Here’s How You Can Earn $100 From A $50 Deposit With Fidelity Bloom

Brooke Enloe is an Updates Editor on the Banking team. She is an editor and writer, passionate about producing enlightening content for readers. Her articles are about recent banking news, specifically bonuses and new products. Brooke has written copy for various websites, including blogs and news releases. Brooke is a graduate of Clemson University with a degree in Communication and a double minor in Brand Communication and Writing in Media Studies.

Brooke Enloe

Brooke EnloeBanking Editor

Banking Editor

Mike CeteraEditor in Chief, Forbes Marketplace U.S.

Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The Points Guy and Fit Small Business. Mike earned a master’s degree in public affairs reporting from the University of Illinois and has been a journalist for more than two decades. He also has offered his expertise in numerous TV, radio and print interviews.

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Mike Cetera

Mike CeteraEditor in Chief, Forbes Marketplace U.S.

Editor in Chief, Forbes Marketplace U.S.

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Published: Oct 27, 2023, 10:47am

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Here’s How You Can Earn $100 From A $50 Deposit With Fidelity Bloom

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Earn a $100 bonus after depositing only $50 into a Fidelity Bloom Spend or Fidelity Bloom Save account. This offer is easy to qualify for, taking up to 17 days from opening an account to receiving your bonus. Currently, no expiration date is given on Fidelity’s website.

Both Fidelity Bloom accounts are brokerage accounts, not bank accounts. Therefore, they’re insured not by the Federal Deposit Insurance Corporation (FDIC) but by the Securities Investor Protection Corporation (SIPC) for up to $500,000, which includes a cash limit of $250,000. This protection would kick in should the brokerage firm meet with unlikely failure.

Uninvested funds in your Fidelity Bloom accounts are placed in low-risk money market mutual funds. This means your accounts can potentially earn interest, paid out monthly. Currently, the interest rate is 4.98%, but it can fluctuate at any time, meaning you could have a gain or loss when you sell your shares. Keep in mind that if you do have a loss, your money won’t be protected by the SIPC.

While money market mutual funds are relatively safe, they still come with some risk of loss of principal. If you’re looking for an account with no risk, some of the best high-yield savings accounts offer 5.00% APY or more.

How To Open a Fidelity Bloom Account

Both Fidelity Bloom Spend and Fidelity Bloom Save accounts must be opened in the Fidelity Bloom app, which is free to download and charges no subscription fees. After opening, you have seven days to fund either or both accounts with money from an outside financial institution. If you choose to deposit money into both your Fidelity Bloom Spend and Fidelity Bloom Save account, make sure the total deposits equal at least $50 to qualify for the bonus.

After funding your account(s), the bonus will be deposited into your Fidelity Bloom Save account within 10 days of meeting all qualifications. You can invest, spend or save your cash bonus and are not required to keep it in your Fidelity Bloom Save account.

This offer is limited to one bonus per new Fidelity Bloom customer. Don’t worry if you’re already a Fidelity customer—you are still eligible for the bonus if you don’t have an app account. Fidelity employees, non-U.S. residents and those employed by the Financial Industry Regulatory Authority (FINRA) are not eligible.

How Fidelity Bloom Works

Fidelity Bloom is a financial app created by Fidelity that automatically includes two accounts, Fidelity Bloom Spend and Fidelity Bloom Save. Fidelity Bloom Spend is meant to help you track your everyday spending and build better habits using behavioral science and challenges. It also comes with a debit card that earns cash rewards—for example, 10 cents on every purchase.

Fidelity Bloom Save is meant to help you build your savings through automated features, including round ups and cash back on spending, recurring transfers and direct deposit transfers. You can also get a 10% yearly savings match of up to $300 with Fidelity Bloom Save.