Offer at a glance
Maximum bonus amount: $100 + $30 (plus $6)
Availability: Nationwide (requires iOS or Android device for signup; can be managed, for the most part, in your regular Fidelity.com login)
Direct deposit required: None
Additional requirements: $300 deposit for full bonus
Hard/soft pull: Soft
Credit card funding: None
Monthly fees: None
Early account termination fee: None listed
Household limit: None listed
Expiration date: Unknown
Fidelity Bloom App
Fidelity has a banking app geared toward young adults – it’s actually available to anyone 18 years or older – to help them build money-saving habits. As part of launch, they are offering the following signup bonus:
Open a Fidelity Bloom Spend account and Save account, get $100 once you deposit $50 or more within 7 days.
Readers also say you’ll get an extra $6 in offers: $1 for linking an account and $5 for checking out their cash back options.
The account can only be opened via the mobile app, iOS or Android. After signing up, the account populates in your regular Fidelity login online and you don’t need to use mobile.
There are a other bonuses available with Fidelity Bloom on an ongoing basis:
Customers receive an annual 5% match on the first $300 into their Fidelity Bloom Save account.
For a limited time, new customers will receive a 10% match on their first $300 (instead of the regular 5% match).
Fidelity will automatically deposit $.10 (10 cents) into their Fidelity Bloom Save account every time customers use the Fidelity Bloom debit card.
Account Details
Fidelity Bloom is a free financial app and debit card with automated cash rewards to help you build long-lasting habits.
Fidelity Bloom comes with two accounts, one Spend account and one Save account. Both are brokerage accounts.
Customers can automatically round up purchases to the nearest dollar and have the difference moved to savings from their Fidelity Bloom Spend to their Fidelity Bloom Save account.
Receive up to 25% cash back—deposited into the Fidelity Bloom Save account when customers shop through the app with 1,100+ participating retailers.
The Fine Print
Fidelity Bloom $50 Offer Terms and Conditions: This offer is valid for new or existing Fidelity Brokerage Services LLC (“Fidelity”) customers who make an initial total deposit of at least $50 (“Qualifying Deposit”) into their Fidelity Bloom Spend account or Fidelity Bloom Save account on or after August 13, 2023 through the Fidelity Bloom app. This offer is limited to one cash award per individual. For clarity,
existing Bloom clients who have not yet made any deposits into either of their Fidelity Bloom Spend or Fidelity Bloom Save accounts can participate in this offer by making a Qualifying Deposit by August 27, 2023. Existing Fidelity customers who have previously made deposits into their Fidelity Bloom Spend or Save accounts, including individuals who have already participated in the Bloom $50 offer, are not eligible for this offer.
To receive the $50 cash award, the following must occur:
New customers will need to open the Fidelity Bloom Spend and Fidelity Bloom Save accounts through the Fidelity Bloom app.
New customers will need to and make a Qualifying Deposit in either or both their Fidelity Bloom Spend and Fidelity Bloom Save accounts on or after August 13, 2023 (your “initial funding date”).
Existing customers who opened accounts prior to August 13, 2023 and have not funded their Fidelity Bloom Spend or Fidelity Bloom Save accounts can make a Qualifying Deposit by August 27th, 2023 to receive the $100 offer.
For both new and existing customer, the Net Deposit at the end of the 7 calendar days
after your initial funding date (“the Qualification Period”) must be at least $50.
For purposes of this offer, “Net Deposits shall mean total external deposits or transfers
(including cash, eligible securities and/or margin debit balance transfers) minus assets
withdrawn or transferred out of the accounts within the Qualification Period.
The only eligible accounts for this offer are the Fidelity Bloom Spend account and the Fidelity Bloom Save account. Both accounts are opened for Fidelity Bloom customers. Each eligible account has unique features which you should consider prior to opening. This offer does not constitute a recommendation by Fidelity as to which, if any, account is appropriate for your personal situation.
The cash award will be deposited directly to the Fidelity Bloom Save account within 10 calendar days after the qualification period. Amounts deposited by Fidelity in the form of the cash award will be initially held in the eligible account’s core money market position.
You will be provided information regarding the available core position during the account opening process.
No further investment or trading is required to qualify for this offer. You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before opening an account and having your cash invested in a money market fund as your core position, read the money market fund’s prospectus for policies specific to that fund. A copy of this prospectus will be made available to you during the account opening process. You have the option of selecting a different money market fund as your core position.
This offer is nontransferable and limited to $100 per individual. This offer is not valid for non-U.S. residents; persons employed by FINRA or a securities organization in a regulatory capacity; employees of Fidelity, its affiliates, and members of their immediate families and households, or the media who cover financial services. Individuals subject to backup withholding may not be eligible for this offer.
Certain states and local jurisdictions have laws that limit or restrict public employees from accepting items of value from vendors such as Fidelity that provide services to public institutions. Some public entities such as governments, state universities, health care organizations, etc., also have internal policies that may contain similar restrictions. If you are a public official or employee, you should determine if one of these laws or internal policies applies to you. By accepting the cash award, Fidelity assumes that you are in compliance with your jurisdiction’s laws and institution’s internal policies.
Cumulative cash awards credited to taxable accounts associated with your social security number or tax identification number, including this offer, other offers available within the Bloom app and those made by a Fidelity affiliate totaling $600 or more within a calendar year will appear on your consolidated Form 1099. You are encouraged to consult with your tax professional about appropriate tax reporting and treatment relating to this cash award and the deposit of the cash award in your account. Any taxes resulting from the cash award are your responsibility.
Avoiding Fees
There are no monthly fees to worry about and no early termination fees mentioned.
Our Verdict
We initially wrote about the Fidelity Bloom bonus when the app launched in 2022. The bonus was then just $50 + $36, and it’s now $100 + $36.
If you deposit $50 you’ll get $100 bonus. If you deposit $300 you’ll max out the 10% match bonus and get another $30 for a total $130 bonus. (According to a reader, the match bonus is paid out at the end of the month.) As far as I know, you can still get another $6 by linking an account and checking out their cashback options. That brings it up to $136 total.
In future years, you can deposit $300 per year and get 5% back for a $15 bonus each year. You can also get 10 cents per debit card swipe; some people might want to keep the card around for small purchases. And perhaps the offer for 25% back at select retailers will turn out useful as well – let us know if you see anything interesting.
Overall a simple $130 bonus for the hassle of opening a new account and app, along with a potential $15/year in future years. This is available even to those who have other Fidelity accounts and who have done other Fidelity bonuses. Sounds like anything less than $600 won’t get a Form 1099, though you probably have to self-report it on your taxes. We’ll add this to our List of Best Bank Bonuses.
Hat tip to reader thedailychurn