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$100 TD AMERITRADE Money Market Account Bonus

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TD AMERITRADE has again come out with its Suze Orman's Save Yourself Promotion. You can make $100 from this promotion, but it requires one year of $100 monthly electronic deposits before the bonus is awarded. Here are the important points from the promotion's small print:
  • Open a new TD AMERITRADE account (non-retirement) opened by 12/31/09
  • Set up 12 monthly consecutive automatic electronic deposits of $100 or more
  • First $100 must be deposited within 30 days of opening account.
  • Accounts will be reviewed 12 months from date of first qualified deposit to determine eligibility for offer
  • Bonus is forfeited if money is withdrawn during the year
  • It's a Money Market Demand Account (MMDA) which is held at TD Bank USA, N.A. and is insured by the FDIC
  • APY on account as of 11/19/08 is 1.50%. Rate is variable.
My last post on this promotion was in March when it only required a $50 monthly deposit. A commenter in that post reported being told that there is no fee to close the account after the year is up.

Thanks to the reader Michael who mentioned seeing it on this FW thread. The FW poster mentioned receiving comfirmation that the end date is June 1, 2009. There's some descrepancy on the website regarding this date. He was also told that customers who have already received a $100 bonus from previous promotions are still eligible for this new one.

More info on TD Bank USA is available at this FDIC page (Certificate # 33947).

BTW, Have you noticed how much we're seeing of Suze Orman these days? Even the FDIC website is featuring her.

Update 1/13/09: Expiration has been extended to 1/13/09.

  Tags: money market accounts

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Comments
18 Comments.
Comment #1 by Doug (anonymous) posted on
Doug
By my reckoning, this sounds like a really easy way to earn 9% interest on $1200.

Am I missing something?

1
Comment #2 by gaelicwench (anonymous) posted on
gaelicwench
I went ahead and opened an account. It was "stupid simple." Quick, very easy and I was "approved" on the spot. Now I wait until two small deposits are made to my checking account of which will be used to make electronic transfers.

For some odd reason, perhaps because it's late and I am tired, I opened it with $50. If they want the remaining $50, I'll be glad to oblige them. Tomorrow's payday for me.

Doug, how'd you come up with 9%?

1
Comment #3 by Mocirne (anonymous) posted on
Mocirne
It looks like closer to 10%, when you add in the 1.50% APY along with the ~8.33% bonus. Of course, the rate most likely will drop in this environment, but with a guaranteed base 8.33%, I'm in after doing some more research on this. Seriously, only Banking Guy can still make us money like this in these economic times.

1
Comment #5 by Anonymous posted on
Anonymous
It sounds strange but it is true. I just opened the account using saveyourself.com, I funded it on line with $100 and already logged in my account and the balance of $100 is showing as available.
There were no trial deposits or delays of any kind. It all happened in 10 minutes or less. Go figure!!!!

1
Comment #6 by Anonymous posted on
Anonymous
I just opened an account 5 minutes ago, and there were no questions about my address or driver license or any other personal questions.

I entered my Name and SS# and then asked me for my outside banks ABA and account number and amount.
That is all. I can log in and do what ever I want, including margin trades.

1
Comment #7 by Anonymous posted on
Anonymous
Something distrurbing is appearing in the news... The fed may lower interest rates to ZERO in the near future.

1
Comment #8 by Anonymous posted on
Anonymous
Any one knows how to set up monthly automatic electronic deposits? Thanks.

1
Comment #9 by Doug (anonymous) posted on
Doug
I calculated the 9% by taking the average yearly balance of $600, which at 1.5% earns $9.00. I added the $100 bonus to get $109, which is almost exactly 9% of $1200.

I see now that's wrong---I should have used the $600 figure both times.
So the correct APR is closer to 18%!

Even if the MMA interest falls to zero, it would still earn $100/$600 = 16.7%.

1
Comment #10 by Anonymous posted on
Anonymous
now I see the option to set up ACH after initial fund was posted.

>
Any one knows how to set up monthly automatic electronic deposits? Thanks.

1
Comment #11 by Anonymous posted on
Anonymous
To Anonymous, at 11:05 PM, November 19, 2008.

On their website click on accounts and then on withdrawals and deposits.
Set external bank account and that's it.

1
Comment #12 by Anonymous posted on
Anonymous
I came up with 15.7% APY by using bank rate's savings goal calculator. Is this correct???

1
Comment #13 by Anonymous posted on
Anonymous
if setting this up is stupid simple, then i am stupid. the ACH account opening required a $2000 transfer and there was no indication that this was a "save yourself," account. I now have to fund it with a $5 check and then do the ACH deposits. Forget it. I =have emails into customer service. Customer service on the phone is clueless. Who's recommending openning this are you all TD Ameritrade employees? Frustrated.

1
Comment #14 by Anonymous posted on
Anonymous
It is stupid simple in that the application process was typical for setting up an account. My initial opening deposit has shown up and I also linked up my external checking account. Now I have to wait for the usual two small deposits in 2-3 business days. Once verfied, then I'll be able to execute a recurring EFT to my TD Ameritrade account.

It's the same-old same-old.

1
Comment #15 by Anonymous posted on
Anonymous
Hi,

Did anyone call to confirm there is no fee to close the account 12 months later?? How do we get the money out?

1
Comment #16 by Anonymous posted on
Anonymous
To Anonymous, at 1:49 PM, November 20, 2008.

Just ACH it back to the account that was pulling money in for the previous 12 months.

That's it.

1
Comment #17 by Anonymous posted on
Anonymous
To Anonymous 10:33 AM

Did you follow the link from http://www.saveyourself.com/ to open your account??

I asked the TD Rep about any fees involved closing the account later, she told me that I have to buy the magazine first where I will find a link to open and completely ignoring my questions. How rude!

1
Comment #18 by Slug (anonymous) posted on
Slug
I opened one of these for my Mom about 6 months ago. It was simple and there's very few opportunities to get this kind of return at no risk these days.

1
Comment #19 by Anna (anonymous) posted on
Anna
I already have one of these Save Yourself accounts. I opened it over a year ago and they paid me the $50 bonus. Can I open another account? I don't see that I can't anywhere...

1