[Expired] TIAA Direct $250 Savings Account Bonus – Nationwide

This bonus has expired, you can view bonuses we recommend here.

[Updated post with a less restrictive offer courtesy of Curmudgeon.]

Offer at a glance

• Maximum bonus amount: $250
• Availability: Nationwide
• Deposit Required: $15,000 for 90 days
• APY: 0.65%
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None
• Expiration date: December 5th, 2016

The Offer

Direct Link

• TIAA Direct is offering a $250 bonus when you open a high yield savings account by December 5th, 2016, deposit $15,000 within 10 days, and maintain the $15,000 minimum daily balance for 90 days
• Use promo code: S106MB250

You’ll also receive an APY of 0.64%.

Eligibility

This offer is available nationwide.

The fine print indicate that this offer is only for those who received it via email. According to the CSR I spoke with, this offer is only available for existing TIAA retirement account holders who want to expand their relationship to include banking.

Update: We’ve added an offer link with less restrictive language that doesn’t include the existing-client requirement. This offer link should work even for someone without a relationship. I’d recommend getting a copy of the offer for your records.

The Fine Print

• This offer will be available for a new TIAA Direct High Yield Savings account, applied for online or by calling 844-567-8939 using promotion code S106MB250
• Only one (1) offer is available per customer
• This offer is only intended for the addressee of the email that was received, may not be combined with any other offers from TIAA Direct and is not available to existing savings customers
• TIAA Direct will credit a $250 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 $250 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 the account needs to remain open until you receive the bonus.

Our Verdict

The APY on this account isn’t bad, but still isn’t quite the ~1% you can get with other high-yield savings accounts.

If you keep $15,000 in this account for 90 days you’d earn a total of $274 ($250 from the bonus and ~$24 regular interest). Overall, you’ll net ~7% APY interest rate which is quite good. Because of that we’ve added 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

Hat tip to depositaccounts.com