Author Topic: Fidelity offering IRA match of 10%  (Read 2585 times)

Megma

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Fidelity offering IRA match of 10%
« on: April 02, 2015, 07:03:01 AM »
Has anyone else seen this new offer from fidelity? It showed up on Mint this morning as an ad.

They will give you a 10% match on IRA contributions for the next 3 years and a 1-10% match on a qualifying rollover

https://rewards.fidelity.com/offers/iramatch?immid=00994&imm_pid=117033209&imm_aid=a289788549&dfid=&buf=100000059

Currently I have around 20k in my T Rowe price IRA, which I could get 200 instantly and a potential 550 each following year (there is a max of 1,950 total match noted in the fine print).

See any downsides I'm not considering?

I might not bother rolling over my t rowe price fund, because I like them and it's doing well but maybe I'll open a new account to get the matches and then roll it all into t rowe at the end of the match offer in 3 years...

GGNoob

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Re: Fidelity offering IRA match of 10%
« Reply #1 on: April 02, 2015, 07:09:39 AM »
I think you interpreted that wrong (or at least different from me). I think your match is based on how much you roll over. So if you roll over $500,000 or more, you get a 10% match for the next 3 years. But if you only roll over $10,000, you get a 1% match for the next 3 years. There is no match on your rollover amount, only on future contributions.

The max of $1,950 comes from somebody who is 50 or older contributing $6,500 a year and who rolled over $500,000+. $6,500 x 3 = $19,500. 10% x $19,500 = $1,950.

Megma

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Re: Fidelity offering IRA match of 10%
« Reply #2 on: April 02, 2015, 07:20:39 AM »
I'm was interpreting it as you get a 1-10% match on the rollover + 10% on any new contributions but I see what you are saying, I get nothing for the rollover but the new contributions get a match based on what I roll over.

Hardly worth if for me then, as I would get a max of $165 over three years.

Maybe some other mustaschians who have larger IRAs can take advantage!

Bracken_Joy

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Re: Fidelity offering IRA match of 10%
« Reply #3 on: April 02, 2015, 07:29:18 AM »
The search function actually worked for me this time! Haha, glad I didn't start another thread.

Thank you guys for clearing this up, I was interpreting the same as Megma. Seemed too good to be true.

BeerBeard

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Re: Fidelity offering IRA match of 10%
« Reply #4 on: April 06, 2015, 07:50:54 AM »
It definitely seemed too good to be true, I thought Mint was having an April fools joke. Had to google it and quickly realized it was nothing special.