Fidelity Bloom App: Open New Bloom Spend and Save Accounts, Deposit $50 and Earn
Expired
$100 Cash Reward
(New Bloom Customers only)
+313Deal Score
203,303 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.
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.
Sign up for a Slickdeals account to remove this ad.
How do you fund the account from existing fidelity?
There's an option to transfer money from your other Fidelity account.
Press the dollar-sign on the bottom of the app. Then press the "One-time transfer" button. Then press "Skip for now" because you don't need to link a bank. It will give you an option to select your other Fidelity account.
Just wanted to double check, so money in this bloom save account is SIPC insured and our cash parked there is safe up to 250k, correct?
Not exactly. SIPC insurance doesn't protect your cash in a brokerage account in the same way that FDIC guarantees cash in a bank account. Technically, it is possible for underlying Fidelity fund to "break the buck", and for you to lose money in a way that SIPC would not protect. In practice, the chance of this happening is extraordinarily slim. I would feel very safe parking money in this account.
Fidelity needs liquidity to exit those 1-2% instruments it seems.
Even if that's the case, this is a perfect opportunity for slickdealers to take advantage. They locked up their cash in low interest long term bonds (probably 5-10 yrs) so they offer this product to bring in more liquidity. We get an innovative product with multiple benefits to put in our $300-$600 to maximize the opportunity.
Short-term, I can see this product helping newbies learn to be more financially conscious of their spends vs save (a lot of SDers like me need help controlling our spends).
Mid-term, I can see myself putting more money in as I realize the full benefits of this product (beyond the initial bonus and boosts). Things like round up to saving account are small but they build your nest egg (savings acct) fast. It's little tricks like this that will help many people get that "extra cash they never knew they had".
Long-term, I can see myself consolidating my various HYSA and gov bond positions into 1 or 2, while putting the rest here.
If this works well, others in the industry will follow and offer even more competitive products and promos. At some point, an extra $100 "sign on bonus" won't matter vs the hassle of setting up and maintaining a new acct, but min/maxer like me will be ready for them. 😁
I signed up and the $5 bonus was shown along the way to entice to finish the process. What a cool thing to get 10% on debit card purchases! I thought the occasional 3 percent on my NFCU visa was good, but this is super cool!
Says Bloom accounts Save & Spend open continue: But I can't create user name and password keeps saying "An unknown error occurred. Please try again latter or contact Fidelity."
Anybody else get this? (Edit: I have an old Fidelity account so I had to use that login info)
Yes, I got that three or four times, as well as other errors during signup where there was no way to move forward but cancelling/abandoning the signup seemed to complete that step. Also I had to stop using a private DNS to get it to work. Just keep trying I guess.
How do I withdraw money from this or do bank transfers in opposite direction if I need to, other than closing it? That's not real clear in the app, but perhaps that's because my bank account hasn't finished the verification step yet.
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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.
Press the dollar-sign on the bottom of the app. Then press the "One-time transfer" button. Then press "Skip for now" because you don't need to link a bank. It will give you an option to select your other Fidelity account.
4.97% interest on the "debit account"
Short-term, I can see this product helping newbies learn to be more financially conscious of their spends vs save (a lot of SDers like me need help controlling our spends).
Mid-term, I can see myself putting more money in as I realize the full benefits of this product (beyond the initial bonus and boosts). Things like round up to saving account are small but they build your nest egg (savings acct) fast. It's little tricks like this that will help many people get that "extra cash they never knew they had".
Long-term, I can see myself consolidating my various HYSA and gov bond positions into 1 or 2, while putting the rest here.
If this works well, others in the industry will follow and offer even more competitive products and promos. At some point, an extra $100 "sign on bonus" won't matter vs the hassle of setting up and maintaining a new acct, but min/maxer like me will be ready for them. 😁
Sign up for a Slickdeals account to remove this ad.
Anybody else get this? (Edit: I have an old Fidelity account so I had to use that login info)
Sign up for a Slickdeals account to remove this ad.