Fidelity transfer bonus, pros and cons

[ShadowBloom]

Fidelity sent an email today offering bonuses for transferring an IRA there. Max bonus $500 for $250K or more.

 

[G-Man]

Fidelity sent an email today offering bonuses for transferring an IRA there. Max bonus $500 for $250K or more.

I will be doing a rollover from a Fidelity managed 401k to a Fidelity Rollover IRA soon.

Was this a random email from Fidelity or did you have discussion with Fidelity already about rolling over to a Fidelity IRA? Just curious how you were approached by Fidelity.

 

[ShadowBloom]

It was just a random email from them.

 

[G-Man]

It was just a random email from them.

Was there a 1-800 number to call?

 

[Koolau]

Hmmmmm. I wonder if Vanguard will follow suit.

 

[ShadowBloom]

Was there a 1-800 number to call?

There was a button to start the transfer, no phone number given. Some text in the terms suggests the offer is limited to selected clients; not sure how I was picked.

 

[COcheesehead]

There was a button to start the transfer, no phone number given. Some text in the terms suggests the offer is limited to selected clients; not sure how I was picked.

Just wondering if you use Fullview?

 

[ShadowBloom]

Just wondering if you use Fullview?

Probably not, since I don't know what that is.

 

[COcheesehead]

Probably not, since I don't know what that is.

Just trying to figure out how Fidelity chose you for the offer. Fullview would have disclosed that you had funds elsewhere.

 

[Al18]

FYI Fidelity Retirement Planner also includes investments held elsewhere.

 

[COcheesehead]

FYI Fidelity Retirement Planner also includes investments held elsewhere.

But that’s a manual input vs Fullview as a download.

 

[Dash man]

There was a button to start the transfer, no phone number given. Some text in the terms suggests the offer is limited to selected clients; not sure how I was picked.

I wouldn’t touch that button until you call Fidelity on a number you know to verify it’s real.

 

[ShadowBloom]

I wouldn’t touch that button until you call Fidelity on a number you know to verify it’s real.

For sure, but the link goes to click.fidelityinvestments.com which is where all their email links go.

 

[ShadowBloom]

Ok, I did call Fidelity (from a number on their website, not the email!) and spoke to some people who confirmed the offer is real. One mentioned the email started being sent out on 1/26, but I didn't get it until 1/27, so it's possible I guess that you might still get it later. I also asked about the reason it went to me and not some others and neither of the reps I spoke to knew.

 

[COcheesehead]

Slightly off topic but Fidelity has had some random offers in the past sent to some, but not all. I got additional cash back on my credit card under one of the offers. I have seen some post offers I didn’t receive. Who knows why some get these and others do not.

 

[mrfeh]

In the process of transferring > $1M (IRAs) to Fidelity. Receiving $2500.

I explicitly asked my rep if there would be a bonus. Nothing was offered out of the blue.

For folks that really want to chase these bonuses, there is a thread over on bogleheads (search for something like "definitive thread on transfer bonuses"), and some companies (RobinHood, among others) are doling out massive bonuses; like on the order of 3-5%.

But, you need to keep your money with them for 5 years generally. I investigated and was not comfortable with keeping so much money with lesser known outfits.