Fidelity Bloom App: Open New Bloom Spend and Save Accounts, Deposit $50 and Earn
Expired
$100 Cash Reward
(New Bloom Customers only)
+313Deal Score
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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.
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.
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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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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?
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?
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
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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.
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.
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
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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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
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.firstrepubl
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.
I attached a picture of where you see the $5 bonus.
Sign up for a Slickdeals account to remove this ad.
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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.
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.
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.
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I got the bonus within a couple days.
Can only open an account in the bloom app, not the fidelity app or online.
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