Members can also invest in Fidelity's higher-yielding money market funds without the typical investment minimums.
Membership in the program gives clients access to three additional layers of identity protection: up to $5 million in identity theft insurance for the whole family, access to 24/7 advanced credit and identity monitoring services that alert the customer if a breach is detected; and, if needed, concierge restoration service to recover and restore a customer's identity.
Finally, members can trade options online without contract fees on an unlimited amount of trades. This follows Fidelity's elimination of online commissions for stocks, ETFs and options trades in 2019.
Rewards+ includes three levels of benefits based on assets — Gold, Platinum and Platinum Plus. Once enrolled in the program, Fidelity will boost customers' rewards automatically if their eligible assets increase to the next level.
"By building a unique benefits package with Fidelity Rewards+, we believe we are providing a new kind of return on investment to the estimated 22 million American households that could qualify for this program by helping them save and earn even more money as well as further protecting their digital information," David Dintenfass, chief marketing officer at Fidelity Investments, said in a statement.
Clients can be eligible for membership in Fidelity Rewards+ in one of these ways:
- Minimum $250,000 invested through Fidelity Wealth Services — which provides advisory services to clients with a minimum deposit of $250,000 and fees of 0.50%–1.50%, or a minimum deposit of $2 million and fees of 0.50%–1.05%
- Minimum $250,000 in a separately managed account offered through Fidelity Strategic Disciplines, whose strategies have varying minimums and fee structures
- Minimum $250,000 invested in a combination of both.
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