Fidelity to introduce mySmart cash account

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It looks like Fidelity will be rolling out a new checking account soon (rumored to be August 1, 2007). This account will be very similar to Charles Schwab’s checking account, with no minimum balance, free checks and ATM rebates. The link to Fidelity’s myCash account states the following features:

  • 3.50% APY, higher than most checking accounts
  • Free ATM refunds4-if you pay a fee, we’ll pay you back
  • No account minimum balance or nuisance fees
  • Free state-of-the-art online Fidelity BillPay®
  • No annual fee Fidelity Investment Rewards Visa Signature® credit card lets you earn points that can be redeemed for cash into a mySmart Cash AccountSM at a 1.5% rate.2
  • Free ATM/debit card
  • Automatic and on-demand transfers between a mySmart Cash Account and a bank (EFT) or brokerage account
  • Self-funded overdraft protection — link to other Fidelity brokerage accounts to automatically prevent bounced checks and cash shortfalls automatically
  • Free automatic investing option schedules cash transfers from your bank to a Fidelity brokerage account to purchase mutual funds.

Additional reference: LINK to the FWF discussion.

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