Investing for your future is a fantastic decision, and Fidelity Go makes it accessible and straightforward for many. So, you've opened your Fidelity Go account – congratulations on taking this important step! Now, the crucial next phase is funding it. Without money in your account, Fidelity Go can't work its magic to invest for you. This comprehensive guide will walk you through all the common methods to fund your Fidelity Go account, providing clear, step-by-step instructions to get your investments growing.
Understanding Fidelity Go Account Types and Minimums
Before we dive into the funding methods, it's good to have a quick recap of Fidelity Go itself. Fidelity Go is a robo-advisor service that manages your investments for you based on your financial goals and risk tolerance. It's built for those who want a hands-off approach to investing.
No Minimum to Open: You can open a Fidelity Go account with a $0 minimum.
$10 to Start Investing: While you can open the account with nothing, Fidelity Go will only begin investing your money once your account balance reaches $10.
Fees: For balances under $25,000, there's no advisory fee. For balances of $25,000 and over, there's an annual advisory fee of 0.35%.
Fidelity Go supports various account types, including:
Taxable Accounts: For general investing goals.
Traditional IRAs: Tax-deferred retirement savings.
Roth IRAs: After-tax contributions with tax-free withdrawals in retirement.
Rollover IRAs: To consolidate old 401(k)s or other workplace retirement plans.
Health Savings Accounts (HSAs): For qualified medical expenses with tax advantages.
Now, let's get that money in there!
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| How To Fund Fidelity Go Account |
Step 1: Accessing the Funding Options on Fidelity.com
Alright, ready to get started?
First things first, log in to your Fidelity account! This is where all the magic happens. Once you're logged in, you'll want to navigate to the "Transfer" or "Deposit" section. Fidelity's website is generally user-friendly, and you'll typically find these options prominently displayed on your account dashboard or under a "Move Money" or "Accounts & Trade" menu.
QuickTip: Skim the intro, then dive deeper.
Look for a button or link that says "Deposit Money," "Transfer," or "Move Money."
Once you click that, you'll likely be presented with a variety of ways to fund your account. This is where you choose the method that best suits your needs.
Step 2: Choosing Your Funding Method – A Detailed Breakdown
Fidelity offers several convenient ways to fund your Fidelity Go account. We'll explore each in detail, so you can pick the one that's right for you.
Method A: Electronic Funds Transfer (EFT) from a Bank Account (Most Common)
This is by far the most popular and straightforward way to fund your Fidelity Go account. EFTs use the Automated Clearing House (ACH) network to transfer money directly from your linked bank account.
Sub-heading: Linking Your Bank Account (If Not Already Linked)
If this is your first time transferring from a specific bank account, you'll need to link it.
Initiate a Transfer: From the "Transfer" or "Deposit" section, select the option to transfer from a bank account.
Add a New Bank: You'll see an option to "Link a new bank account." Click on this.
Securely Link with Plaid (Recommended): Fidelity often partners with services like Plaid, which allows you to securely log in to your bank account directly through Fidelity's platform. This is usually the fastest and easiest way to link your account as it automatically verifies your bank details.
Follow the on-screen prompts to log in to your online banking portal.
Select the account you wish to link.
Manual Linking (If Plaid Isn't an Option or Preferred): If you prefer not to use Plaid, or if your bank isn't supported, you can manually enter your bank's routing number and your account number.
You'll usually find your routing number and account number at the bottom of your checks or in your online banking portal.
Be sure to double-check these numbers for accuracy! A typo can delay your transfer.
Verification (for Manual Linking): Fidelity may send small "micro-deposits" (usually a few cents) to your bank account. You'll need to verify these amounts on Fidelity.com to confirm your bank account ownership. This typically takes 1-2 business days.
Sub-heading: Making a One-Time EFT Transfer
QuickTip: Revisit key lines for better recall.
Once your bank account is linked, making a one-time transfer is simple.
Select Linked Bank: When initiating a transfer, choose your newly linked bank account as the "From" account.
Select Fidelity Go Account: Choose your Fidelity Go account as the "To" account.
Enter Amount: Input the amount of money you wish to transfer. Remember, while there's no minimum to open, you need $10 for Fidelity Go to start investing.
Review and Confirm: Carefully review all the details of your transfer (source account, destination account, amount).
Submit: Click "Submit" or "Confirm" to initiate the transfer.
Funds from an EFT typically take 1-3 business days to arrive and be available for investing. While they might appear in your account sooner, full availability for withdrawal or trading may take slightly longer.
Sub-heading: Setting Up Recurring EFT Transfers (Highly Recommended for Long-Term Goals!)
For consistent investing and to benefit from dollar-cost averaging, setting up recurring transfers is a powerful strategy.
Navigate to Recurring Transfers: From the "Transfer" or "Move Money" section, look for an option like "Set up recurring transfers" or "Automatic Investments."
Choose Accounts: Select your linked bank account as the source and your Fidelity Go account as the destination.
Specify Frequency: You can usually choose from various frequencies: weekly, bi-weekly, or monthly.
Enter Amount and Start Date: Define the amount you want to transfer each time and select the date you want the transfers to begin.
Optional End Date: You can choose to have the transfers continue indefinitely or set an end date. For long-term goals, leaving it open-ended is often preferred.
Review and Confirm: Double-check all the details before confirming.
Recurring transfers are an excellent way to automate your savings and investment habits, taking the guesswork out of consistent contributions.
Method B: Rolling Over a 401(k) or Other Retirement Plan
If you have an old 401(k) or other workplace retirement plan from a previous employer, rolling it over into a Fidelity Go IRA (Traditional or Roth) can be a smart move to consolidate your retirement savings and have Fidelity Go manage them. This process is called a rollover.
Sub-heading: Understanding Rollovers
Tip: Read actively — ask yourself questions as you go.
A rollover moves money from one retirement account (like an old 401(k)) to another (like a Fidelity IRA) without incurring taxes or penalties, as long as it's done correctly.
It maintains the tax-deferred (or tax-free, in the case of a Roth) status of your retirement savings.
Sub-heading: Steps for a 401(k) Rollover to Fidelity Go
Open a Fidelity Go IRA: If you don't already have one, you'll need to open a Fidelity Go Traditional IRA or Roth IRA, depending on your tax situation and the type of contributions in your old 401(k).
If your old 401(k) had both pre-tax and after-tax (Roth) contributions, you might need to open both a Traditional and a Roth IRA at Fidelity Go.
Contact Your Old Plan Provider: This is the most crucial step. You'll need to contact your former employer's 401(k) plan administrator or the plan's custodian (e.g., Vanguard, Empower, etc.) to initiate the rollover.
Direct Rollover (Preferred): Request a "direct rollover" where the funds are sent directly from your old plan to your Fidelity Go IRA. This minimizes potential tax complications.
Indirect Rollover: If a check is issued to you, you typically have 60 days to deposit it into your Fidelity Go IRA to avoid taxes and penalties. Avoid this if possible, as it adds complexity and risk.
Provide Fidelity's Information: Your old plan provider will likely ask for Fidelity's routing and account information for your new Fidelity Go IRA. Fidelity will usually provide a "Letter of Acceptance" (LOA) or similar document that contains all the necessary details. You can often generate this directly from Fidelity's website in the rollover section.
Monitor the Transfer: Fidelity has a "Status Tracker" where you can monitor the progress of your rollover. This process can take several business days to a few weeks depending on the responsiveness of your old plan provider.
Confirmation: Once the funds arrive in your Fidelity Go IRA, you'll receive a confirmation, and Fidelity Go will begin investing them according to your chosen strategy (once the $10 minimum for investing is met, if not already).
Method C: Wire Transfer
Wire transfers are generally used for larger sums of money or when you need the funds to be available very quickly.
Initiate from Your Bank: Unlike EFTs, you typically initiate a wire transfer from your external bank or financial institution, not directly from Fidelity.
Obtain Fidelity's Wire Instructions: You'll need specific wire instructions for your Fidelity Go account. You can find these on Fidelity's website under the "Deposits" or "Wire Transfers" section. These instructions will include:
Fidelity's bank name (e.g., Bank of New York Mellon)
Fidelity's ABA/Routing Number
Fidelity's account number for incoming wires
Your specific Fidelity Go account number
Your account registration name
Provide Instructions to Your Bank: Give these instructions to your bank to initiate the wire. Your bank may charge a fee for outgoing wire transfers.
Availability: Funds from a wire transfer are typically available in your Fidelity Go account on the same business day if the wire is completed before Fidelity's daily cutoff time (usually 4:00 PM ET).
Method D: Mobile Check Deposit or Mail a Check
If you prefer to deposit a physical check, Fidelity offers a couple of options.
Sub-heading: Mobile Check Deposit (Quickest Check Method)
Use the Fidelity Mobile App: Download and log in to the Fidelity Investments mobile app on your smartphone or tablet.
Navigate to Deposit: Look for a "Deposit Checks" or "Mobile Deposit" option within the app.
Endorse the Check: Crucially, endorse the back of your check with "For Deposit Only to Fidelity" and your Fidelity Go account number.
Take Photos: The app will guide you to take clear photos of the front and back of the endorsed check.
Enter Amount: Input the exact amount of the check.
Select Account: Choose your Fidelity Go account as the destination.
Review and Submit: Confirm all details and submit the deposit.
Funds from mobile check deposits are typically credited the same day but may take a few business days to fully clear and be available for investing/withdrawal.
Tip: Each paragraph has one main idea — find it.
Sub-heading: Mail a Paper Check
Make Check Payable To: Make the check payable to "Fidelity Brokerage Services LLC" or "Fidelity Management Trust Company" (check your Fidelity Go account statement for precise payee instructions).
Include Account Information: Write your Fidelity Go account number clearly on the memo line of the check.
Mail To: Send the check to the appropriate Fidelity mailing address. You can find this on Fidelity's website under the "Contact Us" or "Mail a Check" section.
Using certified mail or a service with tracking is advisable for larger amounts.
Mailed checks will take longer to process due to postal delivery times and internal processing, usually several business days.
Method E: Transferring from Another Fidelity Account
If you already have another Fidelity account (e.g., a brokerage account, Cash Management account), you can easily transfer funds internally to your Fidelity Go account.
Initiate Internal Transfer: From the "Transfer" or "Move Money" section, select the option to transfer between Fidelity accounts.
Select Source and Destination: Choose the Fidelity account you want to transfer from and your Fidelity Go account as the to account.
Enter Amount: Input the desired transfer amount.
Review and Confirm: Verify the details and submit.
Internal Fidelity transfers are typically instant or processed within a few minutes, making the funds immediately available in your Fidelity Go account for investing.
Step 3: Confirmation and Monitoring
After initiating any transfer, you'll usually receive a confirmation message or email from Fidelity.
Check Your Activity & Orders: You can always log in to your Fidelity account and go to the "Activity & Orders" or "Pending Transactions" section to see the status of your transfer.
Fund Availability: Remember that even after the funds arrive in your account, there might be a short holding period before they are fully available for withdrawal, especially with EFTs or check deposits. However, for investing purposes, funds are often available much sooner. Once your Fidelity Go account balance reaches $10, it will automatically start investing your funds according to your chosen strategy.
FAQs: How to Fund Your Fidelity Go Account
Here are 10 common "How to" questions related to funding your Fidelity Go account, with quick answers:
How to link my bank account to Fidelity Go?
Log in to Fidelity.com, go to "Transfer" or "Deposit," select "Link a new bank account," and follow the prompts to either securely link with Plaid or manually enter your routing and account numbers for verification.
How to set up recurring deposits to my Fidelity Go account?
After linking your bank account, go to "Transfer" or "Move Money," select "Set up recurring transfers" or "Automatic Investments," choose your bank and Fidelity Go account, specify the amount and frequency (weekly, bi-weekly, monthly), and confirm.
How to find Fidelity's routing number for direct deposit or EFT?
The Fidelity routing number for EFT or direct deposit is generally 101205681. You can also find it on Fidelity.com by selecting your account and looking for "Routing Number" under the account name on your Portfolio Summary page.
How to roll over an old 401(k) into a Fidelity Go IRA?
First, open a Fidelity Go Traditional or Roth IRA. Then, contact your old 401(k) plan administrator and request a direct rollover to your new Fidelity Go IRA, providing them with Fidelity's rollover instructions (often found in a "Letter of Acceptance" from Fidelity).
How to deposit a check into my Fidelity Go account using my phone?
Download the Fidelity Investments mobile app, log in, go to "Deposit Checks," endorse the check with "For Deposit Only to Fidelity" and your account number, and take clear photos of the front and back of the check.
How to transfer money from another Fidelity account to my Fidelity Go?
Log in to Fidelity.com, go to "Transfer" or "Move Money," select the option to transfer between Fidelity accounts, choose the source Fidelity account and your Fidelity Go account as the destination, enter the amount, and confirm.
How to send a wire transfer to my Fidelity Go account?
You'll need to initiate the wire transfer from your external bank or financial institution. Obtain Fidelity's specific wire instructions for your Fidelity Go account from Fidelity.com (usually found under "Deposits" or "Wire Transfers") and provide them to your bank.
How much is the minimum to start investing in Fidelity Go?
While there is no minimum to open a Fidelity Go account, you need a minimum of $10 in your account for Fidelity Go to begin investing your money according to your chosen strategy.
How to know if my funds have arrived in my Fidelity Go account?
Log in to Fidelity.com and go to your "Portfolio Summary" or "Activity & Orders" section. You should see the deposited funds reflected in your account balance and potentially a "Pending Transactions" status.
How to change or stop recurring transfers to Fidelity Go?
Log in to Fidelity.com, navigate to the "Transfer" or "Move Money" section, and look for "Manage recurring transfers" or "Automatic Investments." From there, you can edit the amount, frequency, or stop the transfers entirely.
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