TIAA Bank CD rates

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

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 SachsComenity 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.