Fidelity offering $100 bonus to new and existing users

Now is the perfect time to make Fidelity your hub account if you haven’t already. Even if you currently use Fidelity, you can still take advantage of this offer.

 

By completing Fidelity’s Goal Booster Cash Offer, you’ll earn $100 for having at least $50 in deposits in your new Fidelity® Cash Management Account on the day that the account has been opened for 45 days.

 

This is a really easy deal and it only requires that you keep the initial $50 deposit in the account on the 45th day. The $100 bonus is deposited into your account 10 days after the 45th day. You must then keep the $100 bonus payment in your account for 90 days.  

 

The good news is that you’re allowed to trade in the account, so your money isn’t sitting idle during the 90-day hold period.

 

Below are the pertinent offer details retrieved from the Fidelity’s Goal Booster Cash Offer Terms and Conditions. As always, you should read the offer’s terms directly from the source (https://digital.fidelity.com/prgw/digital/goal-booster/offer).

 

Fidelity’s Goal Booster Cash Offer Terms and Conditions:

 

  • Eligible accounts include Fidelity Cash Management Account. No other accounts are eligible for this offer.

 

  • Use the offer code GB100 during account opening to register for the offer.

 

  • Fund the account with a minimum of $50 (“Net Deposit”) from an external, non-Fidelity source, including employer payroll election, if applicable.

 

  • The Net Deposit at the end of the 45 calendar days after account opening (“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external deposits or transfers (including cash, eligible securities and/or margin debit balance transfers) minus assets withdrawn or transferred out of the accounts within the qualification period.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 bonus award will be deposited directly to the eligible account within 10 calendar days after the qualification period.

 

  •  Account holders must maintain the bonus award (minus any losses related to trading or market volatility, or margin debit balances) in the account for at least 90 days from the date on which the bonus award is credited to the account. Fidelity may charge accounts that fail to comply with this requirement the cost of the bonus award.

 

 

The best strategy for Fidelity’s Goal Booster bonus offer

Day 1: Open your new Fidelity Cash Management Account as soon as you can
The bonus is paid 55 days after your account has been opened. So, open the account sooner rather than later.

 

Day 1: Link an external account to your Fidelity Goal Booster account and do a test deposit
Do this shortly after your account has been opened so that you can do a test deposit. The test deposit is optional, but encouraged if you’re overly cautious and want to confirm that the link is set up properly, or want to see how long the transfer may take. To deposit funds into your Fidelity account, it’s best to initiate the transfer from Fidelity’s side since the deposit is instant. You’ll also be able to trade instantly. There is a hold on withdrawals, though. 

 

Day 44-45: Make your qualifying $50 deposit into your Fidelity Goal Booster account
On day 44, deposit $50 into your Fidelity Goal Booster account. Initiate the transfer from Fidelity’s side so that you get instant credit for the deposit. This removes any worries about the transfer processing in time. Remember that the transfer must be made directly into your Fidelity Goal Booster account and not transferred from another Fidelity account.

 

Day 46-54: Continue investing and saving in your Fidelity Goal Booster account or withdraw your deposit
By day 45, you will have met the bonus requirements, and by day 46, you can safely withdraw the qualifying $50 deposit. Unless you’re strapped for cash, try leaving the funds in your account as a thank you to Fidelity.

 

If you’re concerned about losing out on potential investment income, keep in mind that you can invest in your Fidelity Goal Booster account. So, you can purchase $50 worth of stock if you’re just dying to keep your $50 active in the market. Perhaps the safest route would be to buy into SPAXX (Fidelity Government Money Market Fund), which is a money market fund that has returns comparable to a high-yield savings account. As of 01/19/2024, the 7-day yield for SPAXX is 4.98% APY. 

 

Day 55-145: Leave your $100 bonus in your in the account
Regardless of your decision to withdraw your $50 deposit, you must keep your $100 bonus payment in your account for 90 days from the date of payment. Failure to do so may result in Fidelity charging the $100 bonus to your account.

 

Day 146: Continue investing and saving in your Fidelity Goal Booster account or withdraw your funds
Ninety-one days after you’ve kept the $100 bonus in your account, you’re free to withdraw your funds.

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