About the Bloom App

Fidelity recently launched a savings account for younger users called Bloom. The account also comes with a debit card that can be used for purchases. The app automatically creates 2 accounts: one spending account (similar to checking) and one savings account. Although it is marketed toward younger people, anyone age 18 or older can open an account. Right now, there are several small bonuses for opening an account.

How to Open an Account

At the moment, Bloom only supports account opening on iOS. If you only have an Android phone, you will need to wait for now. However, after opening the account, it will still appear on fidelity.com and can be used online there.

To open an account, just scan the QR code above or click this link to go to the App Store, download the Bloom app, and complete the account opening process.

Account Opening Bonuses

This account currently has the following account opening bonuses:

Deposit $25 After Opening and Get $50

  1. You must deposit $25 or more into either Bloom account on or after June 13, 2022
  2. For 7 days after the initial deposit, the Bloom account balance (including stocks and other assets) must not fall below $25
  3. You must be a US resident and cannot be an employee of Fidelity or another brokerage regulated by FINRA

Because stock prices can fluctuate, we recommend avoiding stocks if you are just trying to earn the account opening bonus, so you do not drop below the required balance.

Limited Time: Get a 10% Match on Your First $300 Deposited

In 2022, the first $300 deposited into a Bloom Saving account is eligible for a 10% match from Fidelity. In 2023 and later, the annual match rate drops to 5%. That works out to $30 in the first year and then $15 per year after that.

Other Starter Bonuses

The first time you activate cashback in Bloom, and when you link your first external bank account, you can receive $5 and $1 respectively.

Long-Term Benefits

This account is designed to encourage younger people to save money:

  • After 2023, deposit $300 each year and get 5% (that is, $15)
  • Earn a $0.10 reward each time you make a purchase with the Bloom debit card
  • The Bloom app has merchant cashback offers (similar to Chase Offer)

Summary

Because this account is relatively new, we do not yet know how good the cashback offers will be. But it is still quite easy to make a little money by opening the account. Since the rewards are under $600, you probably will not receive a 1099 form (although legally you still need to report the income).