Fidelity mySmart cash account?

[Broken Arrow]

No, I didn't post this in the wrong place.

MySmart cash account is Fidelity's version of the bank checking account, and I need you guys to tell me why you think this is a bad idea. Its features include:

• No minimum balance
• Currently 3.5% APY
• Direct Deposit
• (Indirect) FDIC protection
• Unlimited free checks and check writing, no minimum
• Unlimited ATM reimbursements
• Free postage-paid deposit-by-mail envelopes for checks people write to you
• Free billpay

Is it my imagination, or have they gone loco en la cabeza? Seriously guys, I need you to play Devil's Advocate because I'm getting this sudden, inscrutable urge to transfer all of my money there....

[sweeps]

[*]Free postage-paid deposit-by-mail envelopes for checks people write to you

This is the deal-killer for me (same as the new Schwab account Scanner is a fan of). I get a lot of paper checks for various reasons. I don't want to wait 10-15 days to have them post, and risk they could get lost in the mail.

(Not to mention I get 4.75% APY on my local bank's checking account. )

Overall though, seems pretty good -- especially if you're already investing with Fidelity.

[Broken Arrow]

Hmm, yes, that's true. Now that I've slept on it a bit, I also realized that you can't get a safe deposit box....

[singleguymoney30]

3.5% is not much when you can just open an E-Trade account at 5.05% and transfer as needed. I too need to have a local bank for depositing checks because I don't want to have to mail deposits and wait for them to clear. Also, if I have an emergency, I want to be able to go to my local bank and withdraw funds immediately.