Smart Money Wizard
How we research: We verify expense ratios, test account opening flows, and check fee structures against official SEC filings and Fidelity's website.
Disclosure: We may earn a commission if you sign up through links on this page. This does not affect our rankings or reviews.
Last Verified: March 30, 2026

Fidelity Review 2026

Best Brokerage for Long-Term Investors?

4.9 / 5.0 (Expert Rating)
The Bottom Line

If you're building wealth for the long haul, Fidelity is the gold standard. Their ZERO index funds charge literally 0.00% in fees, their HSA is the best in the industry (no account fees, full brokerage access), and they don't sell your trade data to Wall Street firms. For anyone who wants to invest seriously without getting nickel-and-dimed, Fidelity is our top pick among traditional brokerages. Source: Fidelity.com, verified March 30, 2026.

Open a Fidelity Account

Key Facts at a Glance

Stock/ETF Trades$0 commission
ZERO Index Funds0.00% expense ratio (FZROX, FNILX, FZIPX)
HSA Account Fees$0/month, $0 minimum, full brokerage access
Cash Management Yield~3.30% APY (via SPAXX money market)
FDIC CoverageUp to $4M (via partner bank sweep)
ATM FeesUnlimited reimbursement worldwide

ZERO Index Funds: Investing With Literally No Fees

Fidelity is the only major brokerage that offers index funds with a true 0.00% expense ratio. That means every dollar you invest goes to work — nothing is skimmed off for management fees, ever. Here are the three ZERO funds:

Ticker Fund Name Expense Ratio What It Does
FZROXTotal Market0.00%Owns the entire U.S. stock market — thousands of companies, one fund.
FNILXLarge Cap0.00%Tracks the largest 500 U.S. companies — a free alternative to S&P 500 funds.
FZIPXExtended Market0.00%Mid- and small-cap companies — adds diversity beyond the big names.

Source: Fidelity.com — Index Fund Lineup. Expense ratios verified March 30, 2026.

Why this matters: Over 30 years, the difference between a 0.00% and 0.05% expense ratio on a $500,000 portfolio is roughly $12,000 in saved fees. That's money that stays invested and compounds for you.

The HSA: Best Health Savings Account in the Industry

If you're eligible for a Health Savings Account, Fidelity's is the one to have. Most HSA providers charge monthly fees and limit you to a small menu of expensive funds. Fidelity charges nothing and gives you their full brokerage.

$0 Fees, $0 Minimum

No monthly maintenance fees, no minimum balance to invest, and no trading commissions. Most competitors charge $2–$4/month.

Full Brokerage Access

Unlike most HSAs that limit you to 10–20 expensive mutual funds, Fidelity lets you buy any stock, ETF, or ZERO fund in your HSA. (Source: Fidelity HSA page)

Triple Tax Advantage

HSAs are the only account type that's tax-free going in, tax-free growing, and tax-free coming out (when used for medical expenses). After age 65, it works like a traditional IRA for any purpose.

Cash Management Account: A Checking Account That Earns Interest

Fidelity's Cash Management Account works like a checking account but pays about 3.30% APY through their SPAXX money market fund. It comes with free checks, bill pay, and — here's the best part — unlimited ATM fee reimbursement worldwide. Use any ATM anywhere, and Fidelity refunds the fee automatically.

Good to know: The Cash Management Account also provides up to $4 million in FDIC coverage through a sweep program that distributes your cash across multiple partner banks. (Source: Fidelity CMA page)

No Payment for Order Flow (PFOF): What That Means for You

Many brokerages (like Robinhood and Webull) earn money by selling your trade data to high-frequency trading firms — a practice called "payment for order flow." Fidelity doesn't do this. Instead, they focus on "price improvement," which means they actively try to get you a better price than what's quoted on the market. Fidelity says this saved clients an average of $15 per bond trade in early 2026.

What We Like & What to Watch Out For

What We Like
  • True 0.00% index funds: FZROX, FNILX, and FZIPX charge absolutely nothing. No other brokerage offers this.
  • Best HSA available: $0 fees, $0 minimums, and full brokerage access. Every other HSA provider falls short.
  • No PFOF: Fidelity doesn't sell your trade data. They prioritize getting you the best price on every trade.
  • 24/7 support with real humans: You can reach a person by phone in under 2 minutes. Most competitors have cut human support.
What to Watch Out For
  • High margin rates (~12.5%): If you borrow money to invest (margin trading), Fidelity is expensive compared to Interactive Brokers.
  • Limited crypto: They offer Bitcoin and Ethereum, but the selection is small compared to dedicated crypto exchanges.
  • Can feel overwhelming: Fidelity has so many tools and features that beginners may find the interface confusing at first. The app has improved significantly, but it's not as simple as SoFi or Wealthfront.

Our Bottom Line

Fidelity is our top pick for long-term investors. The zero-fee index funds, industry-best HSA, and commitment to transparent pricing make it the most trustworthy brokerage for building real, lasting wealth. If you're someone who plans to invest consistently for 10+ years, start here.

Open a Fidelity Account — $0 Commissions ZERO funds · $0-fee HSA · Free ATMs globally

Frequently Asked Questions

Real answers to the questions people actually ask.

Is Fidelity better than Vanguard in 2026?
For most individual investors, yes. Vanguard pioneered low-cost investing and remains excellent, but Fidelity has pulled ahead in mobile app quality, customer service, and the $0-fee HSA. Fidelity's ZERO funds (0.00%) are also slightly cheaper than Vanguard's Admiral shares (0.04%). That said, both are great choices — you can't go wrong with either. (Source: Fidelity.com)
Can I use Fidelity's Cash Management Account as my only bank?
Yes. It comes with free checks, bill pay, a debit card, and unlimited ATM fee reimbursement worldwide. Your uninvested cash earns about 3.30% APY through SPAXX. It functions like a premium checking account — but with a much higher interest rate than any traditional bank.
Does Fidelity charge fees to transfer my account in or out?
No. Fidelity charges $0 for ACAT transfers in either direction. This is a meaningful trust signal — they don't lock you in with exit fees. (Source: Fidelity transfers)
Does Fidelity offer fractional shares?
Yes. You can buy "Stocks by the Slice" — fractional shares of over 7,000 U.S. stocks and ETFs starting at $1.00. This makes it easy to build a diversified portfolio even with small amounts. (Source: Fidelity fractional shares)

Sources & Citations

We verify all rates and claims against primary sources. Last checked: March 30, 2026.

Yields and fund data are subject to change. Always verify terms on the provider's official website before opening an account.