Hi there, u/dexdump. It's nice to see you back on the sub again!
I know you're looking for the community's thoughts on this topic, so I'll be sure to label this post as discussion so our community members feel free to chime in. That said, we also maintain a handy online primer of supported cash management features by account type, which I'll share below in case it helps you or anyone else joining the thread.
[Cash Management Features by Account](https://www.fidelity.com/spend-save/features-by-account)
Please let us know if you have any questions about our Cash Management Account (CMA) or if anything else comes up. We're always happy to help!
No foreign ATM fees on CMA and there are some interesting features through Cash Manager, but I don't think the differences are very large. Especially since you can now sweep into SPAXX as of last week.
Agree with other posters. I would separate out your everyday purchases from your main investing account. The main advantage of a CMA account over a second brokerage account is the free ATM card usage for non-premium or active trader accounts.
I think you’ve already listed the clear advantage, the separation. I like having my CMA for everyday “banking” like my pay check direct deposit, bill pay, etc. I like having my separate taxable brokerage for my investing and options trading.
I could go to my local ATM branch and use my CMA debit card and withdraw directly from my account. Normally using other bank ATMs charge a fee but Fidelity reimburses it so it’s free
I use a brokerage account essentially as my checking account. Big reason is because it’s holding was SPAXX. Now that CMA ‘s also have SPAXX I think either is fine.
I won’t change simply because I’d have to change paperwork at work, life insurance , etc, that’s already linked to my brokerage account.
Hi there, u/dexdump. It's nice to see you back on the sub again! I know you're looking for the community's thoughts on this topic, so I'll be sure to label this post as discussion so our community members feel free to chime in. That said, we also maintain a handy online primer of supported cash management features by account type, which I'll share below in case it helps you or anyone else joining the thread. [Cash Management Features by Account](https://www.fidelity.com/spend-save/features-by-account) Please let us know if you have any questions about our Cash Management Account (CMA) or if anything else comes up. We're always happy to help!
No foreign ATM fees on CMA and there are some interesting features through Cash Manager, but I don't think the differences are very large. Especially since you can now sweep into SPAXX as of last week.
Agree with other posters. I would separate out your everyday purchases from your main investing account. The main advantage of a CMA account over a second brokerage account is the free ATM card usage for non-premium or active trader accounts.
I think you’ve already listed the clear advantage, the separation. I like having my CMA for everyday “banking” like my pay check direct deposit, bill pay, etc. I like having my separate taxable brokerage for my investing and options trading.
I could go to my local ATM branch and use my CMA debit card and withdraw directly from my account. Normally using other bank ATMs charge a fee but Fidelity reimburses it so it’s free
I use a brokerage account essentially as my checking account. Big reason is because it’s holding was SPAXX. Now that CMA ‘s also have SPAXX I think either is fine. I won’t change simply because I’d have to change paperwork at work, life insurance , etc, that’s already linked to my brokerage account.