In this category, we’re essentially a tie. Recently though, Fidelity came out with a major update to their app that made it easier to navigate with a modern design and features like the ability to track your spending across multiple accounts, even ones outside of Fidelity. For a long time, Charles Schwab was the clear winner as Fidelity’s app felt old and clunky to use. While Zelle may be a dealbreaker for some people another important aspect of any online checking account is the app you’ll use to access your account. Sadly, you still can not use Zelle with your Fidelity Cash Management account.įidelity vs Charles Schwab Mobile App Experience Schwab goes above and beyond to create a fuller banking experience by offering access to Zelle and wire transfers directly from the account. Both come with standard features like mobile check deposit, direct deposit, and the ability to order checks. With so many neobanks launching online today you can sometimes see certain online banks just lacking basic features. Banking Features and Access (Including Zelle) In this category, Fidelity is the clear winner because of the higher savings rate and much larger FDIC insurance amount. With each account, you can also expect no minimum balance and no listed fees. This also helps them achieve a higher interest rate for your cash by having multiple banking partners compete to offer you (and Fidelity) the best rate for your cash. The critical difference between the two accounts is that Schwab utilizes their bank while Fidelity uses 5 partner banks that allow them to quintuple the amount of FDIC insurance by sweeping your funds into each of the partner banks. For the Schwab High Yield Investor Checking, you’ll receive a 0.15% interest rate and FDIC insurance up to the standard amount of $250,000. With the Fidelity Cash Management account, you’ll receive a 0.69% interest rate on all of your deposits and up to $1.25 million of FDIC insurance. The Schwab and Fidelity cash management accounts are on an entirely different level in comparison. The average checking account in the US earns an abysmal 0.03% interest rate. Who Has The Better Debit Card?īoth of these debit cards offer a way better experience than your standard debit card but overall in this category Schwab is the winner because of its no foreign transaction fee perk. Also if you require the ability to take a lot of cash out each day you should note that the Charles Schwab debit card allows you to withdraw $1,000 a day while the Fidelity debit card only allows you to withdraw $500 per day. One small annoyance of the Schwab debit card is that the ATM fees are reimbursed at the end of the month rather than directly after the transaction. Fidelity Debit Card Limits and Schwab Debit Card Limits They also both offer warranty protection, though I would recommend using the American Express Platinum for this perk as it can add an extra year to your warranty rather than 90 days with these cards. With each card, you can expect some great standard features like contactless payments, the ability to lock/unlock your card through their mobile apps, automated fraud alerts, and digital cards. The Fidelity debit card on the other hand charges a 1% transaction fee on top of any fees to convert your cash into the local currency. If you’re an international traveler the Schwab card is the better option as there are no foreign transaction fees when using the Schwab debit card. There are some key differences between the two debit cards though. A massive perk that makes it easy to access your money from more places than ever without paying a dime. Schwab and Fidelity both offer unlimited ATM withdrawal fee reimbursements to their customers. Still, both of these accounts attempt to take what would normally be a disadvantage for them (no bank branch locations) and turn it into a huge advantage for their account holders. Banking Features and Access (Including Zelle)Ī simple debit card can sometimes be the most frustrating part of any checking account.Fidelity Debit Card Limits and Schwab Debit Card Limits.
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