We keep an “emergency fund” lying around in a savings account. We decided on $30,000. We earn pretty much nothing on this money.
TD Bank is currently offering $300 to open a new Premier account, so I went ahead and opened two accounts, one for my husband and one for me. I transferred $2,500 into each account from our emergency fund and changed our direct deposit for a few paycheck cycles.
$300 is 12% of $2,500 – that’s a fabulous guaranteed return on investment. It sure beats the fraction of 1% that we earn in our normal savings account!
95 days after opening a new premier account – during which time the account balance doesn’t drop below $2,500 and $2,500 is direct deposited — TD Bank will deposit $300 into each account.
Here’s the link to the promotion:
I’m not sure if we’ll keep either account open past Day 96. I did visit a TD Bank branch in my neighborhood, and I was impressed by an ATM in the lobby which distributes any dollar amount, in the bills of your choice. Well… I was impressed by the idea of it. It was out of order that day.
It’s a good gimmick, this $300 bonus. I never would have stepped foot in the bank otherwise. I’m a sucker for free money.