Fidelity: one stop shop

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 contains a summary of Bogleheads forum topic "Fidelity as a one stop shop", which provides details about using Fidelity for all banking and investment needs. This is not an endorsement of any product or provider. Fidelity Investments is the marketing name for FMR LLC, a giant Boston-based investment management company and financial supermarket.

529 account

 * Fidelity manages 529 plans for several states and offers a national one called The UNIQUE College Investing Plan which achieved a 2021 Morningstar Bronze 529 Rating.

Brokerage

 * The Fidelity Account®
 * The Fidelity Account® for Businesses
 * Fidelity Youth Account

Cash Management Account
The Fidelity Cash Management Account (CMA) is an alternative to a traditional checking account allowing you to separate your spending and investing. It has several features:
 * ATM card with no worldwide ATM fees;
 * A 1% foreign transaction fee exists for debit card purchases in non-US dollar transactions.
 * Check writing;
 * Bill pay;
 * Check deposit using mobile app.
 * FDIC Deposit Sweep Program with up to $5 million in FDIC coverage and Money Market Mutual Fund Overflow.
 * If your cash balances are above the maximum deposit limit, any excess will be placed in Class S of the Fidelity Government Money Market Fund. This will be debited first.
 * Note, please review the Program Bank List used for your Fidelity CMA. If you already have deposits at any of those banks, it will affect your total FDIC eligibility.

Credit card

 * Fidelity offers The Fidelity® Rewards Visa Signature® Card which gives 2% cashback on all purchases and has no foreign transaction fee as of 8/21/23. While it is administered by Elan Financial, a subsidiary of US Bank, you can access the credit card through the Fidelity website.

Donor Advised Fund

 * Fidelity Giving Account which has a tiered fee schedule of 0.6% or $100 for the first $500k.

Health Savings Account

 * Fidelity began offering Health Savings Accounts in 2018. It has no annual fees, offers bill pay, a debit card, and the ability to invest.
 * As of 2021, some consider it one of the top HSAs available on the market.

UGMA/UTMA

 * Fidelity offers a UGMA/UTMA custodial account. Notably, any assets in a UGMA/UTMA will factor into financial aid eligibility.

Suggested account usages
Harry Sit (The Finance Buff) has outlined his method to use Fidelity as your primary checking account in his article: 3 Ways to Use Fidelity as a Checking or Savings Account

Forum member Bdfe9 has provided several ways to setup your Fidelity One Stop Shop accounts.

Forum member Yogesh has provided several ways to setup your Fidelity One Stop Shop accounts.

Brokerage account only

 * ATM card but no free ATM fees. Exception: Private Client Group gets 0 fees
 * Sweep options: SPAXX or FZFXX
 * Bill Pay, Check writing, ACH, Deposits available
 * Deposit/withdrawal from sweep fund
 * If sweep hits 0; withdrawal from other MM but no sale of other Stock/ETF/MF
 * Overdraft available via margin
 * Can buy any stock, ETF, MFs
 * All Brokerage features

CMA account only

 * Can get ATM card with no worldwide fees
 * Sweep option: FDIC with 5m coverage
 * Bill Pay, Check writing, ACH, Deposits available
 * Deposit/Withdrawal from sweep FDIC
 * Can buy MM (money market) funds, ETF, MFs
 * If FDIC cash hits 0; withdrawal from MM but no sale of other Stock/ETF/MF
 * If both FDIC cash and MM hits zero; fails withdrawal
 * All cash management features

CMA and brokerage

 * CMA used for ATM with FDIC sweep; no ATM fees
 * CMA overdraft protection with connection to brokerage
 * CMA balance is kept low or zero
 * Brokerage sweep as SPAXX or FZFXX
 * ATM Withdrawal first from CMA
 * If CMA hits zero withdrawal from brokerage sweep/MM
 * If CMA hits zero and brokerage sweep/MM hits 0; withdrawal fails if no margin
 * Another level of overdraft protection available in brokerage via margin
 * No automatic sell of stocks/MF from brokerage other than sweep or MM

Disadvantages, issues, and concerns

 * Cashier's checks are not supported as of 2021
 * Zelle is not supported though some may consider this an advantage as Zelle fraud is not necessarily covered under Electronic Funds Transfer Act (Reg E) protections because a consumer has "agreed" to have Zelle debit their account.


 * You cannot deposit cash, use Plaid for instant verification, and there can be a hold on ACH pulls and check deposits for up to four business days.


 * Theoretical security concerns involve unauthorized access to the CMA account by debit card or checks/ACH, and the risk that the CMA and a linked investment account can be drained of funds. A common suggestion is to have a separate, unlinked investment account to hold the investment portfolio, with no mingling of investment capital and the money used for expenses/banking.
 * For those who manually purchase money market funds, it is difficult to get a clean view of deposits and withdrawals like a 'normal' banking account. Even using filters, it will include the MMF purchases. The workaround is to use the monthly PDF statements.
 * Privacy concerns as Fidelity reports all ACH transactions to Early Warning Services (EWS)
 * Opening a revocable trust CMA account may require a paper application. Linking any existing bank accounts to a trust account also requires mailing in paper forms.
 * The Fidelity Account® for Businesses does not support Bill Pay.
 * Businesses cannot open a Fidelity CMA account and so are not eligible for FDIC coverage up to $5 million.
 * Fidelity's debit card is unavailable during certain hours of the night.

Advantages, tips, links, and general orientation

 * The default account at Fidelity is a full-featured brokerage account. You can buy mutual funds (Fidelity and non-Fidelity funds), ETFs, individual stocks, bonds, brokered CDs, and fractional shares along with options and precious metals, all within the same Fidelity account.
 * Fidelity is the only major US broker that does not accept payment for order flow.
 * Automatic Withdrawals - If inclined, you are able set your dividends to pay out to an external bank account or one at Fidelity.
 * Money Transfer Lockdown is available to block outbound money transfers and transferring assets to other institutions
 * Auto-roll service for Treasury securities and CDs
 * If moving from Vanguard, some of their mutual funds can be converted tax free to the equivalent ETFs which give better portability and allows you to continue to trade at Fidelity without fees. See: List of eligible mutual funds, from Vanguard.

Automating conversion to a non-core money market fund
This is possible by scheduling purchases for greater than the amount held in your core position. For example, if you prefer holding FDLXX rather than SPAXX, you can set a monthly purchase of FDLXX greater than what you expect will be in your core position. Your prior holdings of FDLXX will be auto-liquidated to cover the difference between what is in your core holding and the overage.

From Fidelity: "To begin, if you wish to automatically invest in Fidelity Money Market Fund (SPRXX) in your Cash Management Account (CMA), you can set up Automatic Investments from your core position into SPRXX. Please note that at this time, Automatic Investments can only be set up monthly or quarterly; however, you can set up more than one if you are looking to replicate a weekly frequency.

If you choose to set up Automatic Investments tools, log in to Fidelity.com and do the following:


 * 1) Click 'Accounts & Trade,' then 'Account Features'
 * 2) Select 'Payments & Transfers,' followed by 'Automatic Transfers and Investments'
 * 3) Choose the appropriate action and follow the steps

Now let's move to auto-liquidation and how it works with Automatic Investments. In the scenario that you presented, the core position needs to have the necessary funds to cover the Automatic Investment process. It would only attempt another one in the next month.

The purpose of auto-liquidation is to cover certain debit balances. It is best practice to sell non-core money markets before expected purchases. However, it is generally possible to utilize a secondary money market mutual fund to cover distributions in addition to your core position. Fidelity will attempt to cover debit balances created through trades, direct debits, checkwriting, etc., by first using funds in your core balance. If the core balance is depleted, the system will turn to any eligible secondary money market fund to cover the transaction. In these cases, the money market fund will automatically be liquidated."

Order of auto-liquidation in CMA accounts
Fidelity will attempt to cover debit balances created, whether through trades, direct debits, checkwriting, etc., by first using funds in your core balance. If the core balance is depleted, the system will turn to any eligible secondary money market fund to cover the transaction. In these cases, the money market fund will automatically be liquidated.

From Fidelity:

Non-core money market funds that auto-liquidate
While there is not a published list of money market funds that are eligible for auto-liquidation, you can determine whether a money market will autoliquidate using the requirements below.

Auto-liquidate non-core money market requirements:
 * Fidelity Investments Money Market (FIMM), non-FIMM government, retail prime, and retail municipal funds
 * Maintains a stable net asset value
 * A liquidity fee has not been imposed

SPRXX, SPAXX, FDRXX, FZFXX, FDLXX, FMSXX, FISXX, FSIXX have been confirmed to auto-liquidate.

Competing products
Cash management programs are also available from Schwab and Merrill:
 * Schwab Cash Solutions which includes Schwab Bank Investor Checking that is a full bank with no foreign transaction fees on its debit card. Forum topics regarding Schwab as a one stop shop as well as a comparison to Fidelity are available.
 * Merrill Cash Management Account
 * Merrill Edge | Disclosures and Account Agreement