I’ve been having brokerage accounts with Fidelity. Fidelity has an account called CMA (Cash Management Account) that can do everything like a normal bank but the money is put in a money market called SPAXX that pays dividend 3.6% but pay monthly and compound it. It also let you to trade the stock market. The only thing it doesn’t provide is physical checks to write. These days I pay everything online, so this won’t be a problem for me. Here’s what the CMA can do that I know of since I’ve had one opened this year.
- SPAXX pays this month .003% for the cash I have in it.
- It refunded $4.99 ATM charge from an ATM in the casino I went to.
- I can set up to pay all the bills online.
- I do have a debit card to withdraw money from any ATM in CA or charge for any purchase (but I don’t use it for paying purchases).
- There’s NO minimum balance requirement for being charged monthly service fee.
- I can buy and sell stocks and ETF, even the leveraged ETF too.
I’m very happy with CMA and going to transfer all my normal bank accounts to it.
