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Hey guys, in this video, I break down the Fidelity Cash Management Account, a brokerage account that functions like a high-yield bank account and comes with one of the best debit cards on the market. I cover how the account works, the two options for storing your cash (SPAXX vs. the FDIC-insured sweep program), and the debit card benefits, including global ATM reimbursements and zero foreign transaction fees. I also share exactly how I personally use this account as part of my own financial setup, including a workflow for moving unused tax savings directly into retirement accounts. And I wrap it up with an honest look at the downsides. If you've been wondering, "Is the Fidelity Cash Management Account worth it?" or “Should I leave my bank for Fidelity?", this video is for you.
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📚 Chapters:
00:00 The Game Plan
00:24 Fidelity CMA Overview
01:25 Fidelity Government Money Market Fund (SPAXX)
03:45 How I Manage My Credit Cards
05:20 FDIC-Insured Deposit Sweep Program
06:36 How Safe Is SPAXX?
07:29 Why You Shouldn't Invest Through The Fidelity CMA
08:31 Fidelity ATM/Debit Card
10:46 How I Use The Fidelity CMA
13:19 Important Notes
14:44 Downsides Of Fidelity CMA
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