[Consolidated] Fidelity bonus offers for all airlines
Jun 23, 2010, 5:13 pm
#46
Suspended
Join Date: Dec 2005
Location: HY
Programs: AA-EXP (3.3MM), AAirpass, SQ-PPS Solitaire, DL-PM (.777MM), SPG-Plat, HH-D
Posts: 2,307
The point is, moving money you want to keep safe to BankDirect costs something, in the form of lower interest rates; it's the right move if your value of 1.2 miles/year is lower than the lost interest per dollar (with appropriate tax adjustment). Moving investments you otherwise want to hold to Fidelity costs nothing beyond, maybe, a couple of $8 trades and any fee you'll pay to leave your current broker.
If you have $100,000 in the Vanguard Target Retirement 2040 Fund sitting at Vanguard, you can move that to $100,000 in the Vanguard Target Retirement 2040 Fund at Fidelity, get exactly the same investment returns and get 50,000 miles. That's miles for nothing but filling out some forms; you should do it even if miles are barely worth anything at all to you. If you have $100,000 sitting in a decent-yield bank account somewhere, and you're thinking about moving that to BankDirect, you have to do some math on whether it's a smart move; the math is going to be pretty easy if your value is above $.02 a mile, but not if it's in the neighborhood of $.01.
I'm not saying you should move your wealth out of a checking account and start trading options just to get the Fidelity miles -- though I do wonder how many people have a real need to keep a 6-figure sum in absolutely risk-free savings.
If you have $100,000 in the Vanguard Target Retirement 2040 Fund sitting at Vanguard, you can move that to $100,000 in the Vanguard Target Retirement 2040 Fund at Fidelity, get exactly the same investment returns and get 50,000 miles. That's miles for nothing but filling out some forms; you should do it even if miles are barely worth anything at all to you. If you have $100,000 sitting in a decent-yield bank account somewhere, and you're thinking about moving that to BankDirect, you have to do some math on whether it's a smart move; the math is going to be pretty easy if your value is above $.02 a mile, but not if it's in the neighborhood of $.01.
I'm not saying you should move your wealth out of a checking account and start trading options just to get the Fidelity miles -- though I do wonder how many people have a real need to keep a 6-figure sum in absolutely risk-free savings.
Ha, risk-free. Whoever is keeping extra cash in CDs has lost circa 25% of purchasing power in the last year alone courtesy of quantitative easing. LOL.
Jun 23, 2010, 6:52 pm
#47
Join Date: May 2003
Programs: AA (1MM), Marriott (LT Gold)
Posts: 1,766
While completely OT, I'd love to hear the explanation for this statement. Is this some type of veiled reference to the appreciation in gold over the past year?
Jun 24, 2010, 12:52 am
#48
In memoriam
Join Date: Jan 2006
Posts: 4,020
Don't OMNI this thread. @:-)
Jun 24, 2010, 7:55 am
#49
Join Date: Dec 2009
Programs: starwood and american airlines
Posts: 28
As I stated above i got screwed. wait until your miles post until you drain your account. according to fidelity you must keep the account open for 6 months with the monies from the initial deposit. so i opened the account with 10k so i needed to keep 10k in the account for 6 months in order to receive all of my miles. this was the old offer but i will assume it applies to the new offer as it has the same T&C. they are also taking longer to post miles and i would call them and verify that in fact you are signed up for the promotion as the confirmation email does not mean anything. once you get the miles and then you drain account i am not sure if there is anything they could really do.
Jun 24, 2010, 11:51 am
#50
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,739
As I stated above i got screwed. wait until your miles post until you drain your account. according to fidelity you must keep the account open for 6 months with the monies from the initial deposit. so i opened the account with 10k so i needed to keep 10k in the account for 6 months in order to receive all of my miles. this was the old offer but i will assume it applies to the new offer as it has the same T&C. they are also taking longer to post miles and i would call them and verify that in fact you are signed up for the promotion as the confirmation email does not mean anything. once you get the miles and then you drain account i am not sure if there is anything they could really do.
For those who try to play the in and out game should take note of this.
The fact they raised the amount required to earn the bonus, and the time lapsed has significantly extended from previous offers, should be a strong hint that the previous approach to scam it probably would not work this time.
This current deal would work the best for those who have stocks or mutual funds held in other brokerage houses and take the transfer route to move assets to Fido. And this is EXACTLY fido wants to achieve.
By lengthening the time needed to send the bonus miles, it allows Fido to monitor the account activities and to enforce the T&Cs which in the past was not enforced.
Jun 24, 2010, 8:01 pm
#51
Join Date: Mar 2006
Posts: 174
If I close my current Fidelity account, am I eligible for this promotion?
Jun 24, 2010, 10:43 pm
#52
FlyerTalk Evangelist
Original Poster
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,026
Jun 27, 2010, 2:34 pm
#53
Join Date: May 2010
Posts: 688
I already signed up for 25k offer. I'm hoping to have the wife sign up for this 50k offer.
Jun 27, 2010, 10:29 pm
#54
Join Date: Dec 2003
Location: Brooklyn, NY, United States
Programs: AA, BA, UA, Spirit, Delta, PC Plat, SPG Gold, HHonors Diamond, Club Carlson Gold, Marriott Gold
Posts: 1,735
Jun 28, 2010, 7:03 am
#55
FlyerTalk Evangelist
Original Poster
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,026
I haven't tried it - I'm not a big Fido customer - but AFAIK, you'd have to have a personal rep there to pull it off. If you're big enough for a personal rep, then you've got a shot.
Jun 29, 2010, 9:37 am
#56
Join Date: Dec 2009
Location: SAT
Programs: SWA CP, AA Gold 1mm, UA, CO
Posts: 20
Just signed up last week for the program w/ fidelity. Transferred in portion of the money. First batch already posted to my AA account -- less than a week turnaround. Nice.
Jun 29, 2010, 9:42 am
#57
Join Date: Mar 2010
Location: mountains of western NC
Programs: Life, Love and Laughter
Posts: 8,533
Wow, that's fast. T & C says 8 weeks. I opened my account yesterday, will transfer some bonds in soon.
Jun 29, 2010, 9:50 am
#59
FlyerTalk Evangelist
Original Poster
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,026
TD Ameritrade does it in staggered amounts, so I'm wondering if Fidelity is switching to that model.
Jun 29, 2010, 7:11 pm
#60
Join Date: Jun 2002
Location: NYC, USA
Programs: AA PLT, 3MM, DL Plat, Hertz PC, SPG Gold
Posts: 601
I registered for this offer last week. Today I received a call from Fidelity informing me that I was not eligible for the offer because I already have a Fidelity mutual fund account.
I was under the impression that I was eligible for the offer as long as I have never had a Fidelity brokerage account.
I was under the impression that I was eligible for the offer as long as I have never had a Fidelity brokerage account.
