money Market account, as your savings grow, so does your interest rate. This account offers three rate tiers and can be opened with a minimum deposit of $10,000. Note: A $10 monthly fee is assessed if your balance falls below $10,000

Open a Superior Money Market account online in minutes.

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The Fidelity Cash Management account is technically a brokerage account, which means it’s not a bank account and doesn’t have the same regulations that a bank would have. The FDIC insurance that Fidelity offers comes from the partner banks that Fidelity works with. As is the case with most cash management accounts, Fidelity “sweeps” its customers’ deposits into these banks and the deposits are given FDIC insurance by extension.

Best for: Those looking for a free cash account that earns a little interest to go alongside a Fidelity brokerage account.

Read on for more information about Fidelity’s cash management account features and customer experience.

» Want to check out other cash management accounts? See NerdWallet's list of the Best CMAs

Checking and savings features

4.0/5.0

The Cash Management Account is not technically a checking account, but it operates similarly to one in that it offers a debit card, check-writing and Federal Deposit Insurance Corp. protection through Fidelity’s partner banks.

Upsides

Great ATM access. Account holders can access cash at more than 1 million ATMs worldwide.

ATM fee reimbursements. Fidelity reimburses ATM fees charged by other institutions nationwide (note that for transactions outside of the country, a 1% foreign transaction fee still applies).

No monthly fees. This account has no monthly fees or minimum balance requirements.

Fidelity doesn’t charge overdraft or continuous negative balance fees. Transactions will either be covered from a backup source, such as a Fidelity brokerage or margin account, or rejected.

Downsides

Overdraft transfers need to be funded from a separate Fidelity account. These accounts include a Fidelity brokerage account or a Fidelity margin account.

Low interest rate. The account earns just 1.58% APY for balances under $100,000. Other banks with interest-bearing checking accounts offer higher APYs.

Customer experience

4.5/5.0

Upsides

Strong remote customer service options. Teller support is available 24/7, and Fidelity’s Twitter page is active and responsive. Fidelity also has customer support available on Reddit. Chatbot support is available on the website.

High app store ratings. Both Apple and Google Play users rate the Fidelity app highly.

Mobile check deposit. Customers can deposit checks into their cash management account through the Fidelity mobile app.

A downside

Branch support is hard to come by. There are only about 200 financial planning offices scattered across the country.

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