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Fidelity can get you a better rate with their treasury money market, which works for Bill pay / etc.

They have branches in most major US cities I think.



https://www.fidelity.com/spend-save/fidelity-cash-management...

(Note that SPAXX was up to about 5% 7-day yield within the last few months, IIRC, but currently 4.25%.)


seconding. Recently transitioned to fidelity's cash management account and have done a cash advance on the debit card at a local, non-affiliated bank with 0 fees involved.

Checks the boxes for me, personally.


You don't even need to use the official CMA, just a regular old brokerage account ticks basically all the boxes (debit card, checks, bill pay, etc)

But yea there's a CMA too

ostensibly the CMA offers better atm reimbursement, but then the brokerage debit card also does, so that's weird.

The major difference:

sweep in CMA is FDIC, the brokerage is SIPC (but held in treasuries). The underlying thing (US government ) is the same, but FDIC has way better turnaround. But because it's FDIC on the underlying bank (Fidelity has no banking charter), it's not clear to me how much benefit that even is.

FDIC turnaround is faster, but only for failure of the underlying bank, not fidelity. If fidelity fails, you'll still have some SIPC latency to resolve things, instead of single-business-day FDIC awesomeness.




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