Getting a Fidelity Debit Card with a checking account makes sense if you already have a Fidelity investing account and/or Fidelity Credit Card and really enjoy it. After all, combining financial services under a single financial institution might make your life so much easier.
What are the benefits of a Fidelity Debit Card?
This is a Visa debit card with chip for enhanced security protection and contactless feature, that allows you to pay with a tap.
You’ll receive the debit card in mail withing a couple of weeks after account opening. Before you can use it the card should be activated. Here is how to activate the card.
Fidelity cash management account is a high yield checking account that pays 1.19% APY on your balance. It is one of the highest interest paid by checking accounts. Other high yield checking accounts usually pay only 0.1%.
In addition to the high interest on your balance Fidelity offers $100 signup bonus. All you have to do is open new account using promo code Fidelity100 and deposit $50. Why am I so sure? I just got my bonus!
You can receive your salary or any other payments to your Fidelity checking account. It has account and routing numbers that your employer can use to send you a paycheck.
Keep in mind that Fidelity Debit Card has a foreign transaction fee of 1%. So it is not a good idea to take the debit card on a trip.
The debit card account has some limits.
| Limit | Amount |
|---|---|
| Daily purchase | $10,000 |
| Cash advance | $2,500 |
| Cash transfer | $2,500 |
Debit cards are also known as ATM cards because they allow you to withdraw cash from ATMs.
At what ATMs can you use your Fidelity ATM Card?
You can use any ATM in the world that has the Visa, Plus, or Star logo. Fidelity Cash Management Account reimburses all ATM fees, which is my favorite feature.
Other banks’ debit cards, such as Bank of America, Chase, and Wells Fargo, allow you to use only ATMs in their network. You will be charged an ATM fee at all other ATMs. A $3 fee is quite common.
What is the Fidelity ATM withdrawal limit?
You can withdraw up to $520 with up to 6 transactions. The withdrawal limit is close to industry average.
Can I overdraft my Fidelity account?
Yes. You can turn on overdraft protection so that as soon as your balance dips below $0 Fidelity can automatically transfer funds to Cash Management account. For this you need special Fidelity funding account. Usually it is a brokerage account.
Can I pay bills from a Fidelity Checking?
Yes, you can use the Fidelity checking account to pay bills and even send paper checks. Fidelity will issue a paper check in your name. There is no need for an envelope, stamps, or address writing.
All you have to do is add Payee and then bank should handle it on their own.
Does Fidelity Debit Card have any other benefits?
Extended warranty services for the first 90 days after purchase. I think this benefit is not very useful. Majority of retail stores in the US will accept your return without any questions anyway.
Travel and emergency assistance is a nice thing, but a very common one. Almost all Visa cards offer it by default.
Travel Accident Insurance is also widespread among good credit cards. For a debit card this perk is rather unusual.
Auto rental collision damage waiver can save you some money when you rent a car. It is also very common benefit.
Keeping in mind all these benefits, I would strongly recommend not using your debit card for any kind of purchases. Since merchants and service providers often put a hold on funds in your card you may find that significant part of your account balance is frozen.
Other than that, Fidelity Cash Management has no minimum balance, no account fees and has FDIC insurance up to one million dollars of your balance.
When you transfer money to Fidelity Brokerage account it takes time for cash to settle.