TIAA Direct Offers $250 Bonus For New High Yield Savings Account


Availability: Nationwide (internet bank)

Now through December 5, 2016, TIAA Direct is offering a $250 bonus when opening a new High Yield Savings account with a minimum deposit of $15k.

0.65*%--TIAA DirectHigh Yield Savings
Accounts mentioned in this post. Rates as of June 25, 2017.


  • Open a new High Yield Savings account, using promo code S106MB250*.
  • Minimum $15k funded within ten days of account opening.
  • Maintain a $15k minimum daily balance for 90 days.

*While this promotion was targeted via email, CSR stated that if I had the promo code and did not have a TIAA Direct High Yield Savings account, I would qualify for the $250 savings bonus.


  • Only available for new TIAA Direct High Yield Savings accounts.
  • One offer per customer.
  • Funds transferred from an existing TIAA Direct account do not count toward the qualifying minimum balance.
  • $250 bonus will be credited to the account within 91 to 104 days of account opening, provided that the account remains open and in good standing.

While the High Yield Savings account has no monthly maintenance fee,

an Excessive Transaction Fee of $5 will be charged for each covered transfer
or withdrawal that exceeds the monthly statement cycle six transaction limit.

Note: When I spoke with a very thorough and helpful CSR, he stated that “if you have lived at your current address for less than 5 years, you must have proof of previous address.”

Thanks to DA reader, stevel, for his Forum post about this TIAA Direct savings bonus.


Headquartered in St. Louis, Missouri, TIAA Direct is the banking component and a brand of TIAA-CREF Trust Company, a Fortune 100 financial services company.

Joining an account with TIAA Direct and applying for the $250 savings bonus can be done online, by phone (844.567.8939) using the promotion code S106MB 250.

Note: While this promotion was sent via email to a targeted audience, I was told by CSR last evening that as long as I 1) had the promo code, and 2) did not have a TIAA Direct High Yield Savings account, I would qualify for the $250 savings bonus. If you did not receive an email, it would be a good idea to call and confirm with a CSR that you will be eligible for the bonus. Make sure to note the name of the CSR and the time of the call.

Bank Overview

TIAA Direct (FDIC Certificate # 234723) has an overall health grade of "A+" at, with a Texas ratio of 0.34% (excellent) based on June 30, 2016 data. In the past year, TIAA Direct has increased its total deposits by $696.92 million, an excellent annual growth rate of 33.05%. Please refer to our financial overview of TIAA Direct for more details.

In 1918 the Carnegie Foundation established Teachers Insurance and Annuity Association
(TIAA), a fully-funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York — including an initial gift of $1 million — and ongoing contributions from participating institutions and individuals.

How the $250 Savings Bonus Compares

  • $15k for 90 days in a TIAA Direct High Yield Savings = $250 (bonus) + $24.32 (interest)
  • $15k for 90 days in a savings account earning 1% - $37.36
  • The above rates are accurate as of 11/17/2016.

    Other Bank Promotions and Bonuses

    Not eligible for TIAA Direct’s $250 checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, readers and I also post often on bonuses in the Bank Promotions Forum.

    Anonymous   |     |   Comment #1
    Quick money.  Why not?
    Anonymous   |     |   Comment #2
    For sure it is not targeted?
    Anonymous   |     |   Comment #3
    The terms indicate that this offer is only for those who received the email. Do you have any indication that it's publicly available?
    alan1   |     |   Comment #4
    Ken discussed this point in his posting. He wrote:

    "Note: While this promotion was sent via email to a targeted audience, I was told by CSR last evening that as long as I 1) had the promo code, and 2) did not have a TIAA Direct High Yield Savings account, I would qualify for the $250 savings bonus."
    Ken Tumin
    Ken Tumin   |     |   Comment #5
    I just added that note after the publication. If TIAA management decide to make any changes on the eligibility of this promo causing the CSRs to change their tune, please leave a comment. Hopefully, TIAA will keep this going for everyone who has the promo code without regard to the email.
    Anonymous   |     |   Comment #6
    DoC is stating that a CSR told him the $250 bonus is only for existing TIAA retirement account customers and if you don't have an account you won't get a bonus. There's a $100 bonus for the general public
    Anonymous   |     |   Comment #7
    I opened one last night as a new customer.  E-signed an acknowledgement of the terms of the $250 bonus of which I kept a screen shot.
    unmesh   |     |   Comment #8
    I used to have an account but closed it a year or so ago. The website recognizes my SSN and won't let me open a new account.
    Anonymous   |     |   Comment #9
    I have 2 mostly unused TIAA accounts from a few years ago that I unfortunately did not close. My TIAA Direct statement calls them "Money Market Demand Account", and "Interest Checking Account".  I wonder it they, especially the "Money Market Demand Account", would block me for this "High Yield Savings" promotion?
    If anyone has been down this path and knows the answer, I'd appreciate a heads-up.  Otherwise I'll call them early next week.  Thanks.
    gregk   |     |   Comment #10
    I'm wondering the same but feel pretty optimistic, the reason being I recently qualified for another (targeted) TIAA bonus offer of $250 for opening the Interest Checking Account despite at the time having an already existing active Money Market Account.  With that precedent, and the two accounts you refer to now already established by me, hopefully its extension to a new High Yield Savings will allow me to garner $250 more from them.  I think they want customers to access the full spectrum of their deposit product options (CD's are the fourth)  and will encourage clients to that end by offering discrete bonuses for each (liquid) type that don't exclude one another.  I expect confirmation of my hunch when I call TIAA Monday morning.
    Anonymous   |     |   Comment #11
    I opened a High Yield Savings Account with TIAA over the phone this morning.  Having  existing Interest Checking & Money Market Demand Accounts with them does not disqualify you from the promo bonus using the coupon code listed above.
    Anonymous   |     |   Comment #12
    Ken!!!!  I just saw the actual disclosure for this offer......It says this offer is ONLY intended for the person that received it......Which means to me that you needed the invite to get the $250. I would not count on getting it if you just put in the promo code. I don't know why there is always so much confusion over these offers (not your fault at all)......I wish banks would be more clear........But I would certainly not do this if I did not get the email......Setting yourself up for much disappointment.
    Big Al
    Big Al   |     |   Comment #13
    UPDATE: The $250 bonus posted to my account on Wednesday, March 1st.

    I was NOT targeted for this offer.
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