Fidelity Investments is set to discontinue its Bloom savings and rewards app, redirecting its users to Fidelity’s main platform in a strategic shift that promises to enhance the overall experience for investors.
By early next year, the transition will be complete, aligning Bloom's roughly 100,000 users with Fidelity's flagship app. This move is designed to better serve the diverse financial needs of both savers and investors, streamlining Fidelity’s cash management offering.
According to Fidelity, this consolidation supports its broader mission to fortify the financial well-being of clients by centralizing services in one app, a strategy that will simplify operations and eliminate the need for users to navigate multiple platforms. Fidelity has emphasized that all existing account details—including account numbers, direct deposits, and linked banks—will remain unchanged, ensuring a seamless transition for clients.
Originally introduced in June 2022, Bloom was positioned as a financial tool aimed at helping users gain control over both their spending and saving habits. The app’s automatic separation of funds intended for spending versus saving was designed to reduce the likelihood of spending what was meant to be saved. Additionally, Bloom offered a range of incentives, including a 10% annual savings match, to motivate users. However, these rewards will come to an end on December 31, as part of the broader shift.
Though Fidelity has not yet confirmed any replacements for the Bloom-specific rewards program, clients will receive a Fidelity debit card to take the place of their current Bloom debit card. By migrating to Fidelity’s core app, users will benefit from a more comprehensive set of tools, enabling them to manage their financial lives in a single, unified experience.
As wealth advisors and RIAs consider the implications of this transition for their clients, it’s important to note that this change is not just about streamlining operations for Fidelity; it’s about enhancing the client experience. The integration with Fidelity's main platform offers investors access to a wider array of services that will meet both their short- and long-term financial goals, allowing for more holistic financial management. This move reflects Fidelity’s continued focus on investor-centric innovation, offering wealth advisors a more robust toolset to support client success.
