Posted by Chuck on November 27, 2016
Expired Savings Account Bonuses

Published on November 27th, 2016 | by Chuck

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[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%.

screen-shot-2016-11-17-at-2-39-56-pm

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:

Hat tip to depositaccounts.com



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Justin
Justin

Great bonus – too bad it requires 15k

NinjaX
NinjaX

Thanks In Advance Asswipes! (TIAA)

Ken A
Ken A

So true,I’ve had nothing but headaches with this company. I pulled my 401k money out.

JT
JT

I signed up for the public $100 bonus a couple of days ago and the $15k is already in my account. Do you think I could get matched to this offer?

William Charles

Give it a go and let us know!

Daniel
Daniel

Signed in and applied for account — no place to put promo code, sent message to TIAA to confirm it was applied.

Nick
Nick

Called the 844 number, said I’m checking account holder, wanted the HY savings. Lady CSR asked how much promotion, I mentioned $250 and she signed up in less than 30 seconds. Did not request any codes.

Confirmed the $15k, 90 day, no DD/etc requirements.

Great deal, thanks DOC!

William Charles

Welcome!

Nick
Nick

Data point, got the $250 today. Initially open account 11/18/2016, transferred the $15k about a week later

ken
ken

how do you know it will only work for retirement accounts. they started advertising this offer and I see no mention of retirement accounts in the ad

ken
ken

I called twice was told each time you don’t need to have retirement account and they said they get that question a lot but not true. However, it’s one promo per customer so if you did the checking account promo for a lower bonus amount you cannot do this one. YMMV.

Curmudgeon
Curmudgeon

I saw this on a banner ad – no language restricting to those with retirement accounts. Based on the eligibility requirements at the bottom of the page as long as you don’t have an existing savings account you should qualify.

Eligibility. This offer will be available for a new TIAA Direct High Yield Savings account, applied for online or by calling 844-567-8946 using promotion code S106MB250. 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.

https://www.tiaadirect.com/public/banking/land/display/fall_sav_250?tc_mcid=gn_tcdirect1016_savings_250_retg&iq_id=100745242-VQ16-c-VQ15-none-VQ6-155245613425

Might be worth saving a screenshot in case you have to argue about the bonus later on.

Nick
Nick

Thanks for sharing the link and additional details.

Definitely saved a copy as PDF!

William Charles

Thanks, will update post.

JT
JT

Jumped on the $100 savings immediately when it was posted awhile back. Messaged to be matched to this higher offer and was told to call in. My attempt when calling was unsuccessful. Rare example when hitting on these bonuses immediately was the wrong move. O well can’t win them all.

EO
EO

I was in the same boat, but I called, and they were able to close my $100 bonus account and open a new account with the $250 bonus applied. It took some persistence but I was able to do it. I know the fineprint says the bonus will only go through if the $15000 is not from an existing TIAA Direct account, but the rep assured I would be fine. Just to be safe, I will probably transfer another $15000 in and out so I meet the technical terms exactly.

As an aside, this is my first time posting, but I wanted to thank the site owners/operators for an amazing site. I have profited a great deal just this year for all the info. Thanks for all you do.

Santorini
Santorini

@EO, did you end up getting the $250 bonus even though you initially opened the $100 bonus account?

EO
EO

Yes, I did @Santorini. Although as I mentioned in my post, I did transfer an additional $15000 into the account from outside funds. I don’t know whether this was necessary or not.

ss
ss

Is there a per-household limit? Can me and my spouse apply individually and each receive our own bonus?

Max
Max

The hen in the picture is not going to hatch any eggs the way she’s sitting! LOL

Joshua H.
Joshua H.

called in today and successfully opened the saving with $250 bonus. The CSR confirmed everyone is eligible. No retirement account is needed for this promotion.

kt
kt

thank you for the datapoint

tinker25
tinker25

When I clicked on “Open an Account” (green box on the linked page), the prom code of S106MB250 is automatically filled in. It also ask if you already have a login. With the login, no further ID questions, so no inquiries.

DirtyLilRat
DirtyLilRat

Could you fix this post? After reading it over multiple times I don’t understand the requirements. Retirement account? Targeted email? Yes to both / only one needed / ?!!??

William Charles

No requirements anymore.

AC
AC

Definitely not targeted. I received the bonus on the 91st day.

Vasv
Vasv

Thanks Doc! I called in to check household restriction and the rep confirmed its one per household only. If anyone else wanna call and confirm to see if we get same information on household restriction.

Doc, Is it possible to include data point for “household restriction” may be in the top section offer at a glance?

William Charles

Usually we just include the household restriction in the fine print, the fine print doesn’t mention any household restriction as far as I can see so I’d be surprised if there was one.

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