Fidelity $100 Offer

[minnesotapaintlady]

For anyone thinking about opening an IRA or cash management account.  Fidelity is offing a $100 bonus for as little as a $50 deposit into the account.

www.fidelity.com/go/special-offer

And...I found out about this less than 10 hours after opening a Roth for my son.    I contacted them to try and get it after the fact but it doesn't sound very promising. They told me to contact them in 25 days after required time for the deposit to clear, but said straight up, no promises.

[plugginaway22]

Well thank you! That was a quick and easy way to make $100.

[finnime]

Thank you, MPL! That was easy.

[minnesotapaintlady]

I'm annoyed I missed it myself!  I'm thinking of opening a youth account for Carrot though.

[azucena]

Mpl- mind telling me more about the kid account? Mostly asking instead of looking it up myself to keep the thread active to remind myself to consider this for dd13.

[minnesotapaintlady]

Apr 14, 2022 3:38:00 GMT -5 azucena said:

Mpl- mind telling me more about the kid account? Mostly asking instead of looking it up myself to keep the thread active to remind myself to consider this for dd13.

It's a cash management account.  Basically a checking with debit card and app just like you'd have at a bank or CU, but it also allows investing and the app is kind of cool.  More of a "teen friendly" brokerage app.  

But, found out today it's only for ages 13-17 (converts to a regular Fidelity account at 18).  So I can't open one for Carrot anyhow. 

[Rukh O'Rorke]

ok - so it is still available. what kind of account? I can't do roth, could do an ira that is non-deductible? I don't know how that works - but can anyone do regardless of income?

then there are these possibilities...

The Fidelity Account®

Manage your financial needs with the Fidelity Account, a full-featured, low-cost brokerage account, designed to grow and adjust according to your needs as an investor.


Fidelity® Cash Management Account

A brokerage account that provides features like a traditional checking, a Fidelity® Cash Management Account offers easy cash management.1

[Rukh O'Rorke]

minnesotapaintlady


MPL! MPL! Emergency! Come right away!

[minnesotapaintlady]

Apr 17, 2022 19:28:23 GMT -5 Rukh O'Rorke said:

ok - so it is still available. what kind of account? I can't do roth, could do an ira that is non-deductible? I don't know how that works - but can anyone do regardless of income?

then there are these possibilities...

The Fidelity Account®

Manage your financial needs with the Fidelity Account, a full-featured, low-cost brokerage account, designed to grow and adjust according to your needs as an investor.


Fidelity® Cash Management Account

A brokerage account that provides features like a traditional checking, a Fidelity® Cash Management Account offers easy cash management.1

It looks still available, the link still works anyhow.  Just don't be stupid and forget to put the FIDELITY100 in the promo code box! 

[Rukh O'Rorke]

Apr 17, 2022 20:35:15 GMT -5 minnesotapaintlady said:

Apr 17, 2022 19:28:23 GMT -5 Rukh O'Rorke said:

ok - so it is still available. what kind of account? I can't do roth, could do an ira that is non-deductible? I don't know how that works - but can anyone do regardless of income?

then there are these possibilities...

The Fidelity Account®

Manage your financial needs with the Fidelity Account, a full-featured, low-cost brokerage account, designed to grow and adjust according to your needs as an investor.


Fidelity® Cash Management Account

A brokerage account that provides features like a traditional checking, a Fidelity® Cash Management Account offers easy cash management.1

It looks still available, the link still works anyhow.  Just don't be stupid and forget to put the FIDELITY100 in the promo code box! 

But what kind of acct?

Any insight?

[minnesotapaintlady]

Apr 17, 2022 20:39:17 GMT -5 Rukh O'Rorke said:

Apr 17, 2022 20:35:15 GMT -5 minnesotapaintlady said:

It looks still available, the link still works anyhow.  Just don't be stupid and forget to put the FIDELITY100 in the promo code box! 

But what kind of acct?

Any insight?

Do you have any Traditional IRAs right now (including Rollovers)?  If not, you could start doing backdoor Roths.

Otherwise, if you're just after that $100 bonus, open one of the brokerage accounts.  The cash management is a brokerage that has a checking/debit/bill pay component to them. The Fidelity Account is just a straight brokerage account. 

[Rukh O'Rorke]

I never had traditional IRA, I have rollover IRAS previous employers 401k accts. Is a nondeductible first step to back door Roth? Or doesn’t it matter what kind of ira?


I guess I’ll go for the one you suggest.

[minnesotapaintlady]

Apr 17, 2022 20:57:40 GMT -5 Rukh O'Rorke said:

I never had traditional IRA, I have rollover IRAS previous employers 401k accts. Is a nondeductible first step to back door Roth? Or doesn’t it matter what kind of ira?


I guess I’ll go for the one you suggest.

Yes, you would contribute to a non-deductible IRA and then immediately convert it to a Roth.  But, your existing IRAs makes it really complicated and probably not worth it.  

Traditional IRAs That Hold Previously Deducted Contributions

The IRS views all of your traditional IRAs as a single account when determining the taxes you owe on distributions. Unfortunately, from the IRS’s standpoint, “distributions” include Roth IRA conversions. This fact greatly complicates backdoor Roth IRA conversions for people who already hold existing balances in traditional IRAs.



In practice, this means you may owe taxes on money you intend for a backdoor Roth IRA conversion—even if the money has already been taxed. This happens when the IRS’ aggregation rule intersects with the pro-rata rule.



The pro-rata rule states that once money enters an IRA, you cannot separate the portion that’s already been taxed from the portion that was deducted from taxes. You may hear this described as the “cream in your coffee” rule. Once cream hits the coffee, it’s impossible to separate back out the dairy. The same goes for your pre-tax and post-tax IRA contributions.



Let’s say 80% of the funds in your combined IRAs earned tax deductions, and 20% did not. When you undertake a backdoor Roth IRA conversion, you can’t separate out the already taxed funds for conversion, much like the cream cannot be separated from the coffee. In this example, 80% of the money being converted to a Roth IRA would be taxed in a Roth IRA conversion.



If you’re considering a backdoor Roth conversion, speak with a financial advisor to help you manage the process in a way that minimizes the amount of taxes you may owe. It could make sense to roll over some of your money into a 401(k), which is not considered in pro-rata calculations.

www.forbes.com/advisor/retirement/backdoor-roth-ira/#:~:text=If%20you%20already%20have%20a%20traditional%20IRA%2C%20there%E2%80%99s,and%20pro-rata%20rules%2C%20which%20we%E2%80%99ll%20touch%20on%20later.

[Rukh O'Rorke]

ok - I just did the regular, and DS opened his first Roth, so woohoo! $200! Trying to get DD to open one too.

Thanks MPL!

[Deleted]

I opened a cash advantage account to get the $100 offer. Idek what to do with that account, I just wanted a “free” $100 lol.

Thanks minnesotapaintlady for the heads up!

Now I just have to figure out how the account works and how to make it work for me. Ass backwards, I know. But that is how I tend to do things, ass backwards.

[minnesotapaintlady]

Apr 25, 2022 17:04:19 GMT -5 @pinkcshmere said:

I opened a cash advantage account to get the $100 offer. Idek what to do with that account, I just wanted a “free” $100 lol.

Thanks minnesotapaintlady for the heads up!

Now I just have to figure out how the account works and how to make it work for me. Ass backwards, I know. But that is how I tend to do things, ass backwards.

I opened one too thinking if I screwed myself out of the $100 for the Roth I'd at least get the $100 for the cash management account.  Well, I don't think I got that deal either because it never brought up the spot to my the promo code in.  Did you already have an account with Fidelity?  Maybe it was just for completely new customers.  I just got the debit card in the mail today.  It really is just like a regular checking.  I probably won't use it for awhile, but my long-term goal is to consolidate everything with them and get rid of all my other bank and brokerage accounts. 

Yeah...that's my plan...lets see if it ever happens.  I have a lot of financial clutter. 

[CCL]

Hubby got an offer in the mail from Key Bank for $400 if he opens a checking account. I need to look into it soon. I think it expires at end of month.

Looks like they'll give $200 to everyone, as long as you live in one of the eligible states and make a $500 direct deposit:

www.key.com/personal/promo/checking/200.jsp?ppc=2204_CMPACQ_ONAS0422_ps+Google_Primary_NB_Beta1+free_online_checking_account+Google_Primary_Brand_Beta+keybank_co&gclid=CjwKCAjwjZmTBhB4EiwAynRmDyWCpV5UZlkOH-WMK4IyUTAFA4sfLF0gli3JTl7COppopXYfWZqPBxoC0zwQAvD_BwE

[justme]

Oooh I'll need to do this tomorrow. What's another fidelity account when I already have 5?

[Rukh O'Rorke]

so my account has the 100 I opened with, but not the free 100. I know I saw the promotion code in there when I was opening the account.

is something amiss?

[TheOtherMe]

There is usually a minimum time period the account must be open before you get any bonus.  90 days is very common.  

[minnesotapaintlady]

The offer says within 25 days of opening.

[Deleted]

Apr 25, 2022 17:12:04 GMT -5 minnesotapaintlady said:

Apr 25, 2022 17:04:19 GMT -5 @pinkcshmere said:

I opened a cash advantage account to get the $100 offer. Idek what to do with that account, I just wanted a “free” $100 lol.

Thanks minnesotapaintlady for the heads up!

Now I just have to figure out how the account works and how to make it work for me. Ass backwards, I know. But that is how I tend to do things, ass backwards.

I opened one too thinking if I screwed myself out of the $100 for the Roth I'd at least get the $100 for the cash management account.  Well, I don't think I got that deal either because it never brought up the spot to my the promo code in.  Did you already have an account with Fidelity?  Maybe it was just for completely new customers.  I just got the debit card in the mail today.  It really is just like a regular checking.  I probably won't use it for awhile, but my long-term goal is to consolidate everything with them and get rid of all my other bank and brokerage accounts. 

Yeah...that's my plan...lets see if it ever happens.  I have a lot of financial clutter. 

No, I didn’t already have an account with them. The code FIDELITY100 was already in the appropriate field. I just looked and it says the $100 is being processed. I only put $50 in the account.

[Rukh O'Rorke]

thanks theotherme and mpl....I will wait patiently

[minnesotapaintlady]

I got the message today that the $100 would post to my new cash management account soon.  I contacted them again today about my son's Roth and they told me they couldn't put the $100 in there if the code wasn't there from the start so I'd have to open ANOTHER Roth, fund that with $50, get the $100 and then move the funds from the first over and close that account.  I'm thinking that is starting to sound like a lot of work and I'd have to put another $50 in my son's account to get the $100.  

[Rukh O'Rorke]

I got my $100.

Woohoo!!!

Bought some cheap stocks with it 

[Rukh O'Rorke]

oh - hey - bummer thought...

We have to pay taxes on this?

[TheOtherMe]

It's usually considered interest income.