Last fall, I was trying to find a business bank account with checking and interest-earnings. I looked through many banks. At that time I had a free Business Checking account with HSBC. Unfortunately, HSBC did not offer interest on money in the checking account.
After much searching, I finally found Fidelity. Fidelity offers interest for business accounts with check writing. I saw a promotion for $100 with a $10K deposit. I moved all my money from HSBC to Fidelity. In Fidelity, they offered different money market options. I chose the FIDELITY NY MUNI MONEY MARKET (FNYXX). The fund is tax-exempt from federal, state, and city taxes.
Fidelity provides more than just a brokerage account. I realized I could link all my accounts together with Fidelity. It gave me the idea of account management in one place. I started a personal account with them as well. I told them I was an active trader and they gave me the lowest commissions’ schedule, which is $8 per transaction. The $8 commission is usually reserved for those with 120+ trades/year and $25,000 in household assets, or $1 million in household assets. I did not meet their requirements at the time, but told them that I would be doing a lot of trading and they granted me the lowest commissions’ level.
For market research, Fidelity is rated among the top for having the best research tools in the industry. I could find tons of reports in Fidelity’s Research section that I could not get from TD Ameritrade or Scottrade. Another feature I like about Fidelity is that they offer IPO trading.
Fidelity’s customer service is excellent. Compared to TD Ameritrade, Fidelity’s customer service representatives are like angels. The Fidelity representatives are professional, knowledgeable, and patient. They always answer my questions and try to accommodate my requests. It gives me a taste of luxury, and makes me want to try Fidelity’s Privilege services.
I would definitely recommend Fidelity Investments.
Rating: 5/5
SmartChoice? Yes
Note: I am not affiliated with Fidelity and I do not work for them.
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[...] Growing Money presents Review: Fidelity Investment. [...]
I just opened a taxable account with Fidelity (and thus caused the market crash…grin). I had a few questions my account and the live person (easy to reach on the phone system) was quite helpful.
As compared to the other 2 companies I invest with (TIAA-CREF and ING), so far Fidelity is the best service-wise.
You forgot to mention that the $8 commission is only for those with 120+ trades/year and $25,000 in household assets, or $1 million in household assets.
This is not for a trader who only trades a few times a month and has less than $25000. While Fidelity has those great features, I found it very expensive compared to Scottrade. I use both Fidelity and Scottrade and I enjoy all their features.
Thanks Pius, updated post.