Got $10,000 in cash? (Perhaps via 0% balance transfers?) Don’t have a Fidelity account yet? Want $100 in about 2 weeks? Fidelity is offering a $100 bonus for new households who open an eligible (non-retirement) account with $10,000+. Per the fine print, you get the $100 within 7 days after your funds hit the account. I did a very similar $100 bonus deal exactly a year ago (whoa… deja vu), and got my money in and out in a week with zero hassle and no extra fees. Here’s a play-by-play:
1) Open a brokerage account, and fund with $10,000.
2) Sign up for online e-statements. With e-statements, there are no account maintenance fees!
3) Keep it in cash or another money market fund option that has the best return for your tax situation. I just used the default FCASH option.
4) Wait the 7 days (was only 2 for me) for your $100.
5) Withdraw your $10,095. I left $5 in there, I don’t know why. When I talked to the guy he said you could leave $0 in there, but I was paranoid.
6) Keep the account open for six months, as the fine print says “Accounts must be maintained for a minimum of six months.”
This is precisely what I did a year ago. $100 in two weeks with $10,000 is a 24% annualized return, neglecting whatever the money market pays. And I have been charged no fees since! In fact, I still have my account open there with $5.08 or something. Should take that out and buy some hot apple cider in this weather =)
Of course, you could also keep your account open too. They have some competitive money market fund choices, but I just zipped my money in and out, so I didn’t care. Fidelity has actually been a very good company to deal with in my experience. They also have some very low-priced index funds, albeit with high minimum investment requirements.
Offer link via this Fatwallet thread.
By Jonathan Ping | Deals & Offers | 12/9/05, 11:32pm