The Fidelity Cash Management Account (CMA) is a brokerage account that functions as a checking account — with $0 fees, a Visa debit card, check writing, Zelle, bill pay, and unlimited worldwide ATM fee reimbursement. For Fidelity brokerage customers, it eliminates the need for a separate bank account. Routing number: 101205681.
Key facts: $0 fee, no minimum, unlimited global ATM reimbursement, up to $5M FDIC coverage, routing number 101205681.
What the Fidelity CMA Offers
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Minimum balance | $0 |
| Debit card | Fidelity Visa Debit Card |
| ATM reimbursement | Unlimited worldwide |
| Foreign transaction fee | $0 |
| Check writing | Yes (free checkbooks) |
| Bill pay | Yes (online + app) |
| Zelle | Yes |
| Direct deposit | Yes (routing: 101205681) |
| FDIC coverage | Up to $5 million |
| Overdraft | No fee; transactions declined |
Opening a Fidelity CMA
- Log in to fidelity.com or the Fidelity app → Open an Account → Cash Management Account
- If you don’t have a Fidelity account, create one (takes 5–10 minutes)
- Provide SSN, address, date of birth
- Fund with ACH, check, or wire ($0 minimum)
- Debit card arrives within 7–10 business days
- Set up direct deposit using routing 101205681 and your account number
Cash Sweep: How Your Money Earns Interest
Uninvested cash in the CMA earns interest through automatic sweeps:
Default (FDIC-sweep): Cash moves nightly into Fidelity’s network of program banks, earning ~2.72% APY with FDIC insurance up to $5 million.
SPAXX election: You can elect to hold cash in SPAXX (Fidelity Government Money Market Fund) at ~4.97% yield. SPAXX is not FDIC insured but invests in US government securities and high-quality money markets.
To change: In Fidelity → Accounts & Trade → Account Features → Core Position → Select SPAXX.
ATM Access
- Use any ATM globally — Fidelity has no proprietary ATM network
- The ATM charges a surcharge; Fidelity reimburses it within 1–2 business days
- No monthly cap on reimbursements
- No foreign transaction fee on the Visa debit card
Zelle Integration
Fidelity CMA supports Zelle for instant person-to-person payments. Enroll in the Fidelity app under the Transfers section using your phone number or email. Standard Zelle limits apply (typically $500/day for new users; higher limits for established accounts).
Check Writing
Free checkbooks are available on request. Checks are processed through the normal banking system using routing number 101205681. Funds are drawn from your CMA balance (sweep position). Stop payment requests are processed online or by calling Fidelity.
Fidelity CMA vs. Schwab Checking
| Feature | Fidelity CMA | Schwab HYIC |
|---|---|---|
| Monthly fee | $0 | $0 |
| ATM reimbursement | Unlimited worldwide | Unlimited worldwide |
| Foreign transaction fee | $0 | $0 |
| Default cash rate | ~2.72% (FDIC sweep) | 0.45% APY |
| Money market option | SPAXX (~4.97%) | SWVXX (~4.97%) |
| FDIC coverage | Up to $5M | $250,000 |
| Check writing | Yes (free) | Yes (free) |
Both are excellent for travelers. Fidelity wins on FDIC coverage and outgoing wire fees ($0 at Fidelity vs. $25 at Schwab).
See also: Fidelity Banking review | Fidelity savings account | Fidelity ATM limit | Fidelity vs. Schwab
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy