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Personal Finance (Not Investing) • [Split from "Fidelity as a one stop shop" thread - locked or restricted Fidelity account issues]

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All that said, the feature that is great about the CMA is the automatic liquidation from money market accounts to cover debits and the ability to have a money market as the core cash position. There's a certain amount of money that I have to always have sitting in my checking account to cover outstanding checks. It is super irritating to earn 0% interest on that, in an era of high interest rates. When interest rates were close to 0%, I got it. But then they went up to 5% and the banks just pocked all of that, they don't even give customers a measly 0.5%. That level of greed is what pushed me into the CMA.

I don't really know a way to reproduce that feature of Fidelity's CMA. I already had money in money market accounts anyway for near term, but not immediate. spending purposes. But I don't know a good other option for earning interest on the balance I need to always carry in my checking account. So I guess I'm torn.
DCU offers automatic fee free overdraft protection from savings account, and the savings account does pay decent interest rate. I think many other credit unions do the same.

[They have a variety of savings accounts, the Advantage Savings account pays 3.56% now. The Primary savings account earns 6% on first $1,000 only, but some 0.01% on the excess]

Not quite CMA, but for the purpose you outlined above, may be it could work?
Withdrawals from savings accounts count towards the 6 transaction limit per month. That includes overdraft protection. My CU, Star One, offers much 3.25% without a dollar limit, but I'm still using the CMA due to lack of transaction limit and higher rates on MMFs.

Statistics: Posted by madbrain — Tue Dec 10, 2024 7:50 am — Replies 865 — Views 62504



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