Fidelity – So Far So Loyal!

Posted by on Dec 14, 2012 in Personal Finance | 4 Comments

Every few months I check on financial tools to make sure I’m getting the best deals – feel free to save your hours of research and just read this post.

My latest Gem —- Fidelity Investments.

Fidelity has been off my radar for years because I always assumed if I wasn’t going to have an equity portfolio with them (as I don’t trade or invest in equities), then there wasn’t going to be a useful product for me.  Man was I wrong.

Let me name you a few of the benefits that I’m getting right now just for opening an online checking account with them.

1) No minimum deposit required

2) Earning interest (currently less than 1% – but more than the 0% I get from my local bank)

3) Access to Amex credit card that receives 2% cash back on every purchase.

4) Ability to deposit checks from my mobile app

Wow – that’s good stuff!  Ok, let’s break it down now…

As I said, there is no minimum deposit required to open an account (or to earn interest for that matter).   Now if you want to deposit checks from the mobile app, then you’ll need at least $2,500 in the account and have the account open for 30 days before you can do this.

Clark Howard actually made mention of this credit card in a book that I read.  He stated that in general it was the best one out there.  Many will provide 1% cash back on all purchases and others will include up to 5% back on specific purchases.  But this card will give you back 2% — on all purchases, all the time.  [disclaimer:  only use this option if you pay your balance in full every month.  If so, you make $20 for every $1,000 that you spend.  The merchant pays this bill.  If you are continuously carrying a balances on your cards, then I’m not necessarily proposing you to use this card].

The only way to get access to this American Express card is by opening the cash management account first.  See further details of the cash management (online checking) account below.

Now what I was really excited about was being able to deposit those pesky paper checks without having to go to the bank – finally!  It’s literally 3 simple steps.

1) Tell the app the amount of the deposit.

2) Snap a photo of the front and back of the check.

3) Submit the deposit to the bank!  [you are advised to hold on to the check for 30 days just in case there are any issues]

Fidelity - Real Estate Personal finance

I’ve found this package to be one of the best deals I’ve seen thus far.  What about you?




  • Brooks! What up man. Long time. This account sounds pretty solid. Is there an annual fee and/or minimum balance requirement? And what about international ATM fees? By the way, what are you using for your checking account access when out of the country? I’m still searching for a resolution to the ridiculous fees.

  • Brooks

    Hey Justin, it’s solid. But i’ll admit that I’m now depositing by my android into my ING Direct Account – but I’m still using the credit card with 2% cash back. In regards international travel, my experience has been to suck up the fees and get a chunk of cash out of the ATM at the airport when arriving. I then use my credit cards wherever I can. You’re just charged 1% international fee (although capital one has some cards with no international fees) – hope this helps! PS – I’ll be in Guatemala this summer. Where are you at the moment?!?

  • Eve

    Hi Brooks,

    Enjoy your blog, really like the Probate Wholesaling part.

    How do I get cashier’s check from Fidelity Investment? Do you open the account under your company name or personal name?

    Could you do a video on the process of close on wholesaling? Do you do double closing, one with the seller, one with the investor buyer? Do you let the seller know how much you are making?

    thanks again for the great information you put here.


  • Brooks

    Hey Eve,
    Thanks for the comment.
    Not sure about how to get a cashier’s check from Fidelity.
    I opened a personal account rather than a business.
    They have excellent customer service that you can chat with online and I’m sure that they can direct you!

    I will work on a video for wholesaling.
    In the meantime…
    I typically do 2 closings at the same time.
    This means there are 2 sets of closing costs and neither party knows what my profit is.
    I sometimes assign my contract and just have my fee on the HUD, but that’s only if I feel that neither party cares at all what will be made or if the amount is small anyway.
    When in doubt, double close 😉