Why I LEFT My Bank For The Fidelity Cash Management Account

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Information Why I LEFT My Bank For The Fidelity Cash Management Account

Title	:	Why I LEFT My Bank For The Fidelity Cash Management Account
Lasting	:	9.11
Date of publication	:
Views	:	300 rb

Yes, I agree with this
Comment from : @josephb2016

Can I use this account with a foreign address?
Comment from : @WhattheBeep-1iq

That's not a bank, there is not secure in there
Comment from : @HeydaCarreras

Does your High yield savings account also charge a 4 expense ratio? That is pretty high Do a breakdown of how much that will cost with 100k in it for 20years A: $16,254 , with a 4 interest rate Doesn’t mean it’s a bust but something to consider
Comment from : @eddiedelisio

Fantastic Video Thank You 🤙🏼👏🏼🤙🏼
Comment from : @Ottospfx

Nice work ❤❤❤❤
Comment from : @christopherpatrick6012

How long have you been using the cash management account
Comment from : @kkezir

Does the fidelity bank offer checks?
Comment from : @uclassc

Also get the Fidelity credit card ,cash back goes to a (brokerage) or other account
Comment from : @desi-nu8et

Does the ATM card work in China?
Comment from : @mytube2013

Excellent discussion! I’m convinced
Comment from : @lymedoc9620

There's no fee but it still has a per centage charge 😢
Comment from : @delindahess-sump4388

How is this different than a HYSA? Just curious
Comment from : @vrushalidk

what about if the card is stolen? can you stop the card from being used by locking it like you can a chase debt card?
Comment from : @Medical_Medic

Great video, very educational
Comment from : @GordonBrian-g4m

Thank you for the info There are people who make enough money to have some savings that still don't use this strategy I learn more every time I hear it Is there a link for your video about the sim card fraud? I would like to hear that info
Comment from : @stanleydrew8126

SPAXX 342, need something pays more
Comment from : @sangkang6294

I’ll stick with a traditional brick and mortar bank
Comment from : @MesotheliomaMike

39 is not that good
Comment from : @Bob-cd5pp

SPAXX has Expense042 And SGOV has 008 much less
Comment from : @tcdestiny37

That's good that it has traditional banking numbers for direct deposit I'm assuming these can also be used for automatic payments like credit cards and student loans?
Comment from : @comfypenguin1511

Great video! The info was very helpful
Comment from : @fattennA

SPAXX has fees BARCLAYS highyield savings offers OVER 3 with no fees and is very secure
Comment from : @dtarver

How much does Fidelity compensate you for this commercial?
Comment from : @rbernzdiesel

Sounds to me one needs a lot of money for this to work ?
Comment from : @EddieSkinner-k2n

You’re so of full shit with your disclaimer
Comment from : @LuckyNikitaBoba

I can't figure out how to transfer my savings from my bank to fidelity🤦🏻
Comment from : @DePalma

Great video! The info was very helpful
Comment from : @kermicgreen3370

I already have a robinhood gold account, and plan on opening a Open Bank account through Santder for my HYSA As they're currently offering 420 APY Would this account be better for my current situation?
Comment from : @ryantuite4586

I have a weird question! 🙋‍♂️ should you invest in the cash management account if you also have a brokerage account? With fidelity
Comment from : @Loneace85

I have the following accounts please advise what is best for me:br1 Chase amazon prime visa my only credit card Plan to close it no more cash back 1 up to 7 amazon purchases Chase tries to convince me keep itbrbr2 Chase total checking account Plan to close it Chase tries to convince me keep itbr3 Charles schwab brokerage account for all my checking needs, atm debit cash cash needs -> fidelity brokerage accountbr4 Charles schwab Rollover IRA -> fidelity active 403b accountbr5 fidelty active 403b account keep it as it is brbrCharles schwab brokerage account money market 38560000, CD 1-3 months 3925000, bank canada corporate bond 4 20 months 50000, 10000 shares Ford, 5000 shares ATT, 1000 shares MAA, consider buying pfe, vz, pypl, wu, nxrt, v limit orders not hit yetbrbrNo debt of any kind no mortgage no student loan no car loan no credit card debt credit score 800 but plan to close only credit card chase amazon visa soon
Comment from : @LinhVu-jt5di

I have read that Fidelity funds have Ukraine Bonds You Know that Ukraine is never going to pay these bonds back I can't find anyone that can tell me what funds have these worthless bonds Can you tell me or can you made a YT video on this???
Comment from : @davidmckinney7511

Is there a limit of how many times per month you can take money out? I was thinking of putting 2 years of living expenses in there and taking out some money every month if there is no penalty with it Keeping 2 years of living expenses in a regular savings makes no sense
Comment from : @DiFinni

US BANK IS THE BIGGEST CHEATER DON'T BANK WITH brTHEM
Comment from : @Shirley-m9h2h

100 best move you can make , its been a game changer for me wirh 3 separate money management accounts allocated to different purposes
Comment from : @CARTJAR3

Capital one has 4 CD rate for 1 year, Citi bank - 35-38 depending on the principal Both - FDIC insured So, for now there is no reason for me to go and open a money market account with Fidelity But when it comes to stock and bond related investment activities - Fidelity is really good
Comment from : @oleglaptenko514

Some money market funds have broken the buck in the past, so you have to be careful Though vanguard and fidelity ones have not so far
Comment from : @joelew4974

My navy federal debit card refunds me for all atm withdrawals, including atms out of the country
Comment from : @chrisreaves6399

Lord bless
Comment from : @tomasnunez8518

great stuff man!
Comment from : @PrinceGeorge-d1k

I have a question me and my fiancé we’re looking to open a joint account because we are also saving up for a wedding Will we be able to do a dual account within our names?
Comment from : @YvonneShowers-w3y1q

You're comparing an FDIC institution to a mutual fund Shame on you
Comment from : @Pez-l5v

Good info thank you
Comment from : @nccrchurchunusual

You lost me as soon as you touted the 389 percent I do better than that in my "regular" bank
Comment from : @W8ASA

So is this your primary checking account? I was thinking of switching so my deposits earn interest But this feels more like an investment and savings tool ?brbrWould rent/mortgage withdrawals and bills be sufficient for this or do you recommend standard banks for that?
Comment from : @dighead

I use FDLXX to avoid state income tax :)
Comment from : @jebbush2527

Is there a minimum requirement?
Comment from : @karenohen5051

Thanks for sharing, it’s an eye opener!!
Comment from : @carlosgutierrez5500

Is Fidelity a bank? 🤔
Comment from : @jimmydroid7838

Excellent video, concise and informative Quick question though, I am seeing SPAXX has a 042 expense ratio So on 11/1 with a 407 1-year yield the actual return you receive is 365 (1-year yield less expense ratio) So in my eyes, the savings account that yields 38 is actually more advantageous Let me know if I am thinking about this incorrectly though
Comment from : @Hulotk

Is the Fidelity ATM card also a debit card?
Comment from : @pamanderson1417

I keep some cash in my Chase account for immediate access or to draw from when needed This is all stuff that should be taught in schools A cash management account (spaxx) on fidelity is earing roughly 37 percent
Comment from : @wrsawy

Do I have to pick the sticks myself? Is there a fee for withdraw
Comment from : @Phaze114x

Not able to connect with YNAB is a deal breaker… don’t want to be punching numbers manually Bummer
Comment from : @Goduja

Money market funds due drop 2022 and 2008 They dropped substantially
Comment from : @chicagomike

I might do this Does fidelity have a credit card?
Comment from : @Teech_

does fidelity's debt card have an apy? also is fidelity the same as the charles schwab debit card with the atm fees worldwide??
Comment from : @OJthetrainer

Have you looked at brokerage accounts instead of fidelity that do the same or similar?
Comment from : @anthonyraymiller

Because of sponsorship
Comment from : @YewTo0b

GREAT INFO! (Tidbit toward the end… it’s called Plaid as in “plad” not “played” Cue is their actual logo being said design as the name suggests… like a plaid blazer or pants etc 😏
Comment from : @michelleuae

I personally use Schwab though they don't have a great interest back, but also have the ATM reimbursement I set up a Fidelity account for my wife a few years ago and i keep all of our excess cash in her cash management account I also manage her IRAs and brokerage through Fidelity It's a great platform with great automation tools and really like the 2 cash back Fidelity Visa The only thing missing with Fidelity is Zelle which i use fairly regularly with Schwab
Comment from : @nicksmith8141

Can you compare allys saving acct vs this
Comment from : @mohammedullah6300

Awesome breakdown! Thanks! So Fidelity CMA is kind of a hybrid between a checking account and a high-yield savings account I currently have Charles Schwab for checking and Marcus GS for my High Yield savings I hope there's a way to deposit cash to CMA as well so I don't have to keep multiple accounts
Comment from : @wendelltm

Do you need to use spaxx or you can use a different treasury fund in the cash management account?
Comment from : @IvyGreen1966

My retirement account is through fidelity so I thought I'd give their cash management account a try When I tried to mobile deposit a check it said it will take 3 weeks for the money to be available I didn't need the money so it wasn't a big deal to me but I would be furious if I did need it
Comment from : @Mediiiicc

Great video One question: Since this is technically a brokerage account, I'm thinking about tax liability Trying to compare how much the advantage of a higher spaxx yield would be offset by tax liability when compared to a traditional savings account In other words, if I deposited 5k in a cash management account and it earned 1k of interest, could i withdraw all 6k at any time with no tax penalty, and/or would I have to claim the 1k in interest as income?
Comment from : @kevinmorris6984

How much do I need to deposit into this account to receive a Debit Card 💳??
Comment from : @DJExtrodinare9495

I recently moved my IRA and Roth IRA out of Merrill and into Fidelity Merrill does not offer a HYS for cash in reserve nor do they provide fractional investing They are behind the times
Comment from : @CSB3747

I've been debating on opening another fidelity account for banking purposes After watching this, I'm sold I'm going to open one Monday Awesome video
Comment from : @TheCrystella26

😍😍😍😍😍
Comment from : @ssoundar4808

I made the move 5 years ago!
Comment from : @StalledAbyss839

Can you talk about the Fidelity Visa card and its benifits? How it can be used along with cash management account and transfer rewards to your Roth IRA
Comment from : @yofluff99

So I can use this for direct deposit ?
Comment from : @tren714

I dumped Wellsfargo bank today, they Charge me more thank 900 for keeping with them That is crazy
Comment from : @Iamangelca14

What about transferring out money? It takes long right? And there’s no zelle? Would you use this for all your sinking funds and emergency fund?
Comment from : @lovealwaysjasmine

Wish I could auto-invest the dividends of SPAXX into stocks
Comment from : @piggy8435

How do you feel about SPAXX vs FZDXX?
Comment from : @piggy8435

What are your thoughts on the fidelity rewards visa?
Comment from : @kyleerway5685

Thanks for the info
Comment from : @ElchamoTrading

I am planning on switching, But ATM refunds fee do nothing for me I haven’t used an ATM in years But also USAA also refunds everything
Comment from : @NiteOwlVibes

Just put it in SGOV also
Comment from : @absolutrudy

Bro, are you drying your shoes in the background or what? What the hell is rolling around back there?😂
Comment from : @Rick210Texans

Thousands of dollars in ATM fees?!? 🤣🤣🤣🤣🤣🤣🤣🤣🤣
Comment from : @therealking6202

AWESOME
Comment from : @ginajohnsonu6116

Is that a chair or table with one leg shorter than the other making that noise in this video? Great video though, I have the same setup for the same reason you covered everything very well
Comment from : @thoselog

Great video! I also switched from my bank to Fidelity cash management During the pandemic, I was called up for stateside military duty and no branches were available I had to withdraw cash because local laundromats and other places still wanted hard currency To avoid a case of future fees, a CMA made finance easier
Comment from : @Artificer101-g8w