What bank was that $50/month DD-->savings deal at?

[ea1776]

I remember reading on the forum about some savings account (or maybe an IRA) beginner account...

The deal was to setup automatic withdrawals for $50/month, and you were guaranteed a pretty good rate of return, without a min. deposit.

Anybody remember what I'm talking about?

[ThriftoRama]

I believe T Rowe Price will waive all fees and minimum balances if you set up an IRA with a minimum auto transfer of $50 a month...Is that what you are talking about?

[gekkoplus]

I think he is talking about Ameritrade "Save Yourself" promo..

[ea1776]

Thanks! Yeah, that's the one.

I couldn't find it on their website though.

Does anybody have a link to that info or know the rate of return for it?

[gekkoplus]

Invest $50 each month for a year and get additional $100 at the end.

Now you calculate rate of return and let us know

[ea1776]

Invest $50 each month for a year and get additional $100 at the end.

Now you calculate rate of return and let us know

I'm not talking about the Suze Orman thing (that promotion is over, isn't it?).

It was either a savings account or an IRA that had a pretty good yield with a minimum balance requirement, and I think it was at T Rowe Price.

[gekkoplus]

a tactful act indeed to avoid computing rate of return..

just kidding..

[ea1776]

haha

i'm an engineer. that is a silly little math problem.

100/(12*50)

wow, whoever did that suze orman thing got an AWESOME rate of return!!!

[Aleta]

The Suze Orman SAVE YOURSELF PLAN is a Money Market depost account that pays 2.75% and $100. if you automatically have $50 withdrawn from your bank account each month.

[gekkoplus]

haha

i'm an engineer. that is a silly little math problem.

100/(12*50)

wow, whoever did that suze orman thing got an AWESOME rate of return!!!

Well it should be calculated based on annuity due, which comes out to be 28% rate of return.

Yes it was a good deal - I took advantage of it three times - for me, wife and a joint of us..

[scfr]

You're in Texas? Great! Sometimes these offerings are local, and not offered everywhere. I'm in Texas too, and I know of one that is hard to beat ratewise.

Washington Mutual has a "Savings for Success" account, where you have between $25-500 automatically deposited each month and you get 5% APY for a year:

http://www.wamu.com/personal/savings_account/savings_for_success_account/default.asp

For those of you not in Texas, I don't know if this account is available where you are, but if you're interested it sure wouldn't hurt to check.