The Fidelity Cash Management account is technically a brokerage account, which means that it is not a bank account and does not have the same regulations that a bank would have. The FDIC insurance offered by Fidelity comes from the partner banks that Fidelity works with. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you can earn or lose money.
Just remember that although Fidelity offers a lot of similar features, they're not technically a bank. They don't have the same options and money markets are not FDIC insured. I still have a separate current account in a real bank just in case. If you already have a Fidelity brokerage account, you'll be able to view all your transactions in one place.
For additional information, see the FDIC Disclosure Document of the Fidelity Cash Management Account (PDF). It is especially beneficial for people who already have a relationship with Fidelity, since it is possible to move money between the two accounts quickly. Fidelity moves your money automatically and you can access information about the banks that hold your funds when you log into your cash management account. It makes it easy to buy the things you need, pay your bills, and transfer money between your Fidelity accounts.
Fidelity Cash Management accounts are accessible online through the Fidelity website or its mobile application. A Fidelity cash management account is a brokerage account that has many of the features of a Fidelity checking account. You can pay bills with your checkbook or set up a Fidelity BillPay account to make mobile bill payments. I do all my banking transactions faithfully, but I have a savings account or other checking account at another bank where I have most of my funds.
If you don't have a Fidelity account yet, it can be a good option because of its flexibility and unique combination of features. You can also send secure email messages to Fidelity through your online account or visit one of Fidelity's 200 investor centers in person. Fidelity Cash Management certainly offers several benefits that make it an attractive alternative to a traditional checking account. Fidelity clients can open brokerage accounts to invest in mutual funds, stocks, bonds and more.
Fidelity also offers some additional support options via social media, such as a customer support channel on Reddit, a YouTube page, a Twitter user, and a Facebook page. You can fund your account using your Fidelity brokerage account, direct deposit, mobile check deposit, or electronic funds transfer from another bank account.