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Mercer Island WA
Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker: Various
Trading: TF/NQ/ES/Stocks
Posts: 561 since May 2010
Thanks Given: 981
Thanks Received: 1,558
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Hi guys, if the PFG debacle has made you look around for a safer place to park your cash and feel a nice holiday is in order then this may do the trick.
Fidelity are offering 50,000 free miles for a 100k deposit for either AA, UA or Delta. The account is FDIC insured AND you can get 4 free tickets if you sign up you and say your wife...
Here are the links;
https://scs.fidelity.com/other/offers/registration_aa2.shtml
https://scs.fidelity.com/other/offers/registration_ual.shtml
https://scs.fidelity.com/other/offers/registration_delta.shtml
Here is the process I recently went through:
1. Selected the AA option and opened separate accounts for my wife and I 2 weeks ago (account takes 10 minutes to open)
2. After 1 week you are eligible to deposit $100k per account otherwise it's only $25k per day. (ACH option so no need to do wire).
3. Deposited $200k - $100k per account.
4. Waiting for points to post in a few weeks.
Obviously you don't want to have that much cash sitting around doing nothing as the return is poor. But if you are holding short term stocks in another account or want to buy some short term ETFs this may be a good option. I had some short term ETFs in another account so I sold them and bought them back in this account. $7.95 commission fixed per trade.
I've heard points usually post to your mileage account in about 4 weeks, although they say allow 8 weeks. According to the rules you cannot close the account or take your money out before 6 months however I've heard people taking their money out in a month or so and miles have yet to be clawed back from their account. After 6 months (excluding an long term capital gain decisions) I may take it out stay a customer and then deposit it again after 12 months as an existing customer and get another 100,000 points for next years holiday (providing the offer is still going).
Cheers
DJ
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