Fidelity Bloom Reviews :- Earn a $100 bonus with just a $50 deposit into either a Fidelity Bloom Spend or Fidelity Bloom Save account. Qualifying for this offer is a breeze, with the bonus typically arriving within 17 days of opening your account. As of now, there’s no specified expiration date for this promotion on Fidelity’s website.

It’s important to note that both Fidelity Bloom accounts are brokerage accounts, not traditional bank accounts. Consequently, they’re insured by the Securities Investor Protection Corporation (SIPC), offering coverage of up to $500,000, including a cash limit of $250,000. This protection serves as a safeguard in the unlikely event of the brokerage firm facing insolvency.

Uninvested funds in your Fidelity Bloom accounts are directed to low-risk money market mutual funds. This arrangement enables your accounts to potentially accrue interest, which is disbursed monthly. Currently, the interest rate stands at 4.98%, subject to fluctuations that could lead to gains or losses upon selling your shares. It’s worth noting that in the event of a loss, your funds won’t be shielded by the SIPC.

While money market mutual funds generally entail relatively low risk, there’s still a possibility of experiencing a loss of principal. For those seeking accounts with zero risk, several top-tier high-yield savings accounts offer an Annual Percentage Yield (APY) of 5.00% or higher.

What is fidelity Bloom?

Fidelity Bloom Reviews The views expressed in this content solely belong to the author and have not been endorsed or sanctioned by any of the companies referenced. Fidelity Bloom represents a recent addition to Fidelity Investments’ suite of financial applications, designed to assist young adults in enhancing their financial literacy and fostering improved savings practices. Presently available exclusively on iOS, an Android version is anticipated to launch in the near future.

Who is Fidelity Best For?

Fidelity Bloom Reviews A Fidelity Cash Management Account caters to individuals seeking a streamlined approach to managing their daily expenses and investments. By consolidating savings, checking, and investing accounts, the Fidelity cash management account offers simplicity and efficiency, appealing to those prioritizing convenience.

Customers consistently praise the exceptional service provided by Fidelity representatives, enhancing the overall experience for account holders.

Fidelity is particularly well-suited for tech-savvy individuals. As Fidelity operates without physical branch locations, proficiency with technology is essential for managing finances online. This includes tasks such as mobile deposits, electronic transfers, and accessing accounts via a user-friendly app interface.

Ideal for both novice and seasoned investors, Fidelity accounts offer competitive advantages. With minimal fees associated with the cash management account and trades, Fidelity stands out as a compelling choice among banks and brokerages.

REWARDS: Everyone Loves them

Fidelity Bloom offers a distinctive amalgamation of rewards conveniently consolidated within its platform, facilitating easy earning opportunities. Its core features are strategically crafted to promptly reinforce positive financial habits, accentuated by automatic rewards. To kick start this journey, new users stand to benefit from an exclusive promotion: opening accounts on the Fidelity Bloom app and funding them with a mere $25 will yield a $50 boost deposited into their Fidelity Bloom Save account. Moreover, there are additional avenues for earning rewards, including:

• Fidelity Bloom Spend & Save Accounts: These accounts are seamlessly integrated within the app, distinguishing between spending and saving to deter impulsive spending. Both accounts are brokerage-based and can be swiftly initiated directly from the app interface.
• Automated Savings with Rewards: Saving becomes effortless through automatic mechanisms, fostering disciplined financial practices.
• Annual Savings Match: Customers receive an annual 5% match on the first $300 deposited into their Fidelity Bloom Save account, with new customers enjoying an enhanced 10% match until the culmination of 2022.
• Earn with Every Purchase: Fidelity rewards customers with a 10-cent deposit into their Fidelity Bloom Save account for each transaction made using the Fidelity Bloom debit card.
• Cash Back Rewards: Users can accrue up to 25% cash back, channeled into their Fidelity Bloom Save account, when shopping through the app’s network of over 1,100 participating retailers.
• Round-Up Feature: Customers can opt to round up their purchases to the nearest dollar, with the difference seamlessly transferred from their Fidelity Bloom Spend to their Fidelity Bloom Save account, bolstering their savings effortlessly.

For those keen on exploring Fidelity’s initiatives catering to the next generation, there are ample educational resources, product offerings, and opportunities for engaging in financial conversations across various platforms such as TikTok, Instagram, Reddit, and more.

How To Open a Fidelity Bloom Account

Both the Fidelity Bloom Spend and Fidelity Bloom Save accounts necessitate initiation through the Fidelity Bloom app, which boasts free access and imposes no subscription charges. Upon opening either or both accounts, a grace period of seven days is provided for funding them with external financial institution deposits. To qualify for the bonus, ensure that the cumulative deposits into your Fidelity Bloom Spend and/or Fidelity Bloom Save accounts amount to at least $50.

Once your account(s) are funded accordingly, the bonus will be credited to your Fidelity Bloom Save account within 10 days of meeting all eligibility criteria. Importantly, recipients have the liberty to invest, spend, or save their cash bonus, with no obligation to retain it within the Fidelity Bloom Save account.

This promotional offer extends to new Fidelity Bloom customers exclusively, with each individual eligible to receive one bonus. Existing Fidelity customers can still avail themselves of the bonus provided they do not possess an active app account. Notably, Fidelity employees, non-U.S. residents, and individuals affiliated with the Financial Industry Regulatory Authority (FINRA) are ineligible to participate in this offer.