Posted by William Charles on June 28, 2018
Bank Account Bonuses

Published on June 28th, 2018 | by William Charles

357

[Dead] Fidelity: Sign Up For Investing & Spending Accounts & Get $200 Bonus

Update 6/29/18 2:14 pm ET: Offer has ended, “P.S. If you’re looking for our recent cash offer, it just ended. Sorry Charlie.” It does sound pretty clearly like they plan on honoring it for whoever already got in on this.

Offer at a glance

The Offer

Direct link to offer

  • Fidelity is offering to match your opening deposit of up to $200 when you open a spending account (Fidelity Cash Management) and investment account (Fidelity brokerage account). Deposit must be received within 60 days of account opening. Deposit can be made to either account or a combination of both (might make sense to put it into the brokerage account though).

The Fine Print

  • This offer is valid for new or existing Fidelity customers.
  • Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account. You must deposit between $50–$200 to receive your bonus money. You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund
  • In order to receive the cash bonus, you must open and fund a new eligible Fidelity Brokerage Account and Fidelity Cash Management account on or after 6/21/18.
  • Deposits of $50 to $99 may receive $50, deposits of $100 to $149 may receive $100, deposits of $150 to $199 may receive $150, and deposits of $200 or more may receive $200.
  • New accounts must be funded within 60 days (“the qualification period”). Funding must come from an external, non-Fidelity source via any standard monetary transfer method (a standard Transfer of Assets form, check, electronic funds transfer, ADM deposit, etc.). Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.
  • In addition, account holders must not use qualifying deposits to purchase insurance or annuity products offered or distributed by Fidelity within 60 days of receiving a bonus award, or Fidelity may charge the account the cost of the bonus award.
  • Customers must register at https://communications.fidelity.com/pi/start-your-stack/?ccsource=offer.
  • Must be at least 18 years of age
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Neither account has any monthly fees to worry about. You do pay a fee of $4.95 per trade though (not required for the fee free ETFs). You also need to “Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.” So basically early account termination fee of $200 if closed within 9 months of receiving the bonus and you must have a balance of $200+ during that period. It’s possible they mean you need to have $400+ in there, so I’d probably do that just to be safe

Our Verdict

It says the offer is available for new and existing fidelity customers, but you can’t already have the cash management or investment account. This seems like an insanely good deal as you only need to deposit $200 and there are no monthly fees to worry about either. I honestly can’t see this lasting long term, so if you’re interested it would make sense to do it sooner rather than later. Keep in mind you need to maintain the minimum qualifying account balance for at least 9 months from the date on which the bonus posts minus any loses from trading or market volatility. I’d probably just keep $400+ in cash in there to make sure of this.

Useful posts regarding bank bonuses:



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Ken
Ken

Also fidelity is one of the best checking accounts for overseas travel since worldwide ATMs are free and they even reimburse ATM fees charged by the ATM owner. Also, AFAIK there’s no forex fees so you’re getting almost the exact forex conversion rate. I’m not sure if they pass on the 1% Visa forex conversion fee though since it’s charged by the Visa network itself.

Matt
Matt

There are no foreign transaction fees on ATM cash withdrawals. This is contrary to what the fine print seems to indicate. However, experience and data points of many users indicate you’re getting a very good rate (and not laden with a hidden fee) on ATM transactions.

There is a 1% foreign transaction fee on purchases made with your debit card.

The account is similar to Charles Schwab, insofar as both accounts reimburse all ATM fees. However, Fidelity reimburses as soon as the ATM withdrawal posts. Schwab does so at the end of the month. Small difference, but a slight edge to Fidelity in my book.

Ken
Ken

Great, thanks for the heads up. I have both Fidelity and Schwab so we should be GTG overseas.

T
T

is it true with Schwab too? The forex conversion rate?

XenaWP
XenaWP

In the FAQs, it looks like existing customers (of Fidelity Accounts or Cash Management Accounts) are excluded 🙁

“Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account.”

Avi
Avi

That caught me too. I had read the fine print, didn’t see anything, opened the account, then noticed that in the FAQ before I went to fund the account. Oh well.

NBG
NBG

–In addition, account holders must not use qualifying deposits to purchase insurance or annuity products offered or distributed by Fidelity within 60 days of receiving a bonus award, or Fidelity may charge the account the cost of the bonus award —

What is this about?. Any examples of easy ways?.

David
David

What do you mean? It says you must NOT use the deposits for those types of purchases within 60 days. So I believe it’s as simple as deposit $200, get $200!

Will
Will

“Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.”

NBG
NBG

Ah..my bad. Overlooked and missed the ‘not’

juanbeny
juanbeny

DOC, it seems existing customers of either spending or investment account would be ineligible for the bonus.

Mike M.
Mike M.

Was relatively quick and painless. As you sign up it does mention on the front page you *cannot* already have the savings account and money market account to qualify for the bonus. Thanks Doc!

Also says they will give the bonus in 7 days of receiving your money and it was a soft pull for me opening both accounts.

Andrew R.
Andrew R.

Soft pull for me as well.

Sexy_kitten7
Sexy_kitten7

I agree very easy. The one problem I had was figuring out how to do an ACH transfer to fund. They make you choose a Fidelity account first, then ask for your bank info on the next page.

Kaung
Kaung

Am I reading the terms right, you have to keep it in there 9 months or they’ll clawback?

“Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award. “

Sol
Sol

Do you know if the offer is valid if you only have a Fidelity IRA ?

Will
Will

you should be fine.

I already have a brokerage from my employee stock plan, so I think I am SOL

Ecorp
Ecorp

I believe you would be eligible, It says brokerage account

Snorlax
Snorlax

Yes!

You’re good as long as you don’t have a taxable brokerage account *OR* a cash management account.

RY
RY

I also have only a ROTH IRA with them. We’ll find out in 7 days if we qualify

Alan
Alan

In the fine print about maintaining the minimum balance for 9 months or they’ll charge the account. If I deposit $200 and end up with $400 after bonus how much of that has to stay for 9 months?

Mike
Mike

I interpreted the T&C to mean $200 has to stay

SP
SP

Failed due to IQ questions. Keeps asking about people with the same last name as me but I don’t know. Anyone know if there is a way to get that fixed with Experian?

SP
SP

I was able to open by opening an IRA account first, creating an online login, and using that to open these two..

captainsave
captainsave

Damn had a fidelity brokerage account i didn’t even kno.

Jeremy
Jeremy

Doesn’t require any time since closure, so close today and you should be fine

greedycat
greedycat

got approved quickly. Do I have to fund any specific one of the two accounts to earn the bonus, or whichever is fine?

cowsareverywhere
cowsareverywhere

FAQ Says funding either of the accounts is fine

How do I get the cash deposit bonus offer?
Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account. You must deposit between $50–$200 to receive your bonus money. You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund.

Matt B
Matt B

you can fund either or a combo of the 2

Seth Tyson
Seth Tyson

“Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.”
Does this mean we have to leave the $200 deposit in the account for 9 months or am I misinterpreting this?

Flea
Flea

Yeah, that sounds like a clawback clause to me. I think you have the right of it.

Sasha
Sasha

Maybe it says it somewhere and I’m not seeing it, but which account does the $200 deposit have to go into – the checking account or the investment account? TIA!

Jeremy
Jeremy

“You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund.

Example: if you put $100 into your Fidelity Cash Management Account and $100 into your Fidelity Account, you will receive a free $100 from Fidelity in each account.”

cowsareverywhere
cowsareverywhere

How do I get the cash deposit bonus offer?
Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account. You must deposit between $50–$200 to receive your bonus money. You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund.

Matt D.
Matt D.

Signed up and was approved, however I have to wait 72 hours until my phone can receive the security code to add a bank account to fund. Hopefully the 9 month rule is for the the initial $200 deposit and you can still take out the $200 bonus but the smallprint doesn’t make this clear.

Also unclear which account you need to fund, I don’t think it matters, but will chime in if I find out otherwise.

cowsareverywhere
cowsareverywhere

From the FAQ

How do I get the cash deposit bonus offer?
Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account. You must deposit between $50–$200 to receive your bonus money. You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund.

cowsareverywhere
cowsareverywhere

William Charles Since everyone is asking, might want to add this to the main post.

How do I get the cash deposit bonus offer?
Once you open your two accounts, you will be eligible for the offer as long as you don’t have an existing Fidelity Account or Cash Management Account. You must deposit between $50–$200 to receive your bonus money. You can deposit it all into one account, or split it between both—your choice. Your bonus money will be deposited into to whichever account you choose to fund.

RB
RB

I am thinking if you received the $200 bonus, you will need to maintain at least $201 for 9 months in order to avoid the $200 bonus from being taken away. Correct me if I am wrong.

George
George

What would happen if I closed both accounts before the 9 months?

Vince
Vince

Bonus will be clawed back

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