Fidelity is not a single checking or savings account—it's a brokerage firm that offers both
Fidelity Investments is a financial company that lets you open checking accounts, savings accounts, and investment accounts all under one roof. When you open an account with Fidelity, you choose what type you want based on what you plan to do with the money. If you want to pay bills and use a debit card, you open a checking account. If you want to set money aside and earn interest, you open a savings account. Fidelity also offers investment accounts where you buy stocks and mutual funds, which is what the company is best known for.
The confusion happens because Fidelity does so many things. You might hear someone say "I bank with Fidelity" and assume they mean checking, or you might see Fidelity advertised for investing and wonder if they do everyday banking at all. The answer is yes to both—Fidelity does everyday banking, but it's not their main business.
Key Takeaways
- Fidelity offers checking accounts, savings accounts, and investment accounts, so you choose the type when you open.
- Fidelity checking accounts come with a debit card and bill pay, but no monthly fee and no minimum balance requirement.
- Fidelity savings accounts earn interest, but the rate changes based on market conditions and may be lower than online-only banks.
- If you already invest with Fidelity, you can link a checking or savings account to the same login for easier money movement.
- Fidelity is FDIC-insured for up to $250,000 per account type, the same protection as any other bank.
Fidelity checking accounts: what they include and what they don't
A Fidelity checking account works like a checking account at any other bank. You get a debit card, online bill pay, mobile check deposit, and the ability to write checks. There is no monthly fee and no minimum balance to keep the account open. You can set up direct deposit from your employer, and you can transfer money to other banks using ACH transfers.
What Fidelity checking does not include is a physical branch where you can walk in and deposit cash or talk to a teller. Fidelity has a few physical locations, but they are investment offices, not bank branches. If you need to deposit cash, you can use ATMs that Fidelity partners with, or you can deposit checks by phone or mobile app. This matters if you regularly handle cash—you will need to plan how to get it into your account.
Fidelity checking also does not pay interest on your balance. The money sits there earning nothing until you spend it or move it. If you want your money to earn interest, you open a Fidelity savings account instead, or you keep your checking balance low and move extra money to savings.
Fidelity savings accounts: interest rates and how they work
A Fidelity savings account is where your money earns interest. The rate Fidelity pays changes based on what the Federal Reserve does with interest rates, so it goes up and down over time. You cannot write checks from a savings account or use a debit card—it is meant for money you are setting aside, not money you spend regularly.
Fidelity savings accounts have no monthly fee and no minimum balance. You can move money between your Fidelity checking and savings accounts instantly through the app or website. You can also set up automatic transfers—for example, moving $200 from checking to savings every payday—to build your savings without thinking about it.
The interest rate Fidelity offers on savings is competitive with other online banks, but it changes frequently. Before you open an account, check Fidelity's website for the current rate and compare it to other banks you are considering. The difference between a 4.5% rate and a 5.0% rate matters if you are saving a large amount or saving for a long time.
How Fidelity's FDIC insurance works
FDIC insurance means the federal government guarantees your money up to $250,000 if Fidelity fails. This protection applies to checking accounts, savings accounts, and money market accounts separately—so if you have $250,000 in checking and $250,000 in savings, both are fully protected. Investment accounts (stocks, mutual funds, bonds) are not FDIC-insured, but they are protected under a different system called SIPC that covers up to $500,000 per account.
This is the same protection you get at any bank. Fidelity is a large, established company, so the risk of failure is very low, but the insurance exists to protect you if something unexpected happens.
Linking Fidelity accounts to your investment portfolio
If you already invest with Fidelity—if you have a brokerage account or a retirement account like an IRA—you can link a checking or savings account to the same login. This makes it easy to move money between your investments and your everyday banking without logging into two different systems.
For example, you might keep your paycheck in Fidelity checking, move money to Fidelity savings for an emergency fund, and then move money from savings to your brokerage account when you want to buy stocks. Everything happens in one place, and you can see all your accounts on one dashboard.
This is a convenience feature, not a requirement. You can open a Fidelity checking account without investing, and you can invest with Fidelity without using their checking account. But if you are already a Fidelity customer, linking your accounts can simplify your finances.
When Fidelity checking or savings makes sense for you
Fidelity checking works well if you do not deposit cash regularly and you want no fees or minimum balance. It is a good choice if you already invest with Fidelity and want to keep everything in one place. It is also a good choice if you want to move money between checking and a savings account that earns interest without switching between two different banks.
Fidelity checking is less ideal if you need to deposit cash often, because you will have to find a partner ATM or use mobile deposit for checks. It is also less ideal if you want to talk to someone in person—Fidelity customer service is phone and online only.
Fidelity savings is worth considering if you want to earn interest and you do not mind that the rate changes with the market. Compare Fidelity's current rate to other online banks before you decide. If another bank is offering a higher rate, that difference adds up over time.
How to open a Fidelity checking or savings account
You can open a Fidelity checking or savings account online through Fidelity's website. The process takes about 10 minutes. You will need your Social Security number, a government ID, and your current address. Fidelity will verify your identity and run a background check as part of the process.
Once your account is open, you can set up direct deposit right away so your paycheck goes straight in. You can order a debit card, which arrives in about 7 to 10 business days. While you wait for the card, you can use your account number to set up bill pay or transfer money to other banks.
If you already have a Fidelity investment account, opening a checking or savings account is even faster because Fidelity already has your information on file. You can add the new account from your existing login.
Frequently Asked Questions
Can I use Fidelity checking as my main bank account?
Yes, Fidelity checking works as a main account if you do not need to deposit cash regularly. You get a debit card, bill pay, direct deposit, and mobile check deposit. The main limitation is no physical branches, so you cannot walk in to deposit cash or speak to a teller in person.
Does Fidelity checking have a monthly fee?
No, Fidelity checking has no monthly fee and no minimum balance requirement. You can keep the account open with $0 in it if you want. Some banks charge fees if your balance drops below a certain amount, but Fidelity does not.
What is the interest rate on Fidelity savings?
Fidelity's savings rate changes based on Federal Reserve decisions and market conditions. Check Fidelity's website for the current rate before you open an account. The rate is competitive with other online banks, but it varies month to month, so comparing rates across banks is important.
Can I have both a Fidelity checking and savings account?
Yes, you can open both and link them to the same login. Money moves between them instantly, and you can set up automatic transfers. Each account is FDIC-insured separately up to $250,000, so you have full protection on both.
Is my money safe in a Fidelity checking or savings account?
Yes, Fidelity checking and savings accounts are FDIC-insured up to $250,000 per account type. This means the federal government guarantees your money if Fidelity fails. Fidelity is a large, established company, so the risk is very low, but the insurance protects you either way.