Posted by William Charles on March 20, 2019
Savings Accounts

Published on March 20th, 2019 | by William Charles

19

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

Deal has expired, view the best current checking bonuses by clicking here.

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

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

Useful posts regarding bank bonuses:



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Mark
Mark

Yeah, not worth it

joE
joE

What a joke!

Lily
Lily

Agree! I had to read the numbers 3 times to make sure i see it right. Unbelievable!

Jeff
Jeff

Got this mailer yesterday. Tossed it right away. Terrible offer.

LC
LC

f this bank… never paid out the checking offer…

Jeff
Jeff

How so? Just got my $150 bonus a few weeks ago.

LC
LC

im guessing you did real DD.

RH, Vanguard, Fidelity, Ally – all failed getting the bonus.

joE
joE

So because you couldn’t game their system and play by their rules, they’re the assholes. Got it! Thanks to your original accurate and truthful comment I will forever refrain from doing business with them. Mission accomplished, congrats!

LC
LC

lol… whose team are you on? sound like a bank rep.

Eric
Eric

I think joE’s point was that you didn’t need to write “f this bank…”.

LC
LC

and it was a truthful comment. they didnt pay it out. not many people on here have the ability to switch their DD, so my comment actually helps a lot of people as they wont attempt and waste their time when nothing codes as DD but actual DD.

who would recommend doing business with them? Cant even send a secure message or live chat, and this savings “deal” is a joke. zero benefit bank to any of us.

joE
joE

BINGO, now THIS is how your first comment should have looked like, very insightful with data points that can actually help people make good decisions.
“F this bank they didn’t pay out” doesn’t tell us much. And don’t ever F a bank based on 1 experience, you never know when you actually might turn into F buddies 😉

akjohnny
akjohnny

yuck… pass!

arizonapv
arizonapv

Thanks, DOC, always appreciate your verdict and letting us know whether the offer is worth doing or not. Big thanks!

Charles Mann
Charles Mann

This bonus is a loser; put your money in another account that pays a higher rate; they’re easy to find right now.

felix
felix

The link is not correct.
And what I got is put money in checking account

arizonapv
arizonapv

Yeah, I see, This offer is for a MMK account. Your offer is for a checking account. Your offer is even worse than this one. Really weird.

Ben
Ben

Summary mistakenly says “Direct Deposit required” while all the T&C mention transfers, nothing about “direct” or “qualifying” deposits, the only restriction appears to be “new money” from another institution.

Shawn
Shawn

There is currently an ongoing TIAA Bank promo with a better bonus, basically 0.5% for 90 days on top of the 2.15% APY (for 90 days that’s ~4.2% if I am not mistaken). There is targeted language in the terms although I am not sure how they can tell. The terms also state that “Must be an existing TIAA Bank client”, although my spouse got the email due to managing a retirement fund with them.

Link: https://www.tiaabank.com/extracash

William Charles Chuck

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