Fidelity Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Fidelity Bank checking account options

Fidelity Bank Direct Free Interest Checking account

Rates not available online. Customers will need to contact the bank directly.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

You need to deposit at least $50 to open a Fidelity Bank Direct Free Interest Checking account. After that, there is no minimum balance requirement and this account does not charge a monthly fee.The account earns interest on all balances, but the rate is not published online and you’ll have to call to get it. This account also includes a debit card, online banking and the ability to write checks.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Direct Free Interest Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

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Fidelity Bank Totally FREE Checking account

A free checking account which doesn’t earn interest. We don’t see the purpose of this account since Fidelity Bank also offers a nearly identical checking account that includes interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

Like the name says, the Fidelity Bank Totally FREE Checking account does not charge a monthly fee and has no minimum balance requirement. You do need to deposit at least $50 when you sign up but after that, it doesn’t matter how much you have in your account.

The Fidelity Bank Totally FREE Checking account does not earn interest. It only offers a debit card, online banking and the ability to write checks.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Fidelity Bank Totally FREE Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

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on Fidelity Bank (Atlanta, GA)’s secure website

Fidelity Bank Lion Share Interest Checking account

Rates are not published online. You’ll need to contact the bank for details.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (only if minimum daily balance falls below $1,000)
  • ATM fees: None
  • ATM fee refunds: 3 transactions per month, up to a maximum of $10 in fees.
  • Overdraft fees: $34

The Fidelity Bank Lion Share Interest Checking account only requires an opening deposit of $50. However after you open, this account charges an $8 monthly fee whenever your minimum daily balance falls below $1,000. It’s free so long as you stay above this limit.

If you use an out-of-network ATM, Fidelity Bank does not charge anything. They will also refund the fees from three out-of-network transactions per month, up to a maximum of $10 in total fees. However, you need to provide the bank with the receipts of the ATM fees to receive the refund.

You can only open the Fidelity Bank Lion Share Interest Checking account at one of their branches. While you can get the application started online, you need to visit a branch to complete the process. You will need to provide your Social Security number, a form of government ID and your initial deposit for the application.

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on Fidelity Bank (Atlanta, GA)’s secure website

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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

Fidelity Bank Personal Savings account

The Fidelity Savings account comes with an average interest rate and has a low balance requirement of $200. But be very careful about dropping below the minimum or you’ll get whacked with a costly fee.
APYMinimum Balance to Earn APY
0.15%$0.01
0.20%$25,000
0.25%$50,000
0.25%$100,000
0.30%$250,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (only if daily minimum balance falls below $200)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

You need to deposit at least $50 to open a Fidelity Bank Personal Savings account. After that, your daily minimum balance must stay at least $200 or else you’ll owe a costly $12 monthly fee. This account is free so long as you stay above the minimum.

The Fidelity Bank Personal Savings account earns interest on all balances. The rate is just OK for a savings account. You earn more for larger balances before the rate maxes out at a balance of at least $250,000.

Since this is a savings account, there is a government limit on how often you can take money out. You can make up to six certain debits per statement cycle per Federal Regulation D. If you make more than six, the bank charges a $3 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Personal Savings account at one of their branches. This account is not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

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on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

Fidelity Bank Little Lions Savings account

A free savings account for children under the age of 18.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

If you have any children under the age of 18, you can open a Fidelity Bank Little Lions Savings account for them. You only need to deposit $1 to set up this account. After that, there is no minimum balance requirement or a monthly fee.

When your children sign up, they receive a free welcome packet from the bank which covers the basics of managing money. The Little Lions Savings account earns interest on all deposits.

Since this is a savings account, there is a government limit on how often your child can take money out. They can make up to six certain debits per statement cycle per Federal Regulation D. If they make more than six, the bank charges a $3 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Little Lions Savings account at one of their branches. This account is not available over the phone or online. You and your child will need to provide your Social Security numbers, a form of government ID and the initial deposit to open the account.

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on Fidelity Bank (Atlanta, GA)’s secure website

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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

Fidelity Bank CD Rates

Fidelity Bank offers a ton of variety for their CDs but their standard rates are too low across the board.
TermAPY
7-31 days0%
32-60 days0.15%
61-90 days0.15%
91-180 days0.15%
181-364 days0.40%
12-17 months0.50%
18-23 months0.55%
24-35 months0.70%
36-47 months1.00%
48-59 months1.05%
60-95 months1.10%
  • Minimum opening deposit: $500 ($2,500 for CDs of 7-31 days)
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is 7 days’ interest on the amount withdrawn. After Day 6, for CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50. For CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn. For CDs with maturities of 12 months or more, the penalty is the interest earned for half of the CD length.

This bank offers all kinds of options for their CD terms. First, they have CDs as short as seven days all the way up to as long as 95 months. Beyond that, you can also customize the number of days or months on your CD. For example with the 91 to 180 day CD, you can pick any number of days between 91 to 180 and earn the same rate.

Nearly all the CDs require a minimum opening deposit of $500 and require this much in the account to earn the APY. However, the 7 to 31 day CDs require a deposit of at least $2,500. The interest rates are quite low, even on their long-term CDs.

If you take money out of your CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your CD:

  • For CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50.
  • For CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn.
  • For CDs with maturities of 365 or greater, the penalty is the interest earned for half of the CD length.

You can only open the Fidelity Bank CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

Fidelity Bank CD Specials

Fidelity Bank’s CD Specials are a major improvement over their regular CD rates. You can’t customize the exact length but that’s a fair trade-off for a much better rate.
TermAPY
6 months1.00%
12 months1.60%
18 months1.80%
24 months2.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is 7 days’ interest on the amount withdrawn. After Day 6, for CDs with maturities less than 12 months, the penalty is 90 days’ interest on the amount withdrawn. For CDs with maturities of 12 months or greater, the penalty is the interest earned for half of the CD length.

This bank also offers some CD Specials with much higher rates than their Standard CDs. They note that these specials will only be around for a limited time and could be subject to changes in the future.

You need to deposit at least $500 to open a CD Special and keep this much in your account to earn the APY. The most you can deposit in a CD Special is $250,000.

If you take money out of your CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your CD:

  • For CDs with maturities less than 12 months, the penalty is 90 days’ interest on the amount withdrawn.
  • For CDs with maturities of 12 months or greater, the penalty is the interest earned for half of the CD length.

You can only open the Fidelity Bank CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

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on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

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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

Fidelity Bank Money Market account

Pays the exact same interest rates as the Fidelity Bank Savings account despite having a much higher balance requirement.
APYMinimum Balance to Earn APY
0.15%$0.01
0.20%$2,500
0.25%$50,000
0.25%$100,000
0.30%$250,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 (only if daily minimum balance falls below $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $34

You can open a Fidelity Bank Money Market account for a deposit of just $50. However, you’ll need to keep much more in the account to avoid a fee. If your minimum daily balance ever falls below $1,000, you’ll owe a $6 monthly fee. The money market account is free so long as you stay above $1,000.

The bank currently pays the exact same interest rates on their money market account as they do on their savings account. The rates increase as you deposit more before maxing out at a balance over $250,000.

Since this is a money market account, there is a government limit on how often you can take money out. You can make up to six certain debits per statement cycle per Federal Regulation D. If you make more than six, the bank charges a $10 excess transaction fee for each extra withdrawal.

You can only open the Fidelity Bank Money Market account at one of their branches. This account is not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

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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

Fidelity Bank IRA CD Rates

You can open any of the Fidelity Bank Standards CDs as part of an IRA but not their CD Specials. That’s too bad because the CD Specials are a much better deal.
TermAPY
7-31 days0.05%
32-60 days0.15%
61-90 days0.15%
91-180 days0.15%
181-364 days0.40%
12-17 months0.50%
18-23 months0.55%
24-35 months0.70%
36-47 months1.00%
48-59 months1.05%
60-95 months1.10%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: For withdrawals made within 6 days of your deposit, the penalty is seven days’ interest on the amount withdrawn. After Day 6, for IRA CDs with maturities of 31 days or less, the penalty is the greater of either all earned interest, or $50. For IRA CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn. For IRA CDs with maturities of 365 or greater, the penalty is the interest earned for half of the IRA CD length.

The bank lets customers open any of their Standard CDs as part of an IRA. However, their higher-earning CD Specials cannot be used in an IRA.The IRA CDs range from seven days all the way up to 95 months. The rates are quite low for every maturity. The IRA CDs have a lower deposit requirement than the regular CDs. You can open any of IRA CDs with just $100.

If you take money out of your IRA CD before the maturity date, you will owe an early withdrawal penalty. First, if you take money out within six days of opening, the penalty will be seven days’ interest on the amount withdrawn. If you take money out after Day 6, the penalty depends on the length of your IRA CD:

  • For IRA CDs with maturities of 31 days or less, the penalty is the greater of all earned interest, or $50.
  • For IRA CDs with maturities between 32-364 days, the penalty is 90 days’ interest on the amount withdrawn.
  • For IRA CDs with maturities of 365 or greater, the penalty is the interest earned for half of the IRA CD length.

You can only open the Fidelity Bank IRA CDs at one of their branches. These accounts are not available over the phone or online. You will need to provide your Social Security number, a form of government ID and your initial deposit to open the account.

SEE DETAILS Secured

on Fidelity Bank (Atlanta, GA)’s secure website

Member FDIC

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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.

Overall review of Fidelity Bank’s banking products

Standing out as a regional bank is always difficult and it’s even harder when you share the same name as several other competitors. Unfortunately, this bank’s deposit accounts do not rise to this challenge. They just don’t offer anything that stands out.

Their checking accounts are their best deal because they are low-fee, refund ATM fees and offer an average interest rate. Fidelity Bank also has a few decent CD Specials. But while these offers are OK, you can still find much better alternatives.

Beyond that, we really wouldn’t consider anything else at Fidelity Bank. Their savings account comes with too high a monthly fee while their money market account, Standard CDs and IRA CDs do not earn enough interest to be worth using.

If you live close to a Fidelity Bank branch in Georgia or Florida, want a simple low-fee checking account and aren’t too concerned about the interest rate, maybe it could be a good fit. But anyone who wants the best rates on their money should look elsewhere.

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