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Question about Fidelity MySmartCash Account Only (no Brokerage AC) Archived From: Finance

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   posted: May. 5, 2008 @ 1:22a
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I am thinking to open a Fidelity MySmartCash Account for all my banking needs. I am not planing to open a brokerage account at this moment. Some big pluses of MySmartCash are:

1. Unlimited ATM fee waiver.
2. 1.5% CashBack Visa Signature Card.
3. 1% (as opposed to 3% of Citi) foreign currencty fee.
4. And standard etcs. (unlimited billpay, unlimited checkwriting etc.).

Schwab has a better APY on the cash (Fidality is 1.5% now), but Schwab does not offer 1.5% CashBack visa signature card (or, equivalent).

So, here are my questions:

1. Anyone have expereience in using Fidality for pure banking purpose? Any pluses or minueses? How is the customer serice (on phone and online via email)?

2. I read on the other thread about moving the unused cash in FSLXX for higher APY. Can I do this without having a brokage account?

3. How fast is the online billpay?

4. Is there any promo going on now (such as, $100 for opening AC)? It seems that the 25000 AA points are for brokerage account. I am wondering if there is a seperate link for MySmartCash.

5. Is there any extra for high balance (say over $100,000, such as Citigold in Citi)?

Thanks,
Tintin
Edit by Moderator: Thank you for participating in the forums. However, this topic has been covered in a recent post Here.

   posted: May. 5, 2008 @ 1:22a

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

   posted: May. 5, 2008 @ 3:07a
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I have a Fidelity MySmartCash Account and have been very pleased with it. In 3 weeks, I will be traveling in Europe for a little over a month and will be taking advantage of the unlimited ATM reimbursements and only 1% foreign transaction fee. I also have a WAMU account and Wells Fargo bank accounts that I use when I have to deposit checks. However, Fidelity did send me postage paid envelopes for making deposits.

You must have a brokerage account in order to get FSLXX or any other money market account. Right now, I am keeping my money in the default California account, so I do not pay any state tax and end up making a little more then FSLXX. Online BillPay is just as fast as any other BillPay that I have used. They use CheckFree, which many banks and credit unions use.

   posted: May. 5, 2008 @ 8:46a
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The Visa Signature Card really isn't anything special. In fact, the foreign currency fee is 3%.

"Transaction fee for any transaction made in a foreign currency: 3% of the U.S. Dollar amount of each such transaction. This fee will be in addition to any other applicable fee."

Now the Fidelity's Visa Gold Check Card (ATM/Debit) does have some nice advantages as you pointed out, like unlimited ATM fee reimbursments.

bandyopa said:I am thinking to open a Fidelity MySmartCash Account for all my banking needs. I am not planing to open a brokerage account at this moment. Some big pluses of MySmartCash are:

1. Unlimited ATM fee waiver.
2. 1.5% CashBack Visa Signature Card.
3. 1% (as opposed to 3% of Citi) foreign currencty fee.
4. And standard etcs. (unlimited billpay, unlimited checkwriting etc.).

Schwab has a better APY on the cash (Fidality is 1.5% now), but Schwab does not offer 1.5% CashBack visa signature card (or, equivalent).

So, here are my questions:

1. Anyone have expereience in using Fidality for pure banking purpose? Any pluses or minueses? How is the customer serice (on phone and online via email)?

2. I read on the other thread about moving the unused cash in FSLXX for higher APY. Can I do this without having a brokage account?

3. How fast is the online billpay?

4. Is there any promo going on now (such as, $100 for opening AC)? It seems that the 25000 AA points are for brokerage account. I am wondering if there is a seperate link for MySmartCash.

5. Is there any extra for high balance (say over $100,000, such as Citigold in Citi)?

Thanks,
Tintin

   posted: May. 5, 2008 @ 9:00a
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Mikul said:You must have a brokerage account in order to get FSLXX or any other money market account. Right now, I am keeping my money in the default California account, so I do not pay any state tax and end up making a little more then FSLXX. Online BillPay is just as fast as any other BillPay that I have used. They use CheckFree, which many banks and credit unions use.

It's my understanding that you can buy FSLXX or any other mutual fund in mySmartCash - it's just a rebranded normal Fidelity brokerage account, though without options or margin. If you click on "View more history" on your MSC account page, then the left column should have options for buying/selling stocks, mutual funds, etc.

You might also want to check out the thread about mySmartCash - link

   posted: May. 5, 2008 @ 9:03a
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Already covered extensively here

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