Updated 2023: If you have the Fidelity Bloom app from 2022, here is a reminder that the savings match program is reset again for 2023. You can again save up to $300 and they will match 10% (up to $30), which is easy money. If you don’t have the Fidelity Bloom app yet, the $50 new user bonus appears to still be available. It is clearly advertised on the Google Play and Apple App Store pages and the “Common Questions” section of the official Bloom page. So new users can still get the $50 bonus with only a $25 deposit, plus the $30 savings match ($80 total).

They have also added a “Gift yo’ self” feature (slight cringe 😬) where you can easily sell your unused gift cards for cash in the app. I doubt the payout rates are good, but the convenience may be worth it for odd or small amounts.

Full review:

Fidelity Bloom is a new app from Fidelity Investments targeted at helping young adults become more financially aware and develop better savings habits. iOS and Android. Fidelity has included many “behavioral psychology” features from other fintech startup apps like a match on savings transfers, debit card cash back rewards, rounding up purchases and saving the difference, and shopping portal cashback. The highlights:

  • $50 new Bloom app user bonus. Note: This bonus is no longer mentioned on the top of the page, but is still in the bottom “Common Questions” section and the “Special Offers” tab. Open a new Bloom account via app and fund it with $25 and get $50 into your Bloom Save account. Valid for both new and existing Fidelity brokerage customers.
  • Annual savings match. For a limited-time, customers will receive an introductory 10% match on the first $300 saved into their Bloom Save account ($30 max). Standard annual match is 5% on first $300 saved.
  • 10 cents from Fidelity with every debit card purchase. Fidelity will automatically deposit 10 cents into the Fidelity Bloom Save account every time customers use the Fidelity Bloom debit card. Reminds me of the Citi Rewards+ credit card.
  • Automatically round up purchases into savings. Customers can automatically round up5 purchases to the nearest dollar and have the difference moved to savings from their Fidelity Bloom Spend to their Fidelity Bloom Save account.
  • Up to 25% cashback through shopping portal. Receive up to 25% cash back into your Fidelity Bloom Save account when you shop in-app with 1,100+ participating retailers.


Interest rate? Is it a bank account? Is it a brokerage account? It’s a SIPC-insured brokerage account:

The Fidelity Bloom App is designed to help with your saving and spending behaviors through your Save and Spend accounts, which are brokerage accounts covered by SIPC insurance. They are not bank accounts and therefore are not covered by FDIC insurance.

You do get a routing number and account number for your two accounts, but the cash is held like their other non-retirement accounts. During the sign-up process, you can pick between one of three options for your core position:

  • Fidelity® Interest-Bearing Option (FCASH)
  • Fidelity Government Money Market Fund (SPAXX)
  • Fidelity Treasury Money Market Fund (FZFXX)

Although I have confidence in Fidelity’s long-term experience and conservatism in running these money market mutual funds, the lack of FDIC coverage is something to note. The rates may change daily. View current rates here.

After you open via app, you can see the account balances at Fidelity.com but you’ll still need the app to change any settings. Here’s a screenshot from my app.

Fidelity recently shut down another of its experimental apps called “Fidelity Spire”, so we’ll see if this one catches on a bit better.

“The editorial content here is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone. This email may contain links through which we are compensated when you click on or are approved for offers.”

Fidelity Bloom App: Fintech Feel, Traditional Broker ($50 New User Bonus + $30 Savings Match) from My Money Blog.


Copyright © 2004-2022 MyMoneyBlog.com. All Rights Reserved. Do not re-syndicate without permission.

©