TIAA Bank offers high rates on CDs with terms ranging from three months to five years. While the bank is predominantly online, customers can visit a few of its brick-and-mortar branches in Florida. The lack of physical branches keeps costs low, allowing TIAA Bank customers to enjoy a higher yield on their CDs and other savings products.
TIAA Bank scored 4.2 out of 5 stars in Bankrate’s review.
TIAA Bank CD Rates
Here are TIAA Bank’s CD rates as of July 30, 2020.
Basic CD rates
| Term | APY | Minimum deposit |
| 3 months | 0.10% | $1,000 |
| 6 months | 0.40% | $1,000 |
| 9 months | 0.55% | $1,000 |
| 12 months | 0.70% | $1,000 |
| 18 months | 0.76% | $1,000 |
| 24 months | 0.80% | $1,000 |
| 30 months | 0.76% | $1,000 |
| 36 months | 0.90% | $1,000 |
| 48 months | 0.96% | $1,000 |
| 60 months | 1.05% | $1,000 |
Yield Pledge CD rates
| Term | APY | Minimum deposit |
| 3 months | 0.35% | $5,000 |
| 6 months | 0.65% | $5,000 |
| 9 months | 0.80% | $5,000 |
| 12 months | 0.95% | $5,000 |
| 18 months | 1.01% | $5,000 |
| 24 months | 1.05% | $5,000 |
| 30 months | 1.01% | $5,000 |
| 36 months | 1.15% | $5,000 |
| 48 months | 1.21% | $5,000 |
| 60 months | 1.30% | $5,000 |
Bump Rate CD rate
| Term | APY | Minimum deposit |
| 3.5 years | 1.15% | $1,500 |
How TIAA compares to top-yielding banks
TIAA Bank’s rates for its Yield Pledge CD are among the industry leaders. TIAA Bank finds itself in the company of other online-only banks such as Marcus by Goldman Sachs, Comenity Direct and Ally Bank, who all offer 1 percent APY on a one-year CD.
For TIAA Bank customers, it will take a minimum deposit of $5,000 to open a Yield Pledge CD. Ally Bank doesn’t require a minimum deposit, Marcus by Goldman Sachs has a $500 minimum deposit and Comenity Direct has a $1,500 minimum deposit.
If that’s too much, there is the Bump Rate CD with an opening deposit of $1,500 with a term of 3 1/2 years. It also has a Basic CD that only requires a deposit of $1,000, but at a lower APY.
Other savings options at TIAA Bank
TIAA Bank offers competitive APYs on its savings products. Its money market account offers an APY similar to a CD and only requires a minimum deposit of $500. Its checking account also offers a great APY and includes free online bill pay, a debit card and no monthly account fee when the minimum balance of $25 is maintained.
TIAA also offers a Basic Savings with an APY that compares to the CD accounts at other institutions. It offers anytime access to the funds, a low minimum opening balance of $25 and no minimum account balance payable when that $25 balance is maintained.
Featured image by Nick David of Getty Images.
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