Fidelity offers an alternative to traditional checking accounts

Photo: -JvL-

Fidelity's Cash Management Account offers a no-cost alternative to expensive big-bank checking accounts.

It has no monthly fee, no minimum balance requirement and no pesky “gotchas” like requiring a monthly direct deposit.

Checks are free, and there are no fees to use your debit card or pay your bills online.

Here are three more things I like about the account besides it's zero-cost features.

1. Fidelity’s cash management feature helps you maintain just the right amount of money in your checking account so that you’re neither in danger of not covering your bills nor letting excess cash sit idle when it could be earning more in an investment account.

2. If you invest with Fidelity, having your brokerage account and your checking account all in one place gives you added convenience. Personally, I've had nothing but excellent experiences with Fidelity and have no qualms about recommending them.

3. The account will automatically help you avoid overdraft fees and bounced payments.

The only thing this account could do better is to offer a higher interest rate.

Get the full details on Fidelity's Cash Management Account in my article, Fidelity offers an alternative to traditional checking accounts.

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