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.