I did go look after your comment here since that is true and the prospectus also says $0.00 minimum investment. So maybe there is a quirk with mutual fund accounts that is not addressed in the prospectus or fund research page.The definitive answer about minimum purchases can be in the fund prospectus.
Ideally the web page for the fund always matches what's in the prospectus but if you want the most certainty go look in the prospectus. (Which you were going to do anyway because everyone always reads the prospectus! Image may be NSFW.
Clik here to view.)
The only mention I can find about $250 for a mutual fund account is in a glossary from 2002 about IRAs where it says...
What are the minimum amounts I can transfer to a Fidelity IRA?
For a brokerage IRA, the minimum amount to transfer is $10. All contributions are made to the core account. For a mutual fund IRA, the minimum amount is $250. All contributions are used to buy shares in the mutual fund you specify.
Why did I receive an error about the dollar amount I entered as part of a Fidelity Electronic Funds Transfer request to transfer from a bank account to a Fidelity account?
The amount or format used could be invalid. When you enter an amount:
- The minimum amount for a brokerage account transfer is $10. The maximum transfer into your Fidelity brokerage account is $100,000.
- The minimum amount for a mutual fund account transfer is $250, or the mutual fund's minimum, whichever is greater. The maximum transfer into your Fidelity mutual fund account is $250,000.
- The minimum amount for a Portfolio Advisory Services (PAS) SM account is $250.
- The amount must be a whole number (e.g., 1000 not 1000.50).
So perhaps whatever rules there were in 2002 for an IRA are also applicable to a non IRA mutual fund account today. Since the brokerage minimum of $10 and only whole dollar amounts does not seem to be in effect anymore.
Statistics: Posted by bme616 — Mon Nov 04, 2024 11:37 pm — Replies 6 — Views 658
