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Best checking account to signup for. | IncomeMark - Welcome

Best checking account to signup for.

What is the best checking account to signup for?

Well, that depends.  Now a days, most people do not need a physical location for their bank.  With that being said, I’ve also switched to an online only bank.  Please, let me explain.  Fidelity has this great type of account which is called the Fidelity Cash Management Account.  It offers all of the following:

Monthly fees    None
Minimum balance    None
ATM fees    None. All ATM fees automatically reimbursed nationwide.
FDIC insurance
Coverage up to $1,250,000—five times more than the typical bank.
Free mobile check deposit
Scan and deposit checks with your iPhone®, iPad®, or Android™ with Fidelity Mobile®.
Free checkwriting    Get free checks, deposit slips, and online images of your cleared checks.
Free Fidelity BillPay®    Receive and pay your bills on the web or on your mobile device.
Alerts & self-funded overdraft protection

With that being said, I do not know many brick and mortar banks which offer all of the above.  The nice things are  zero overdraft fees with the self-funded overdraft protection no monthly minimums or monthly fees, always free checks and 1.25 million in coverage on all your accounts.  While you may think the last is not important.  Just remember 2008 – 2009 banking crises.  That extra protection comes in handy.

I also like the fact that you can also open up separate accounts for savings, a Christmas fund, investment / brokerage account as well as your traditional or Roth IRA account.  While I do prefer Vanguard funds for investments, you can buy them through Fidelity as well.  I do so by using Vanguard ETFs usually.

Another great option for an online checking account is Discover Bank’s Cashback Checking.  This is an interesting twist to a regular checking account.  It’s an online only account which pays your $0.10 for each check you write, each bill pay you submit and each debt card purchase you make.  It also has ZERO ATM fees and free checks as well.  A complete breakdown on all they offer can be found here.


For the record, I use both Fidelity and Discover.  Fidelity is strong in all aspects aside from savings.  Their savings rates are pitiful, so I a checking and savings account with Discover.  More on saving options in another post.

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