CMA
Comerica Incorporated
stock NYSE

You can open up 2 CMA and use as checking as savings and get your DD there, for me I get it a day early. I keep a bank account for emergency funds, cashier's check, and to deposit checks to send into the CMA. 

Good evening, u/Ok_Bus_645. Happy belated birthday, and congratulations on getting started early! We can definitely talk through your questions and help get you set up with an account.
Let's talk about accruing interest in your core first. Once the funds have been posted, you will start earning interest for that day (and each day the funds remain in SPAXX) and receive any payout at the end of the month. That said, please note that you must earn at least $0.01 to see an interest payment.
If the amount you accrue is over $0.01, any distributions from the Fidelity Government Money Market Fund (SPAXX) behave like interest in that they are categorized as dividends and are reported on the 1099-DIV. If you receive distributions from SPAXX, you can also find how they are categorized on your tax information year-to-date page. If you have any questions about how to file or how much you'll owe in taxes, please reach out to your tax professional.
On to your second question! Right off the bat, I did want to clarify collection times. There is a holding period of up to 10 business days for check deposits and Electronic Funds Transfer (EFT) requests submitted through Fidelity platforms. Some or all of your funds may still be able to trade immediately. To avoid hold periods, we encourage you to use your bank’s website or mobile app to send money to Fidelity.
Please note that funds received via bank wire or direct deposit (pushed from another institution to Fidelity) are considered fully collected upon receipt and are available for immediate use. We encourage you to consider these methods for time-sensitive transactions.
[You can review all the ways to transfer money to Fidelity here.](https://www.fidelity.com/customer-service/deposit-money )
If you're ready, you can open your Cash Management Account (CMA) quickly and easily online using the link below.
[Open an Account](https://www.fidelity.com/open-account/overview)
Finally, it sounds like you're looking for some advice on saving for a house. I'll leave a handy link below with some tips and tricks for you.
[How to save for a house down payment](https://www.fidelity.com/learning-center/smart-money/how-to-save-for-a-house)
Please let us know if you need anything else or have follow-up questions. We're here if you need us, and we're excited to be a part of your savings journey!

Question about CMA account. And any tips?

I use the routing and account numbers on the check to ACH push from my credit union to Fidelity CMA.

I don't think it's that. I have check writing enabled and have checks. I have asked Fidelity if I should use that account # on the checks and they said not to use that that it would not end well.
Also, I have connected BofA credit cards (i don't currently have a checking account) to my Fidelity Cash account no problem. I just did it again to double check.
Have you used the account number on the checks to direct deposit (or ACH) into your Fidelity CMA?

Even my sir keeps saying this, saving and investing the money at the right place and the right time will make you wealthier than you earning more money. My sir's a CMA joined a company when 21 and today at the age of thirty he already retired from his job and running a successful CMA classes

And the other comments here about being risk insurance by not doing an investment reaffirms that I’m leaving my emergency fund in a CMA with SPAXX

Interesting that the new account has a different limit. I would have thought the overall nature of our business with Fidelity would control the deposit limits.
I opted for a brokerage over CMA, as at the time, CMA did not have a core position. I have checks and ATM on it, and I use it like a checking account.
I have another for savings. In any of the ones I have, I think I have a $500k mobile deposit limit.

I have mine in a CMA through Fidelity. I don’t plan to ever touch it unless something really bad happens. I also want to grow alittle. In order to do that, I’ll need to introduce some risk. Currently I’m invested in 40% SGOV 20% VGIT 10% FUTY 10% USMV. This setup allows my cash to work harder than a savings account, while keeping risk in check.

Yes, FDLXX is the equivalent of SGOV but FDLXX has a higher expense ratio. You pay the higher ER for the convenience of auto-liquidation. SGOV is for down payment money. FDLXX is for CMA (checking account in Fidelity).

Correct they are all state tax free as I mentioned - most of mine is in SGOV. Just pointing out that if they go the CMA route there are other options.

SGOV inside of Fidelitys CMA is what I keep ours in.

Any update on FDLXX as a core option for Fidelity CMA?

Get a fidelity CMA and start earning interest on your checking. Maximize everywhere 

Mine is split between SGOV and fidelity CMA invested in FDLXX (essentially state tax free)

As others have pointed out SGOV cannot be your core position. That being said I use SGOV for my emergency savings and keep in my brokerage account. In my CMA I use only SPAXX and just keep 1 months of expenses there.

this is what I would do if I was 18 again, this goes down to getting a CC, opening a HYSA find one that is FDIC & has a great APY. I’m against 401k and Roth lol, just personal reasons. fidelity is pretty good, find what u like for any long term, but until then just make a CMA and get that APY, obviously the smartest decision and safest is Voo S&P. Graham Stephan is pretty nice, I’d watch some videos. Goodluck man.

Actually direct deposit is on the CMA which the limit is 500k for mobile deposit. This won't help my other new account. I can't transfer from CMA.

Thanks for following up, u/820me.
Since you mentioned that the account was closed and re-opened, it is important to confirm that you have the feature set up again. You can do this once logged into Fidelity.com by following the steps below:
1. Navigate to the "Accounts & Trade" menu and select "Cash Management"
2. Choose your desired Cash Management Account (CMA) from the left-side account list
3. Click "Account services" followed by "Cash manager tool"
If you see "Set up now," the feature is not yet enabled and you can follow the prompts to choose your preferences. If you see "Update Cash Manager" and "Yes" selected next to "Self Funded Overdraft Protection," the feature is enabled.
We appreciate you sharing your experience with us. Please let us know if you still have questions after this.

Hey there, u/820me. Thanks for checking out the sub.
Our overdraft protection will cover an ACH or direct debit transaction. Self-funded overdraft protection provides emergency protection if a check, Bill Pay payment, or debit transaction exceeds the cash balance available in the core of a Cash Management Account (CMA).
Self-funded overdraft protection is offered through Fidelity Cash Manager and is intended to provide emergency protection if a transaction exceeds the cash available balance in a Fidelity CMA, if the account would otherwise go into overdraft, to cover the cash shortfall on a per-debit transaction basis. However, it's not intended to be used as the sole funding source for your CMA. If used improperly, it can lead to rejected transactions.
You can learn more about this feature by visiting the page below.
[Spend & Save FAQs: Cash Management Account ](https://www.fidelity.com/spend-save/faqs-cash-management-account)
Please feel free to follow up if you have any other questions.