Fidelity Cash Management Account review

Fidelity Cash Management Account ranks first for this angle because it pairs a money market yield with the fullest set of check and card features on the list. Fidelity posted a 3.56% 7-day yield for SPAXX, the Fidelity Government Money Market Fund, as of Nov-10-2026, and the account has no monthly fees or minimums to open. It includes complimentary checkwriting, bill pay, mobile check deposit and a debit card that works with digital wallets, plus unlimited global ATM fee reimbursements and no foreign debit transaction fees. The trade-off is the type of protection. This is a brokerage account, not a bank account: cash can be swept into an FDIC-insured account at program banks, but SPAXX itself is not covered by FDIC insurance. Savers who want every dollar in a bank deposit should look at Sallie Mae or Ally. Savers who already invest at Fidelity get checks, card access and a fund yield without opening a second account at a bank.

Who it is for

savers who want checks, a debit card and a money market fund yield in one account

Price

$0 monthly fees and no minimum to open; SPAXX 7-day yield 3.56% as of Nov-10-2026.

you can now earn 3.56% on your cash with the Fidelity® Cash Management Account (7-day yield for SPAXX, as of Nov-10-2026; yield may vary)
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Cash can earn the 7-day yield of SPAXX, 3.56% as of Nov-10-2026
• Complimentary checkwriting and bill pay
• Debit card compatible with digital wallets
• Unlimited global ATM fee reimbursements
• No monthly fees or minimums to open

Strengths and weaknesses

• Strength: The only account here with checks, a debit card and unlimited global ATM reimbursements
• Strength: No foreign debit transaction fees
• Strength: Cash can sit in an FDIC-insured deposit sweep or in SPAXX
• Weakness: SPAXX is a mutual fund and is not covered by FDIC insurance
• Weakness: It is a brokerage account, not a bank money market account
• Weakness: The posted figure is a 7-day yield that changes daily

Key facts

• Yield: 3.56% SPAXX 7-day yield, Nov-10-2026
• Monthly fee: $0
• Checks: Complimentary checkwriting
• Insurance: FDIC via program banks for the sweep; SPAXX is not FDIC insured

Where it ranks

Fidelity Cash Management Account is No. 1 in our Best Money Market Accounts verdict.