Good Enough Checking From Your Bank or Brokerage
I was going through my stack of mail to look at (separate from the stack that has things that actually need taken care of) and came across an offer for Fidelity’s mySmart Cash Account. Intrigued, I decided to take a look at the Fidelity checking account that they were so proud of that they included a glossy little flier to advertise it. The result? What the—? Regular Bank Checking Sucks This Bad? The Fidelity myCash account boasts exactly two features that do not count as minimum basic features for a checking account. First, it pays interest. How much interest? Well, this is where Fidelity gets a little weasel-ish. The flyer says that I will “Earn three times the national average…” Um, OK. How much is that? Folks, it isn’t even in the fine print, that’s how much the rate must be worth! A visit to Fidelity’s website reveals the depressing answer. A balance of less than $5,000 in a myCash checking account will earn a whopping 0.20% APR. Whoo hoo! But wait! Maybe if you have over $5,000 it is worthwhile? Survey says? 0.20% again. Yes, go through all of the steps and take the time to open a Fidelity …