Fidelity Accounts?

[DigitalArk]

It seems like I cannot just open a Fidelity Cash Management Account, I have to open a Fidelity Account for investment as well. 

Questions:

1. It also seems like there is a $2,500 minimum deposit requirement for the investment account, is it right?

2. Do you have to be an active trader to avoid any fees?

3. What kind of fees do they charge to have the account open?

4. How do you like their customer service?

5. Do they pull CR for opening accounts? If so, which one do they pull?

6. Do they use the same pull for both account and Credit Card applications?

I couldn't find all those answers on their website.

Thank you in advance!

[Ashhh1991]

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@DigitalArk wrote:

It seems like I cannot just open a Fidelity Cash Management Account, I have to open a Fidelity Account for investment as well. 

Questions:

1. It also seems like there is a $2,500 minimum deposit requirement for the investment account, is it right?

2. Do you have to be an active trader to avoid any fees?

3. What kind of fees do they charge to have the account open?

4. How do you like their customer service?

5. Do they pull CR for opening accounts? If so, which one do they pull?

6. Do they use the same pull for both account and Credit Card applications?

I couldn't find all those answers on their website.

Thank you in advance!

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I'm not too sure about that. I had the option to open just a Cash Management Account. I'd recommend trying to open one WITHOUT a Fidelity Account for investment.

1. No

2. No

3. None

4. Haven't used it.

5. Not for Cash Management or Investment accounts. They might do a soft pull but I didn't notice any. CR pull is only for credit card app (afaik).

6. They definitely pull one for Credit Cards. In my case, they pulled Experian.

[DigitalArk]

Is it Fidelity Investment Amex or Retirement Amex? Both are 2%.

[DigitalArk]

Man, I applied to the Investment Amex, but it switched to Retirement Amex at the end. I had no clue what went wrong.

How can I change it? For the Retirement Amex, you cannot deposit the 2% to your Cash Management Account, correct?

[DigitalArk]

The rep from Fidelity just tole me that points would expire every 5 years...

[sillykitty1]

Hmmm ... I think you got some misinformation from the website and the rep.  You don't need any other Fidelity investment account to open a Cash Management account.  And you transfer your cash rebate to the CMA, it's cash, nothing to expire.

[celluloid17]

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@sillykitty1 wrote:

Hmmm ... I think you got some misinformation from the website and the rep.  You don't need any other Fidelity investment account to open a Cash Management account.  And you transfer you cash rebate to the CMA, it's cash, nothing to expire.

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Before you transfer the cash to your CMA, they're called WorldPoints and they do indeed expire if not transferred within five years.  You can't transfer the points until you reach at least 5,000, which is equivalent to the $50 redemption threshold.  So essentially, you need to spend at least $2500 before you see any cash back and if you don't reach that amount and the points just sit there, they will eventually expire.  

[wacdenney]

You can open just a cash management account.

https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview

The link is at the bottom of the page.  After you click it choose:  "Open a Fidelity Cash Management Account only, to complement your existing account at Fidelity"

[DigitalArk]

Cool. Thank you! I actually did that. But how come when I log in, I have a retirement account together with my CMA? I only opened CMA. 

[DigitalArk]

How do you add an external account in Fidelity CMA?

Never mind, I found it.