Open a Suze Orman Save Yourself Account at TD Ameritrade and Get $100

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Well, once you get past the mug of Suze Orman, you can decide if this account is for you. Deposit at least $100 into the account monthly for a year and at the end of the 12 months you'll receive an extra $100.

TD Ameritrade has partnered with Suze Orman to offer the Save Yourself money  market account.  They're offering a $100 if you do the following:

  • Open the account before December 31, 2008.
  • Deposit 12 monthly consecutive automatic electronic deposits of $100 or more.
  • Make the first deposit within 30 days of opening the account.

12 months after you''ve opened the account, TD Waterhouse will review it and see if you met the eligibility.  If so, the cash will be deposited into your account within 4 weeks.

The account you open is a money market deposit account, insured by the FDIC.  It is paying a 1% APY, so if you open the account, you're doing it for the $100 not for any interest you'll earn.  1% is a very low rate compared to the best savings and money market rates listed on the BestCashCow rate table.  If you deposit the minimum of $100 per month for a total of $1,200 and then receive a $100 check, you'll make a return of 8.3%.  That's not a bad return but if you don't mind going through all of the work.

Compare TD Ameritrade with other online brokerages here.

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Comments

  • ModestMama

    January 11, 2009

    I don't understand this account, can it be used soley as savings or is there a catch that you have to use the funds to purchase stock eventually? Would there be a penalty for withdrawing if an emergency came up, other than you wouldn't get that $100 at the end?

  • StupidOne

    January 12, 2009

    After the 12 months, you are free to do whatever you want with the money. However, during the required 12 month period, you must make at least a minimimun $100 deposit in order to collect the $100 bonus at the end. If you make any withdrawals, for whatever reason, you are no longer eligible to receive the $100 bonus. Very restrictive, but given the current savings rate environment, if you have a spare $100 per month, throw it in this account and forget about it. In a year, you will have $100 for not doing too much! The deadline for this promotion has been changed to December 31, 2009. See the link for more information: http://www.saveyourself.com/

  • toma

    February 18, 2009

    Does that $100 have to be reported as income on your tax return?

  • StupidOne

    October 27, 2010

    No. The $100 bonus was added to my account but they only reported the interest on the overall balance on the 1099-INT.

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