Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Deposit Required: $15,000 for 90 days
- APY: 0.64%
- Additional requirements: None
- Hard/soft pull: Soft pull
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Expiration date:Â December 5th, 2016
The Offer
- TIAA direct are offering a $100 bonus when you open a high yield savings account by December 5th, 2016 and maintain a $15,000 minimum daily balance for 90 days. You’ll receive an APY of 0.64%.
The Fine Print
- This offer will be available for a new TIAA Direct High Yield Savings account, applied for online or by calling 844-567-8944 using promotion code S106MB100.
- Only one (1) offer is available per customer.
- This offer may not be combined with any other offers from TIAA Direct and is not available to existing savings customers.
- TIAA Direct will credit a $100 bonus to a new High Yield Savings account if the account is opened by 12/5/2016, at least $15,000 is deposited within 10 days of account opening and at least that minimum balance is maintained in the account every day through the 90th day after account opening.
- Funds transferred from an existing TIAA Direct account do not count toward the qualifying minimum balance for this promotional offer.
- The bonus payment will be reported as interest to the Internal Revenue Service (IRS)
- If the qualifications described above are met, the $100 bonus will be credited to the account within 91 to 104 days of account opening, provided that the account remains open and is not overdrawn or subject to any holds, restrictions, or legal action or dispute on the bonus payment date
Avoiding Fees
There is no monthly maintenance fee for this account, there is also no mention of an early account termination fee on this account but you’ll need the account to be open to receive the $100 bonus.
Our Verdict
The APY on this account isn’t bad, but you should be getting an absolute minimum 0f 1%, you can view the best savings & rewards savings/checking accounts with the best APY’s here. If you kept $15,000 in this account for 90 days you’d earn a total of $123.5:
- $100 from bonus
- ~$23.5 in interest
If you had that $15,000 in a 5% account you’d earn $184. You’re basically getting a return of ~3.3% (feel free to correct me in the comments) with this account. Not a bad deal, but not great. Chase offers a $150 bonus for $10,000 for 90 days or $200 for $15,000 for 90 days so this bonus isn’t nearly as competitive. TIAA direct recently offered a checking bonus of $150 that was a much better deal.
We won’t be adding this to our list of the best savings account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
Promo extended until 3/31/17
https://www.tiaadirect.com/public/banking/land/display/2017Q1_save100_B
Offer code: D17SAVMB100
How can they seriously offer such a lame deal as this….
Because lots of folks don’t compare bonus offers.