Posted by William Charles on November 2, 2018
Bank Account Bonuses

Published on November 2nd, 2018 | by William Charles

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[Expired] TIAA Bank – $150 Checking & $200 Money Market Bonus

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

Update 11/2/2018: Introductory APR on the money market account has been increased to 2.15% APY (previously 1.8%). This is only slightly lower than the current best high yield savings account, making the money market bonus more attractive. Update: Despite the targeted language, customer service reps are saying it’s not actually targeted at all. To further back this up readers have reported seeing advertisements for this particular bonus on Instagram. In addition TIAA Bank acquired Ever Bank in June 2017 and if you were an Ever Bank Yield Pledge customer then you’re considered an existing user and are NOT eligible. Fine print says: Offers are only available to current TIAA customers. Marking this as targeted for now. Offer at a glance

  • Maximum bonus amount: $350
  • Availability: Nationwide
  • Direct deposit required: Yes, $1,000+
  • Additional requirements:
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: 120 days, bonus forfeit
  • Household limit: None listed
  • Expiration date: November 30th, 2018

The Offer

Direct link to offer

  • TIAA Bank is offering a bonus of up to $350. There are two bonuses a $150 checking bonus and $200 money market bonus

Yield Pledge Checking Bonus $150

  • Receive a bonus of $150 when you open a new yield pledge checking account and complete the following requirements:
    • Use promo code 14647
    • Make direct deposits totaling at least $1,000 within 90 days after account opening

 

Yield Pledge Money Market $200 Bonus

  • Receive a bonus of $200 when you open a new yield pledge checking account and complete the following requirements:
    • Use promo code 14647
    • Deposit $20,000 and maintain that balance for at least 90 days after account opening

The Fine Print

Checking:

  • This offer is only available to customers opening their first TIAA Bank Yield Pledge Checking Account by 11/30/2018, applied for online or by calling the phone number above and using the referenced promotion code. Only one (1) checking account offer is available per customer. This offer is not available to previous or existing TIAA Bank checking account customers.
  • In order to receive the $150 bonus credit from TIAA Bank, you must (1) use the promotion code referenced above to open and fund a new Yield Pledge Checking Account with at least the minimum required opening deposit amount ($5000), transferred from another financial institution and then (2) initiate one or more qualifying direct deposits totaling at least $1,000 that are credited to your new Yield Pledge Checking Account (after the initial required opening deposit) within the first 90 days of the account being opened. Qualifying direct deposits include payroll, pension, Social Security, or other regular monthly income electronically deposited into your account by your employer or a government agency. External transfers, internal transfers and checks deposited through the mail, online, and/or by mobile device do not constitute qualifying direct deposits for this offer.
  • If the qualifications described above are met, the $150 bonus credit will be directly deposited into your Yield Pledge Checking Account within 120 days of the account opening date, provided that your account remains open and is in good standing. If your account is not open or in good standing on the date the reward is paid, you will not receive the bonus credit.

Money market:

  • This offer is only available to customers opening their first TIAA Bank Yield Pledge Money Market Account by 11/30/2018, applied for online or by calling the phone number above and using the referenced promotion code. Only one (1) money market account offer is available per customer. This offer is not available to previous or existing Yield Pledge Money Market Account customers.
  • In order to receive the $200 bonus credit from TIAA Bank, you must (1) use the promotion code referenced above to open and fund a new Yield Pledge Money Market Account with a minimum opening deposit of $20,000 and (2) maintain at least that $20,000 minimum balance in the account every day for the 90 days after account opening, including through the 90th day after account opening. Your money market account must be funded with that $20,000 minimum opening deposit within 20 days of the account being opened or you will not be eligible for this offer. Funds transferred from an existing TIAA Bank account do not count toward the qualifying minimum opening deposit required for this offer.
  • If the qualifications described above are met, the $200 bonus credit will be directly deposited into your Yield Pledge Money Market Account within 120 days of the account opening date, provided that the account remains open and is in good standing. If your account is not open or in good standing on the date the reward is paid, you will not receive the bonus credit.
  • Bonuses are considered interest and may be reported on IRS Form 1099-INT.

Avoiding Fees

Monthly Fees

Both accounts have no monthly fee to worry about

Early Account Termination Fee

Accounts need to be kept open for 120 days otherwise you will forfeit the bonus

Our Verdict

Checking bonus seems worth doing, not the biggest offer ever but nationwide bonuses are relatively uncommon. The high yield account offers 2.15% APY, that’s  competitive with the best high yield savings accounts currently available and when you pair it with the $200 bonus it is worth doing if you have the liquid funds available (although I suspect people will have some of that tied up with Ally). I’ll be adding both of these bonuses to our best checking & savings account bonuses page. Useful posts regarding bank bonuses:



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Can we take out 5k after acct opening? It doesn’t say anything abt min balance requirements or keeping 5k until bonus get paid?

Yes, you can.

Can you please give us more details?

Step 1. Deposit the money as part of the initial account funding.
Step 2. Withdraw the money.
Step 3. ????
Step 4. PROFIT.

That was not what i was asking, more like how long do we have to keep the 5k, a day?, a week?, until bonus get paid? Thanks anyways.

It is just to open the account. You can take it out after the account is opened. The rep I spoke with on the phone told me this without me even asking.

What about the 1k direct deposit? Can that be removed quickly after it posts?

Wow $5000 minimum opening deposit!

I received the same offer in mail with slightly different offer link and offer code. There seems no way to enter the offer code during online application process. Somewhere in the offer it says visit the link OR call their phone number and mention offer code.

“Offers are only available to current TIAA customers.”

Does that mean I need a pre-existing TIAA account?

It also says that the checking account offer “is not available to previous or existing TIAA Bank checking account customers.”

So that’s a bit confusing. One bit of language excludes existing checking account customers. Another bit of language can be interpreted as requiring a pre-existing account (though not necessarily a checking account).

Since the top includes the following, it seems clear they’re pitching to people who have TIAA employer retirement accounts:

“you’ll enjoy the convenience of having your retirement accounts and bank accounts available through one secure login”

You need an account in quantum superposition: Both existing and not existing at the same time.

Top comment for October right here ^^

open and fund a new Yield Pledge Checking Account with at least the minimum required opening deposit amount ($5000),

5k minimum kills this for me. thats $50 id lose out on ally so really only $100 bonus, which is kinda crap!

Could you deposit the $5k at TIAA then move it to Ally? I don’t think the TIAA checking account has a min. balance. Just a minimum opening deposit.

You can deposit the 5K then immediately withdrawl it. You only need it to open the account.

I havent done the ally one yet so im going to do this first then the ally one.

Small typo it says “Yield pledge checking instead of “Yield Pledge money market” under then $200 money market bonus.

I did this two years ago so I guess i’m disqualified

FYI, you dont have to transfer it instantly…

Once your new TIAA Bank account is open, visit tiaabank.com to set up online account access, if you’re not already registered. Then simply log in to initiate a transfer from another TIAA Bank account or externally from another institution.

Note: The maximum daily online transfer limit is $250,000. Excess amounts can be sent by future transfer, check or wire.

Just do NOT deposit MOs in this bank! They will shut you down!

So what youre saying is after i earn the bonus I should deposit MOs in this bank so they close my account early lol.

Good call

lol! I like the way you think! ha!

Good angle! Yes, 4 – 5 K MO at once, mailed in a deposit envelope, to get “eyes on” should trigger a prompt review and phone call. If they do not like your answers, they will likely give you 30 days to close it and empty it out!

1K per month has not been an issue over the past 24 months now. How much were you doing?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Applied, app went pending. if I get approved we can conclude they either don’t pull Chex or are not sensitive.

Was there a place to add the promo code during your application?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No I just emailed them about that. I will call when I am out of classes today if I don’t hear back from the email first.

its linked to the signature card you have to send in

I called them (1-888-882-3837) and the rep manually attached the offer code (14647) to the application and sent it over to the new account department. I should hear back in 24-48 hours if my account is approved.

are you guys attempting to do this with no prior relationship with TIAA (despite the language)?

I technically had a TIAA Direct Interest checking account back in 2016, but I don’t think having a prior relationship matters. I think as long as you currently do not have either of those exact accounts open or recently closed, you should be fine.

Thanks, look forward to your experience.

Had a TIAA Direct account several years ago, as well. Plus, uncertain if some ACH pushes will trigger the DD requirement. Uncertain if worth the work for $150

What about this “This offer is not available to previous or existing TIAA Bank checking account customers.”

It looks like the application link has the bonus code attached. So it should get passed along behind the scenes.

Yes, I’m 99% certain that is the case.

I received bonus on checking 2 yrs ago, I’ll call to find out if I’m eligible to get this bonus so I don’t waste my time opening a new account. Here’s hoping they purged records of closed accounts from early 2016.

The direct deposit data points are from 2 years ago. Hard to say what will trigger it this time around. I’m not sure I want to risk typing up $6k for 4 months just to get no bonus at the end.

For those have experience with TIAA before, what qualifies for their Direct Deposit?
Does Paypal transfer or Ally/Discover checking ACH qualify for DD?

anyone know how long it takes to for bonus to post after meeting requirement from past experience?

Check previous blog threads. Always your best DPs in a new thread.

https://www.doctorofcredit.com/?s=Tiaa

I think I did the last TIA offer. Was that a money market too. Anyone remember the last deal – I think it was $300 or something? Was it a money market and does that disqualify me or not? I guess I could still do the checking only?.

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