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Get $100 from Suze Orman & TD Ameritrade
A friend pointed me in the direction of Suze Orman’s Save Yourself website yesterday for a very interesting offer. Suze and TD Ameritrade are offering you $100 to open up and consistently fund (there’s always a catch!) an account there. Check out the details on this page .
To get the $100, you will need to open a non-retirement Save Yourself account and deposit at least $100 per month for an entire year. At the end of the year, they will drop in another $100 to the account.
A few things to keep in mind
The account type is a Money Market Deposit Account (MMDA) with a variable interest rate. Currently, the interest rate is only 1.0% and (of course) subject to change at any time. That’s a pretty low interest rate compared to some other high-yield savings accounts like EmigrantDirect (2.4%) and HSBCDirect (2.45%).
On the other hand, those banks aren’t going to give you an extra $100 at the end of the year. If you are going to put in close to $100 per month, you will come out significantly ahead by opening up the Save Yourself account. On the other hand, if you have a lot of money to deposit each month, you might be better off with a higher yield (Frankly, if you have that much money to deposit each month, you probably shouldn’t be putting it into a savings account, but that’s a different post)
The account is FDIC insured
In light of today’s economy, I’m sure that the first question you asked yourself was, "is this account FDIC insured?" A very important question and yes, it is according to their website (I would not be putting this info on here today if it was not FDIC insured).
Get into the habit
I really like that this offer provides an incentive to get you into the habit of saving. If you aren’t currently "paying youself first" and saving regularly, this is a great way to get started (with a nice reward attached).
Oh, yeah, you also get online access to Suze Orman’s book Women & Money. (I don’t know if men are allowed to read the book or not, but they can take part in the Save Yourself promotion).
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I’ve been the worst at saving. Need to take Suze Orman’s advice to heart – I’m now over 50 and I’ve got to take control of my finances!
@Annie B – the best time to start is….now! You can’t really do anything about the past now, so might as well start working towards the future. I think you’re in the right place to get tips and techniques for taking control of your finances – I mean the blogosphere in general, not just BFN.