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Fidelity Bloom App: Open New Bloom Spend and Save Accounts, Deposit $50 and Earn Expired

$100 Cash Reward
(New Bloom Customers only)
+313 Deal Score
203,389 Views
Fidelity is offering New Bloom Customers: $100 Cash Reward when you Open 2 Fidelity Brokerage Accounts (Fidelity Bloom Spend and Fidelity Bloom Save) via the Fidelity Bloom App and Deposit $50 or more within 7 calendar days of opening the account (see the instructions below).

Thanks to community member hashir for sharing this deal.

Deal Instructions:
  1. Download the Fidelity Bloom App (iOS or Android)
  2. Open the App and click on "Learn More"
  3. Click on "Sign up" and you will begin the process to open the accounts and get a debit card
    • Spend Account is for everyday spending and is linked to your debit card
    • Save Account is where you'll keep track of your savings
  4. You will then click on "Open accounts" where you will be prompted to verify your identity and set up an account
    • Note, you can log in with your Fidelity information if you are a current (non-Bloom) customer
  5. They may then offer the following: $5 Bonus for signing up.
  6. You must deposit at least $50 within 7 calendar days to earn the $100 cash award
  7. The $100 cash award will be deposited directly into the Fidelity Bloom Save account within 10 days after the qualification period

Original Post

Written by
Edited August 19, 2023 at 08:14 AM by
Open a Bloom account and deposit $50 to get a $100 bonus. This is open to new Fidelity customers and existing Fidelity customers that don't have a Bloom account.

the Net Deposit at the end of the 7 calendar days after your initial funding date ("the Qualification Period") must be at least $50.

The cash award will be deposited directly to the Fidelity Bloom Save account within 10 calendar days after the qualification period.

https://www.fidelity.com/mobile/bloom
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Deal
Score
+313
203,389 Views
$100 Cash Reward
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Looks fairly straightforward.
Technically opening 2 accounts. A debit & a brokerage account for them to invest your savings.
*edit: as pointed out below by SirMixPix, both accounts are technically brokerage accounts which changes the protections/guarantees a bit.

Anyone seeing fees? I'm not.

looks like even better than OP claimed:

+$5 just for signing up (YMMV, this happened during sign up process for me. it is already showing up in the app under Activity for me)
+$100 if you fund $50 per promo
+$30 (10% match bonus on up to $300 deposit to SAVE account)

so if you park $300 in this for a while you'll get $135 in bonuses (I wasn't sure re timing and didn't dig into the details, others have made educated guesses in comments below)
Updates:
Sounds like they check settled funds at the end of the month and you get the bonus early in the next month.
the 10% is an intro bonus rate, looks like 5% for future years.

edit 2:
185TU and not frontpage?
is it the lack of kickback money for SD since it's via app signups and not a direct affiliate link or what?
wild the promoted garbage that gets pumped to the frontpage with very little engagement while this doesn't. apparently the Lisen phone holder & ESR plastic phone cases are more noteworthy lol

edit 3:
I got my full bonus
8/18 signed up. immediately got $5 bonus
8/21 ACH transfer posted ($300)
8/30 $100 bonus posted
9/01 $30 match bonus posted
Keep in mind, both the accounts are brokerage funds and, while uncommon for low risk mutual funds of these types to lose money, they have and can (in rare instances). They are not fdic protected and do carry more risk, albeit slight, than a 'standard' back account covered under FDIC insurance.
These brokerage accounts are instead SIPC covered, which while similar to FDIC insurance, there are some significant differences.
A good article explaining what is covered and what isn't here: https://www.firstrepublic.com/ins...ifferences
Interesting Quote from above article:
"It's worth noting that SIPC insurance does not cover the value of your stocks, bonds or other investments. Rather, the SIPC replaces your missing stocks and other securities when possible."
I am Not knocking this deal or the opening of accounts to get the deal. Just some fyi that I found while exploring the fine print that I found interesting.
Got the $5. Currently a Fidelity credit card + brokerage customer as well.

I attached a picture of where you see the $5 bonus.

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Joined Dec 2007
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> bubble2 30 Posts
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alomnitz
08-19-2023 at 07:23 AM.
08-19-2023 at 07:23 AM.
Do you need to park the $300 in the savings (brokerage) or debit account in order to get the 10% or is either account ok. Also are both accounts paying 4.97% interest?
Reply
Last edited by alomnitz August 19, 2023 at 07:26 AM.
Joined Jan 2010
L6: Expert
> bubble2 1,362 Posts
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Gysper
08-19-2023 at 07:26 AM.

Our community has rated this post as helpful. If you agree, why not thank Gysper

08-19-2023 at 07:26 AM.
Link with more details about this deal

https://www.doctorofcredit.com/fi...nup-bonus/
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Joined Sep 2016
L3: Novice
> bubble2 150 Posts
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Jeremytn
08-19-2023 at 07:29 AM.
08-19-2023 at 07:29 AM.
Ymmv but my account is glitchy AF. Thumbs up on deal. Thumbs down on the account.
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Last edited by Jeremytn August 19, 2023 at 07:31 AM.
Joined Aug 2011
L4: Apprentice
> bubble2 334 Posts
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DelSerra
08-19-2023 at 07:50 AM.
08-19-2023 at 07:50 AM.
Quote from alomnitz :
Do you need to park the $300 in the savings (brokerage) or debit account in order to get the 10% or is either account ok. Also are both accounts paying 4.97% interest?
From https://www.fidelity.com/mobile/bloom:
Quote :
Built in cash rewards

Rewards are deposited directly to your Fidelity Bloom® Save account.
Get a 10% annual savings match from Fidelity® on up to $300 of deposits to your Save account.
So you can probably move it after the initial deposit is made.
Quote :
Put your money to work

Fidelity Bloom® holds your uninvested cash in a money market mutual fund. Uninvested dollars in both your Save and Spend accounts have the potential to earn yield, which is a cash payout of interest earned that is added to your accounts on a monthly basis.

Fidelity® Government Money Market Fund (SPAXX*) 7-day yield 4.97% as of August 14, 2023; the yield may vary owing to market conditions.

*The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Visit Fidelity.com for more recent performance.
Since this is a mutual fund the yield will vary. In this case you want the Fed to keep jacking up interest rates which would tend to increase the yield.
Reply
Joined Feb 2006
L9: Master
> bubble2 4,033 Posts
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Zerosvn
08-19-2023 at 08:00 AM.
08-19-2023 at 08:00 AM.
Signed up with my existing fidelity account. It created 2 new bloom accts (1 save, 1 spend). Added my bank then transfered $300 to save. Let's see what happens next.

App is pretty cool, but what's even cooler is they have ~5% interest on money you don't spend in your save acct. So this is also a HYSA (no FIDC) with educational elements. Pretty interesting. Once I'm comfortable, I will xfer a bit more in to use it to its full potential. Could be a great vehicle to get my spending in line.
Reply
Last edited by Zerosvn August 19, 2023 at 08:06 AM.
Joined Jun 2006
Wow Amazing Slick Deal
> bubble2 1,411 Posts
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mcali786
08-19-2023 at 08:01 AM.
08-19-2023 at 08:01 AM.
Easy to close and cash out or does it need to be maintained for months?
Reply
Joined Feb 2010
Dealbreaker
> bubble2 2,717 Posts
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Hoolagain
08-19-2023 at 08:21 AM.
08-19-2023 at 08:21 AM.
If it weren't for the bonus wouldn't opening a regular brokerage account do the same thing? In my IRA account all uninvested cash goes in SPAXX by default
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Joined Oct 2014
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yeahok
08-19-2023 at 08:21 AM.
08-19-2023 at 08:21 AM.
Do we need to open account in app? Don't see open account online.
Reply
Joined Jul 2006
MISTERCHEAPs TWIN BROTHER
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SUCHaDEAL
08-19-2023 at 08:23 AM.
08-19-2023 at 08:23 AM.
Quote from splg38 :
What is Bloom?
Bialystock and Bloom.
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Joined Jun 2016
L2: Beginner
> bubble2 53 Posts
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tunatamer
08-19-2023 at 08:27 AM.
08-19-2023 at 08:27 AM.
Quote from xsupan0va :
So you need to keep 300 balance for 1 year to get a 30$ bonus? Or is it multiple?

I got the bonus within a couple days.
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Joined Jun 2016
L2: Beginner
> bubble2 53 Posts
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tunatamer
08-19-2023 at 08:28 AM.
08-19-2023 at 08:28 AM.
The interest on a bloom account is 4.97% because it is in a money market(SPAXX). This is a good place to park your money for good.
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Joined Jun 2016
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> bubble2 53 Posts
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tunatamer
08-19-2023 at 08:28 AM.
08-19-2023 at 08:28 AM.
Quote from yeahok :
Do we need to open account in app? Don't see open account online.

Can only open an account in the bloom app, not the fidelity app or online.
1
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Joined Feb 2010
Dealbreaker
> bubble2 2,717 Posts
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Hoolagain
08-19-2023 at 08:31 AM.
08-19-2023 at 08:31 AM.
Quote from splg38 :
What is Bloom?
In my reading from their website, it's basically a spend account with a debit card and a second "savings account." They promote it as a "mindfulness" option to encourage saving because research has shown that having a separate account for each encourages people to save. Both are just accounts that invest in a money market mutual fund, which is comparable to what a high yield savings account returns atm.
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Joined Mar 2019
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NervousHorn154
08-19-2023 at 08:32 AM.
08-19-2023 at 08:32 AM.
Any way of doing this without a cell phone?
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