[Shutting Down] Fidelity ‘Bloom’ App With 10% Match

Update 9/26/24: New email from Fidelity today:

In mid-2025, we’ll be saying goodbye to the Fidelity Bloom app, and the Fidelity Investments® app will be your go-to app for managing your account. But rest assured—your account number, login details, direct deposits, linked bank accounts, and debit card will stay the same. Beginning December 31, 2024, the annual 10% savings match and the 10 cents back per swipe will no longer be available.

Update 6/11/24: Fidelity Bloom is no longer available for signup. Existing Bloom customer accounts will be supported until mid-2025. They haven’t yet clarified exactly what will happen during that sunsetting process. See this official Fidelity reply on Reddit.

Update 1/2/24: Readers report that the 10% bonus has been renewed for 2024. A simple $300 deposit will get you a $30 bonus match. I believe this is the third round of $30 bonus for those who got the account in 2022. (The signup bonus has expired, unfortunately – there’s no signup bonus for those signing up now.)

• Update 8/15/23: Bonus is now up to $100 + $30, see this post for more details
• Update 1/27/23: Multiple readers are reporting that the 10% back promo, up to $30 back, seems to be working now for a second time. It was initially to be 10% ($30) your first year and then 5% ($15) future years, but they seem to have extended it for everyone to get the 10% again in 2023, even those who got it already in 2022.
• Update 12/18/22: A Fidelity rep on Reddit states that Fidelity has extended the window where you can earn $1 per debit transaction of $10+, up to $50 max: previously you had until 12/31/22 for this promotion, they are now extending that through 1/31/23 (still the same $50 max from entire promotion). (ht mangorunner)
• Update 12/2/22: Now available on Android as well.

Offer at a glance

• Maximum bonus amount: $80 (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
• 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

Press Release | Direct signup link

Fidelity launched a new banking app geared toward young adults – but 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 $50 once you deposit $25 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 which is currently iOS only, Android coming soon. Once you signup the account populates in your regular Fidelity login online and you don’t need an iOS device any longer.

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 cents into the Fidelity Bloom Save account every time customers use the Fidelity Bloom debit card. Update: This has been increased to $1 per transaction of $10+, though 12/31/22, up to $50 back.

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 open a new Fidelity Bloom Spend account and Fidelity Bloom Save account on or after 6/13/2022 in the Fidelity Bloom app and fund with a minimum of $25. Offer is limited to one cash award per individual.
• To receive the $50 cash award, the following must occur:
  • You register for the offer by opening the Fidelity Bloom Spend and Fidelity Bloom Save accounts and make an initial deposit in either account (your “initial funding date”) on or after 06/13/2022. The Fidelity Bloom accounts must be opened within the Fidelity Bloom app.
  • The Net Deposit at the end of the 7 calendar days after the initial funding date (“the qualification period”) must be at least $25.
  • 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 position. You will be provided information regarding the available core positions for the account type you select during the account opening process. You have the option of selecting a money-market fund sponsored by a Fidelity affiliate as your core position. No further investment or trading is required to qualify for the 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 selecting 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.
• This offer is nontransferable and limited to $50 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 the offer.
• 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

Easy $50 bonus by opening both the Spend and Save accounts and making a simple $25 deposit into one of them within 7 days. Deposit an additional $275 ($300 total) before the end of 2022 and you’ll get an additional $30 bonus with the match bonus; according to a reader, the match bonus is paid out at the end of the month.

In future years, you can deposit $300 per year and get 5% back – 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. Maybe the ‘25% back at select retailers’ will turn out useful as well, let us know if you see anything interesting.

Overall a simple $80 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’ve added this to our List of Best Bank Bonuses.

Hat tip to readers Mawney and James