Updated: The SaveYourself Plan and partnership with TD Ameritrade appears to have ended.
Suze Orman is still offering her “Save Yourself Plan” in conjunction with TD Ameritrade, although the offer is not as good as it was before. Previously, you had to open a new account at TD Ameritrade and put in $50 per month for 12 consecutive months. The default FDIC-insured interest rate also started a 2.78% APY. You were effectively making over 35% interest annualized, albeit on a limited amount of money.
With the current offer, you must now deposit $100 a month for 12 consecutive months, and the FDIC-insured interest rate on cash is only 1%. This works out earning about a 16% annual interest rate. Still not bad, if you have never had an Ameritrade account. As compared to keeping your money in an online savings account at 3%, after a year you’ll be ahead by about $80 in extra interest.
Plus, once we receive your first deposit, you will receive free online access to Women & Money—the book that launched Suze’s Save Yourself movement. And that’s not all. You will receive emails of support and encouragement from Suze…
I wouldn’t trade there, though. Just take the bonus. For more value, here are the brokers that I would recommend for starting an IRA.
By Jonathan Ping | General | 1/8/09, 10:24pm