Ends Tomorrow 3.31 - No Min MMDA - A Must Do

Let's talk money quickly, efficiently and effectively!

I wish I knew of this weeks ago, but we can't change the past and can only move forward. Suze Orman has teamed up with TD Ameritrade to offer a Money Market Deposit Accounts (MMDA) known as the Save Yourself Plan with no minimum deposit requirement - well sort of. Here is why and how to do it:



Why/Explanation of MMDA:
- A high-yield FDIC insured savings account that has less administrative fees, but is less liquid than a regular savings accounts, meaning there is a limit to how many checks/withdrawals can be made from the account.


- A great way to save money that you don't want to be tempted to touch. Maybe it is for an emergency account that is 3 months worth of your regular expenses in case something happens; saving for a new car or for a trip with friends overseas.



How To:
It is GREAT news and HUGE opportunity that Suze Orman and TD Ameritrade teamed up for this offer. Almost all, at least all of MMDA's I have seen, require a minimum deposit to open an account. Sometimes $500 but usually $1K or more. Why? Because MMDAs are designed for those that have substantial money in their savings account, and can put their money in a higher yielding (a higher interest rate) account to make more money.



Important Notes:
- No minimum deposit is necessary to open a Save Yourself Plan account, but you have to setup an automatic deposit for at least $50 a month. The first $50 has to be made within 30 days of opening the account - which is not bad at all.
- The GOOD CATCH is that after 12 consecutive months of deposits TD Ameritrade will deposit $100 into your account.



Additional Details:
- I did some research on BankRate.com and the MMDA yield ranged from 1.25% to 3.30% so TD Ameritrade's current 2.78% as of February 1st is on the higher end.
- You will get regular emails form Suze Orman to encourage you on your saving endeavours along the way.



Very Important:
- You need a code inside her book to get started, but of course I googled and found it. It is 701


This is a great way to open an MMDA without having to wait until you have $2,500 on hand.
Definitely take advantage of this offer you only have a day left to do so!