Fidelity - no longer any fees, 5.21% Money Market, $100 bonus, Airline Miles

Sorry if it's been mentioned already, but does Fidelity do a hard credit pull when you open this account?

I missed this whole deal when I opened a fidelity account for 5 grand a couple of weeks ago so I just emailed them and asked if I could "correct" my misreading of the deal and add 5 grand and put the new 5 grand into a taxable money market. Waiting to see what they say. Will update. In this market gotta make money any way you can.

sorry to ask such a stupid question, but i noticed on the $100 link that we're supposed to open a new account to be eligible for this offer. for those who managed to get the miles and the $100, did you go ahead and fill in the account information in the "eligible account" section? thanks in advance!

thanks for the reply i tried to fill out the application online thru the united link's email confirmation, and failed the credit check. guess i'll be wandering into a branch to fill out an application in person. should i do that before i register through the $100 link? i thought most people filled out the $100 link after receiving the united miles in their account? so would the correct order be:

1) fill out united link
2) fill out $100 link
3) fill out actual application and fund account


or

1) fill out united link
2) fill out application and fund $10K
3) fill out $100 link
4) fund with another $10K

i'm just afraid of doing it by the first method b/c i'd rather be denied $100 than the 15K miles (although i guess it doesnt make that much of a difference either way...) thanks again for the help!

edit: after rereading the thread for the nth time, i noticed that markkundinger managed to double dip by going w/the first method, but i was wondering if anyone else had any luck with that method (or did most just go w/method 2?) thanks!

thanks

opmnxtc said: i can't really tell from reading this whole thread so far.

The answers can be easily found on Fidelity's website.

c3 said: The answers can be easily found on Fidelity's website.

yeah, i already visited the website, and got lost. i'm a newbie when it comes to this fidelity kind of stuff. sorry.

how long does approval usually take after opening a Fidelity account

I've linked to a Citibank e-savings, although I don't think I've actually used that transfer yet.

I did, however, have a attempted link fail to a checking account with Charles Schwab bank, something went screwy with the ACH prenote I guess, but I was able to link to the brokerage account no problem, which usually gives other places fits...

I say give it a shot, see what happens.

I think this has already been said... but I was able to add my ING Direct account to Fidelity. I have confirmed that this works for both push and pulls.

jairocon said: RagingBull said: how long does approval usually take after opening a Fidelity account

Approval of what? It takes 7-10 business days for them to approve the "moneyline" (the ACH link btw fidelity and your bank). At least that's what the website says.

Has anybody been able to successfully link fidelity to a savings account? They do make a specific point of saying that only a checking or money market checking account should be used for the ach transfers... I would rather link it to savings, but I don't want to get them riled up.

I just called ING and asked them. You just use your ING account number as a checking account number (NOT your customer ID). ING Direct's routing number is 031176110.

ucsdgaspasser said: I am suprised folks from FWF still use their ING account.

good for dd and money transfer purposes

Thanks for the help on the routing number!

anandtechuser said: Ok so how do we do this?

Follow the link in the quick summary that says "Link to $100 bonus"


Do we first fund 10k then buy the 4.9% money market symbol.

Yes, fund with $10000. I don't think the symbol is for sale. You can put your money in a money market if you like. It is not required.

Then get the $100 free?

Right.

Please let me know.

Okay.

It seems you would get actually 5.9% since of the 100 bonus.

Actually it will be 6.67514354% because the interest rates will keep rising. Probably easist to just say you get a $100 bonus.

For the $100, the fine print says,

"Offer valid for individual or joint Fidelity accounts, personal trust accounts, and business accounts that select the taxable cash account as its core account."

Does it mean I have to choose "Taxable Cash Account" for the CORE account in order to get the $100?
Is the "Taxable Cash Account" the FCash mentioned in the thread?
Where can I find the yield of it?

The Gov't reserves fund that you guys are buying is it FGRXX? And pretty much risk free? And you can sell at any time without paying transaction fees?

List of Fidelity state tax-free money markets

Fidelity has tax-free money markets for a variety of states (not Oregon). You are basically exempt from both federal and state tax with these (a tiny proportion might still be taxable I guess, if so, you'd still get a 1099). However, you cannot get a tax-free fund in a state you do not live in.

List of Fidelity federal tax-free money markets

The federal tax-free money markets are only free from federal tax. If you live in a state with no income tax, or a state where a specific tax-free fund is available, these might work. You'd still have to pay state tax. The yield on these is a skosh higher than the individual state tax-free funds, but not enough to make it worthwhile if you live in, say, California.

And remember, any of these is better than FCASH.

The government reserves (FGRXX) invest in government funds, but are not quite as indestructible as Treasuries. There is also a Treasury money market (FDLXX) This is probably the most conservative thing you can buy. It's exempt from state and local tax, but not federal.

The risk of losing money in any money market fund is trivial. Virtually all (and all of Fidelities) allow unlimited buy/sell transactions, and for those used as a core account, allow unlimited deposit/withdrawal transactions as well (with no need for buy/sell)

thanks everyone for the helpful info i've received the $100 and the 15K miles, which were supposedly posted as early as a few days after my deposit but which took a few more days for me to see online. i wasnt able to apply online so i ended up filling out the united link, then the $100 link, and then going to a branch with my deposit. in case it wasnt mentioned earlier, fidelity is able to household accounts and use the cumulative account values to determine trade pricing. because the united offer is limited to 1 per household/address, it would probably be safer to open up accounts individually and then combine them at a later point.

My core account is always at 0 (fcash) - I immediately bought MMarket funds - I can't speak for the MM funds - only the taxfree Ohio municipal which is doing about 5.5plus if taxed. Anyway there is NO problem if you sign up for FCASH and immediately after funding buy 10 K worth of Money Market funds.

This page show money markets that you can use as your core account.

http://personal.fidelity.com/research/funds/mutual_funds_frame.shtml.cvsr

Very limited choice. FDRXX is best, but only avalible for retirment accounts.


I think the best way is to put your money into FSLXX (the fund mentioned in the Quick Summary and OP) the old fashioned way, buy into it, its NTF (No Tranaction Fee).