UPDATE: As of April 2012 Fidelity has added new terms indicating promotional offers are limited to one per individual per rolling 12 months. As such, the double and triple dip opportunities described below may no longer be possible. On the up side, the AA and UA offers are now available to existing customers. ^

Note: If you already have a retail Fidelity account* you are eligible for the DL offer. If you don't already have a retail Fidelity account* then you are eligible for the AA offer or UA offer (pick one) plus the DL offer. Just did this for my partner. Both AA and DL posted this weekend. Here is what I did:

- Clicked on the AA offer, filled in the information, and checked the box for info to be sent via email (not mail).
- Waited for the email to open an account, then set up her Fidelity account (UPDATE: as of 12/2011 apparently the application process has changed and you no longer wait for an email to open an account).
- Noticed I could only deposit 25K until her bank account was verified so waited 1 week for it to be verified / linked by Fidelity.
- Initiated the $100K deposit (mid-week).
- Did NOT wait for the AA miles to post (you might want to wait until the last deposit if you are cycling). Clicked on the DL offer later that day (roughly a week after signing up for the AA offer) and filled in the information.
- Ignored the email to open an account (only necessary for new account holders) (see strike-through note above).
- DL miles posted yesterday (Saturday).
- AA miles posted today (Sunday).
- Plan to withdraw all but a small amount next week when the funds clear which is what I did for my account. So far no "reminder" emails or phone calls for my account regarding the keeping the funding in for 6 months. Fidelity has not enforced this (to confirm 6 months later, no miles were taken back).

Other notes:

It takes 1 week round trip per deposit. It will take longer for the first withdrawal if you don't wait for Fidelity to verify / link your bank account - until they do you can only deposit $25K and can't withdraw. I was originally cycling $15K and got tired of it real quick. I was also concerned about getting my account frozen by Fidelity. I have access to a home equity line of credit so just borrowed $100K for 1 week at 4% ($75) interest. If you have access to liquid funds I'd recommend tapping it and cycling the maximum you can. It's not worth the hassle to cycle small amounts IMO and I'm not sure how you could get to $100K in 90 days cycling $2.5K (would take 40 weeks) but $15K is doable (7 weeks).

Unless an offer states it is also valid for existing accounts you can only get ONE of these new account offers (and ONLY if you don't already have a retail Fidelity account*) plus the DL offer. Also, you can repeat for someone else in your household - just be sure to sign up for an individual account NOT a joint (aka household) account.

*Employer sponsored accounts are NOT considered retail accounts. As such, you should still qualify for a new account offer even if you already have an employer sponsored account at Fidelity.

UPDATE: As of 10/2011 the MR offer is no longer available.

UPDATE: As of 12/2011 there is an Apple offer. Apparently it stacks (do it last after DL). Similar to apple products, you need to invest 2-3x more.

UPDATE: As of 12/2011 it is taking longer for some miles to post, but in most every case they eventually post. Don't be too worried if all your miles don't post right away, just have faith.

UPDATE: There is now also an offer for 100-200 commission free trades.