Is Fidelity an IRS approved custodian?

Question

My employer offers a Simple IRA match.  The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1.

I see many references to Fidelity in my research for a trustee.  However, I notice that neither Fidelity nor any subsidiary, such as National Financial Services LLC, seems to appear in the IRS approved nonbank trustees and custodians.

Does this mean that Fidelity would serve the SIMPLE IRA function as a bank?

1This corresponds with the IRS documentation on SIMPLE IRAs:

You must notify each employee before the beginning of the election
  period of:
  
  ...
  
  The employees’ ability to select a financial institution that will
  serve as trustee of the employees’ SIMPLE IRA, if applicable

mhoran_psprep · Accepted Answer

There are two questions here:

Does X meet the IRS requirments, and
Does X accept employee designated SIMPLE IRA accounts.

The first questions is easy:
According to the IRS - Establishing a SIMPLE IRA Plan

Financial institutions authorized to hold and invest SIMPLE IRA plan
contributions include banks, savings and loan associations, insurance
companies, certain regulated investment companies, federally-insured
credit unions and brokerage firms. SIMPLE IRA plan contributions can
be put into stocks, mutual funds and other similar types of
investments. The investment options available at the institution where
the SIMPLE IRA is located will determine what kinds of investment
choices are available to the employee as he or she makes decisions
about investing his or her SIMPLE IRA accounts.
You and your employees will receive a statement from the financial
institutions investing your SIMPLE IRA plan contributions both at the
time you make the first SIMPLE IRA plan contributions and at least
once a year after that. Each institution must provide a plain-language
explanation of any fees and commissions it imposes on SIMPLE IRA
assets.

It would seem that Fidelity is in that category of financial institutions.
The second question is do they accept employee designated SIMPLE IRAs. That is a question you will have to ask them.

Is Fidelity an IRS approved custodian?

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