I use FZDXX, which used to give a little more yield, but they are all essentially 0% now. You can hold the money market fund right on the CMA and it will auto sell. The CMA account is actually also a brokerage account. I don't think it is necessary to set up a separate brokerage account to do this. This requires you to link to a brokerage AND setup what I believe is called the Cash Manager in the Cash Manager you should see the option to automatically transfer, allowing you to leave $0 in the CMA. Is that kinda how that works?Įxactly, or as I noted above you can have $0 in your CMA and it will pull for checks, ATM withdrawals, debits, etc. I go write a check for 8k it will automatically sell shares of FFXSX and transfer 6K into the account to cover the check I wrote. One thing is I read that you can have buckets like 2k in the CMA and then 50K say in FFXSX in another account tied to the CMA. There is a ton of discussion on Fidelity in the 'one stop shop' thread, though much easier to check out the wiki post for it: Overall I'm happy and see no reason to go elsewhere. The online interface is not the best, but also not the worst. I like the simplicity of having most of my financial life in one place (401k is elsewhere) and am not trying to optimize an extra 0.25% on my savings account. Checking is linked to the CMA and Savings is where taxable investments live. One thing I did do was to open a separate brokerage account, so we essentially have a Checking and Savings brokerage account. I also use the bill pay feature in the CMA account for utilities that I can't put on the credit card. I have the Fidelity Visa card which gives 2% cash back into the brokerage account. I followed these instructions to set it up: įrom a spend tracking perspective, it's a little annoying since money transfers from the brokerarge to the CMA account, making additional transactions, to reconcile. I really like the Fidelity CMA/Brokerage connection and we use it as our main account now.

Fidelity sweep account