If you keep a lot of cash in your zero interest or pitiful interest bearing checking account, then this product from Fidelity is for you.
Some really great features -
- 3.0% APY interest
- Zero minimum balance
- Unlimited check writing with free check books
- Free ATM card with unlimited ATM fee refunds
- FDIC insured upto the usual $100k limit
- Works as a brokerage account as well, so you can buy higher yielding mutual funds (I prefer FSLXX)
So, what's the catch? The only catch is that this is an online only account. So if you have physical checks to deposit, you need a account at a local bank. However, once you deposit the checks, you can always move them to the Fidelity account via ACH transfer (which is how I have set it up linking it to my Bank of America zero balance checking account).
More info at Fidelity's website.
1 comment:
I just opened this account today, so while I haven't tried this out, it's my understanding that Fidelity gives you prepaid envelopes and deposit slips for no charge to deposit checks.
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