Maximizing Bank Bonuses with the Fidelity Cash Management Account

A Great Account to Start Your Bank Bonus Journey

• Bank bonuses can be a lucrative way to earn extra money by simply opening new checking or savings accounts and meeting certain requirements. One common requirement is setting up direct deposits.
• The Fidelity Cash Management Account is a versatile tool to help you meet these requirements with ease.

Why Choose the Fidelity Cash Management Account?

• No Fees and Easy Setup:

  • The Fidelity Cash Management Account is free to open and maintain. There are no monthly fees or minimum balance requirements, making it accessible for everyone.
  • The account setup process is straightforward, allowing you to get started quickly without any hassle.

• Triggering Direct Deposits:

  • This account can be used to meet direct deposit requirements for many bank bonuses. Fidelity makes it easy to set up and manage transfers, ensuring you can qualify for bonuses with little effort.
  • You can set up direct deposits from your employer, government benefits, or even transfer funds from another bank account into Fidelity.

• Easy EFT’s (Transfers):

  • One of the standout features of the Fidelity Cash Management Account is the ability to transfer funds to another person’s bank account without any issues. This is particularly useful if you need to move money around to meet different bank requirements for other players in your group. 
  • Unlike some banks that restrict transfers to accounts not owned by you, Fidelity allows these transfers, providing greater flexibility.  

• ATM Fee Reimbursement:

  • Fidelity reimburses all ATM fees, both domestic and international. This means you can access your money from any ATM without worrying about extra costs.
  • This feature is especially beneficial if you travel frequently or live in an area with limited access to your bank’s ATMs.

• Competitive Interest Rates:

  • The Fidelity Cash Management Account offers modest interest rates, which can help your money grow some while you use it to trigger bank bonuses.
  • Even though the primary goal is to meet bonus requirements, earning interest on your balance is a nice added benefit.

• FDIC Insurance:

  • The account offers FDIC insurance, providing peace of mind for your money.
  • This high level of insurance coverage ensures that your funds are protected, making it a safe place to keep your money.

How to Use the Fidelity Cash Management Account for Bank Bonuses:

• Transferring Funds:

  • To transfer funds to another bank account, log into your Fidelity account and go to the transfer section. Enter the recipient’s bank details and the amount you wish to transfer.
  • This process is straightforward and can be done online or through the Fidelity mobile app.
  • It should be noted you cannot immediately link someone else’s account in Fidelity. Fidelity will verify the details which usually takes a few days and will send a notification once complete.
  • Generally, once you initiate a transfer from Fidelity, the funds are usually available in the receiving account within a few days. (I’ve actually had funds available within a few hours in some accounts.)
  • An important note- you should always push funds FROM Fidelity to the receiving bank and push funds INTO Fidelity from the funding bank. Pulling from the receiving account can take a lot longer and will not trigger the direct deposit, and pulling funds into Fidelity can take weeks to become available.

• Tip For Tracking Bonuses:

  • Keep a spreadsheet or use a financial app to track different bank bonuses and their requirements. Note the dates when you need to meet direct deposit requirements and any other conditions.
  • Regularly check your accounts to ensure you are meeting the requirements and receiving the bonuses.

Fidelity CMA- A Must Have Account

• The Fidelity Cash Management Account is one of the best tools for maximizing bank bonuses. Its no-fee structure, ease of use, and flexible features make it an excellent choice for anyone looking to take advantage of bank promotions.
• New people to the bank bonus hobby should consider adding this account to your financial strategy to make the most of the bonuses available and grow your earnings easily.