How does this work with mounted combat, which says the mount can only take the dodge, disengage or dash action. The spell says to use the rules as defined in mounted combat.

So how can the Fey step work the part with along with its rider, since that requires a specific bonus action, which a mounted stead does not have available to it?

Edit: Personally as a DM I would rule it can use the action and bonus actions listed in the spell stat block, but just wish the spell description combat section made this clear.

Presumably from how I'm reading it, Fey Step (using the same example) can teleport its rider if the rider is incapacitated as the spell states "If you have the Incapacitated condition, the steed takes its turn immediately after yours and acts independently, focusing on protecting you." So Fey Step is more about teleporting itself and its rider out of danger and melee than about getting into range.

From the controlled mount section of the new PHB

The Initiative of a controlled mount changes to match yours when you mount it. It moves on your turn as you direct it, and it has only three action options during that turn: Dash, Disengage, and Dodge. A controlled mount can move and act even on the turn that you mount it.

The only thing that is limited is the types of actions the controlled mount can take. I believe you can use the bonus action of the mount whenever you decide on your turn.

But a bonus action is an action?

I don't love this find steed. They took away the spells affecting the paladin and the steed and now the Steed can't ever act independently while you're riding it. So the only time it will ever get to attack is if you're not riding it. 

I'm thinking if the rider gets incapacitated they probably aren't going to be "riding" as much as falling off the steed so the fey step wouldn't even work. 

Should have left this spell alone

This is awful. It removed the shared spells, which already covered the healing this allows - and you didn't even let it heal from Laying on Hands on yourself! It's slower and slightly lower HP than a Pegasus even at Casting Level 5. 

And it STILL doesn't let you equip it with barding, nor even the required saddle, without having to carry that stuff if it dies, or address survivability in high level combat!

To make this halfway decent: Have it show up with Plate Barding (flat AC 18), military/exotic military saddle, and bridle (which vanish if removed or when it does, so you can't exploit them). Give it back shared spells. Build at least some of the effects of Mounted Combatant (you can force an attack targeted at your mount to target you instead, evasion) into it. Give it double the HP. NOW you have a worthy steed.

Actions and Bonus Actions are two different concepts. Bonus Action is not a subtype of Action. As you can see in the stat block above, which has one section labeled "Actions" and another labeled "Bonus Actions."

The only "Actions" a coordinated mount can take is dash, dodge or disengage. "it has only three action options during that turn: Dash, Disengage, and Dodge." There is no limitation to a coordinated mounts Bonus Actions in the mounted combat rules.

The only lack of clarity is in understanding that "Bonus Action" and "Action" are two separate concepts.

My interpretation is that the Steed is only able to use its Action/Bonus Action when it is not being used as a mount, or you are incapacitated?? 

"While you’re mounted, you have two options. You can either control the mount or allow it to act independently. Intelligent creatures, such as dragons, act independently." - Mounted Combat 2024 
- By this interpretation I believe that the Summoned Steed is not an independent mount, but it can act independently on the condition that you are or become incapacitated. Focusing on protecting you

"You can control a mount only if it has been trained to accept a rider...The initiative of a controlled mount changes to match yours when you mount it. It moves as you direct it, and it has only three action options: Dash, Disengage, and Dodge. A controlled mount can move and act even on the turn that you mount it." - Mounted Combat 2024
- I may be interpreting this wrong, but I'm reading that the only Actions it can take while you are controlling it (or mounted) are Dash, Disengage, and Dodge. 

If you are using the Steed as a summoned creature (like a Druid Wildfire Spirit), without using an Action or Bonus action to command it (as it does not state you need to do so) it can use the Actions and Bonus Actions in its stat block at your telepathic instruction.

As a DM the following situation is something I'd let happen. Fighting an enemy on horseback, an ally far away goes down. I dismount off my horse and continuing fighting the enemy while the horse, now no longer mounted is telepathically told to go over to the fallen ally. On it's turn (as it shares initiative) it could use the Bonus Action: Healing Touch to help heal the downed ally... Don't know why I thought about the scene in Lord of the Rings: Two Towers where the horse finds Aragorn washed up on the riverside, but hopefully that's how this Find Steed creature would act! 

Quote from ornithoptercat >>

This is awful. It removed the shared spells, which already covered the healing this allows - and you didn't even let it heal from Laying on Hands on yourself! It's slower and slightly lower HP than a Pegasus even at Casting Level 5. 

And it STILL doesn't let you equip it with barding, nor even the required saddle, without having to carry that stuff if it dies, or address survivability in high level combat!

To make this halfway decent: Have it show up with Plate Barding (flat AC 18), military/exotic military saddle, and bridle (which vanish if removed or when it does, so you can't exploit them). Give it back shared spells. Build at least some of the effects of Mounted Combatant (you can force an attack targeted at your mount to target you instead, evasion) into it. Give it double the HP. NOW you have a worthy steed.

Yeah i don't understand why they keep making these barely usefull at higher levels than lvl 3 Tier...

Why does it say recharge on a long rest for the bonus actions? Can the steed stay after a long rest and take one, too? That's wild.

Sorry, been playing DND for 11 years and have never seen this cast.

There is no duration. It only disappears if it is reduced to 0 HP or you die.

So yes, it stays after a long rest and take one, too (although since it is magically summoned I imagine it doesn't need to sleep).

"Disappearance of the Steed. The steed disappears if it drops to 0 Hit Points or if you die. When it disappears, it leaves behind anything it was wearing or carrying. If you cast this spell again, you decide whether you summon the steed that disappeared or a different one."

The spell summons a mount with effect duration of instantaneous. Meaning it stays until it's destroyed, it can't even be dispeled with dispel magic. As opposed to other summoning spells that have a longer duration.

The bonus action abilities refer to being able to use that specific ability once before a long rest is needed before the abilitiy is ready to be used again.

Basically it's a permanent steed (until it's destroyed) that has an ability it can use once a day depending on the type of steed summoned.

If that steed is destroyed, you can spend another spell slot and summon the same type of steed or another type and it gets it's ability back before the long rest because it's a "different" steed.

One of the issues that has come up in my party is that one player actively disagrees that a player Mounted on the Steed should not benefit from the "Disengage" benefit afforded to the mount and by extension the character riding it. 

Their rationale is that why should YOU benefit from the mount's disengage if you're actively swinging at enemies from it's back - you are two separate creatures and thus should have two separate disengage actions. If the creature is running through the forest and dodges a low hanging bough, you should Also actively dodge to Also miss the bough. 

Do you agree with this? 

All interpretations and discussions I have seen about mounted combat since 2014 is that the rider benefits from the mount's disengage actions? 
This is based on what is written in the 2014 that "if the mount provokes an opportunity attack while you’re on it, the attacker can target you or the mount"... since it's not provoking Opportunity Attacks (through disengage), none can be made (against either rider or mount) 

Any feedback on this would be greatly appreciated.