Fidelity Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
|
APY |
Account Type |
Account Name |
Compare Rates from Similar Accounts |
||
|---|---|---|---|---|---|
|
0.15% |
Savings |
Fidelity Bank (Atlanta, GA) Personal Savings |
2.00% |
American Express National Bank High Yield Savings Account |
on American Express National Bank’s secure website Member FDIC |
|
1.60% |
CD Rates |
Fidelity Bank (Atlanta, GA) 12 Month CD Special |
2.55% |
Goldman Sachs Bank USA High-yield 12 Month CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
|
1.00% |
CD Rates |
Fidelity Bank (Atlanta, GA) 36 - 47 Month CD |
2.85% |
Synchrony Bank 36 Month CD |
on Synchrony Bank’s secure website Member FDIC |
|
1.10% |
CD Rates |
Fidelity Bank (Atlanta, GA) 60 - 95 Month CD |
3.10% |
Goldman Sachs Bank USA High-yield 5 Year CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
Fidelity Bank checking account options
How Fidelity Bank’s checking accounts compare
These checking accounts have some solid features. Two of the accounts are free while you can avoid the monthly fee on Lion Share Interest Checking by keeping a $1,000 balance. We also like that all the accounts include up to $10 monthly refund for out-of-network ATM fees. Finally, the two accounts which earn interest also pay a rate that is significantly better than the nonexistent rates at large national banks.
But while Fidelity Bank’s checking accounts aren’t bad, you can also do a lot better. There are online checking accounts which pay much higher rates than any at Fidelity Bank and they include even more generous refunds for ATMs. Be sure to consider these other options before deciding.
Fidelity Bank savings account options
How Fidelity Bank’s savings accounts compare
When we look at the savings account, what jumps out is its monthly maintenance fee of $12. That’s quite steep for a savings account. Yes, you can avoid the fee by always keeping your balance above $200 but if you miscalculate just once, the monthly fee will put a serious dent in your interest earnings.
We don’t think it’s worth the risk, especially since the interest rates on the savings account aren’t that great. These online savings accounts are a safer bet. Not only do they have lower fees, they also pay much higher rates than Fidelity Bank.
Fidelity Bank CD rates
How Fidelity Bank’s CD rates compare
If you’re going to open a Fidelity Bank CD, we recommend sticking with their CD Specials only. Their Standard CDs pay almost no interest. Even if you open a 95 month CD, nearly eight years, your rate is still lower than what you could receive on a decent online checking account.
While it’s nice that this bank lets you customize the exact number of days or months for their regular CDs, it’s not worth the low interest rates. You are better off using the higher-paying CD Specials, even though they don’t let you customize the length.
Or even better, consider a CD from this list. We’ve tracked down the best CD rates for every single term and all these options pay more than the CD Specials at Fidelity Bank.
Fidelity Bank money market account options
How Fidelity Bank’s money market accounts compare
The Fidelity Bank Money Market account leaves us a little confused. Typically, banks pay a higher money market rate versus their savings accounts because money market accounts require a much larger balance. But this bank uses the exact same rates on both their Personal Savings and Money Market accounts.
While these rates were average for a savings account, they are quite low for a money market account. The bright side is if you ever fall below the minimum balance requirement, the monthly fee is only $6.
Still, if you’re going to deposit the $1,000 or more to open a money market account, you should receive a respectable interest rate. That won’t happen with Fidelity Bank but perhaps so if you work with one of these institutions, who currently offer the best money market rates in the country.
Fidelity Bank IRA account options
How Fidelity Bank’s IRA CD rates compare
In our opinion, the Fidelity Bank IRA CD rates leave a lot to be desired. They just do not pay enough interest. It’s disappointing that this bank only offers their Standard CDs for IRAs but not their CD Specials, which pay a much more competitive rate.
Now as far as positives, these IRA CDs can be opened for a small deposit of $100. Other banks typically require $1,000 or more for an IRA. It’s also nice that you can customize your IRA CD to the exact number of days or months.
But these benefits do not come close to making up for the low rates. If you want a decent return on your retirement savings, these are the best IRA CDs on the market today and are a major improvement over the Fidelity Bank rates.
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