[Expired] [Targeted] TIAA Direct Up To $500 Savings Bonus

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Offer at a glance

Maximum bonus amount: $500
Availability: Nationwide, targeted
Direct deposit required: $10,000-$200,000
Additional requirements: Maintain until end of August
Hard/soft pull: Soft pull
Credit card funding: None
Monthly fees: None
Early account termination fee: None
Household limit: None
Expiration date: April 30th, 2019

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer (please note this is a targeted offer, it states: “This offer is valid for the addressees of mail and email correspondences only“)

TIAA Direct is offering a bonus of up to $500 when you open a new money market account. The bonus you receive depends on the balance equal to your February month-end balance plus the additional deposit required by April 30th, 2019. You must mantain the balance for each of the May through August 2019 statement periods
- $10,000: $25 bonus
- $25,000: $50 bonus
- $50,000: $100 bonus
- $75,000: $175 bonus
- $150,000: $350 bonus
- $200,000+: $500 bonus

The Fine Print

In order to receive a bonus credit amount described in the table provided, you must:
- A. Increase the balance of your Yield Pledge® Money Market account with the corresponding deposit amount. Funds must be transferred from another institution and credited to your account on or before 4/30/2019.
- B. Maintain at least an average daily balance equal to your February month-end balance plus the corresponding deposit amount for each of the May, June, July and August 2019 statement periods (separately). Your reward amount will ultimately be based on the difference between your February month-end balance and your lowest average daily balance among those four statement periods.
- C. Your reward will be deposited into your Yield Pledge Money Market account no later than 10/18/2019 so long as your account has remained open and in good standing both throughout the offer period and on the date the reward is to be paid.
This offer is intended only for the addressee of this letter or email and is not transferable. Limit 1 reward per household whether the account is joint or single. This offer expires on 4/30/2019. Rewards are considered interest and may be reported on IRS Form 1099-INT.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly 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 bonus.

Early Account Termination Fee

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 bonus.

Our Verdict

This account normally earns a 2% APY, so this bonus is in addition to that. To maximize this bonus you would ideally have had a balance of $0 at the end of February. Then you would want to fund the account just before the April 30th deadline and maintain it for May, June July and August. Sadly none of the bonuses are actually worth doing. For example with the $200,00 deposit you would earn $1,333.33 in interest and then another $500 from the bonus ($1,833.33). Whereas if you put the same funds into a high yield account earning 2.75% APY you would earn $1,833.33 total without any of the fuss.

Hat tip to reader Mary-Ann

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