TIAA Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.4

Bankrate Score

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High APYs

Low Fees

TIAA Bank is good for people who want a full-service online bank with competitive deposit yields.

  • MMAs
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    4.3
  • Savings
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    4.2
  • CDs
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    4.3
  • Checking
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    4.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    Bankrate Score

    TIAA Bank is an online bank that offers a wide range of financial products.

    What we like

    • TIAA Bank offers competitive yields on CDs.

    • The bank provides access to thousands of surcharge-free ATMs.

    • It offers a variety of services and products.

    What we don't

    • TIAA Bank pays competitive APYs on deposits, but they are not the best nationally available APYs.

    • It has a limited branch network.

    Money market accounts

    4.3

    Bankrate Score

    The Yield Pledge Money Market offers a one-year intro rate that is inside Bankrate’s top tier of APYs for first-time TIAA Bank money market clients.

    There is a $500 minimum to open this account and there is no monthly fee.

    What we like

    • TIAA Bank offers a competitive APY on its Yield Pledge Money Market during the 1-year introductory period.

    • The minimum to open this account is low compared to other banks.

    • There is no monthly fee.

    What we don't

    • There are still higher APY options elsewhere.

    Savings accounts

    4.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The TIAA Bank Basic Savings account earns more than the national average APY. It's accessible to most savers, too: You only need $25 to open the account.

    To avoid a $5 monthly fee, you will want to keep an average daily balance of $25 or more.

    What we like

    • All balances earn more than the national average APY.

    • As long as you have at least $25 in the Basic Savings account, you won’t incur a fee.

    What we don't

    • There are higher APY savings accounts available at other banks.

    • If your Basic Savings balance goes below $25, you will pay a $5 fee.

    CD rates

    4.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    TIAA Bank offers CDs with terms ranging from three months to five years. Several different types of CDs are available, including a basic CD and a bump-up CD.

    Early withdrawal penalties vary depending on the type of CD you’re planning to open and the length of the CD’s term.

    At $1,000, the minimum deposit to open a CD is on par with other banks’ requirements.

    What we like

    • The bank offers a variety of CD terms.

    What we don't

    • While yields are competitive, you can still find higher APYs if you shop around.

    Checking accounts

    4.3

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    You only need to deposit $25 to open the basic checking account from TIAA Bank. As long as you keep $25 in the account, you will not have to pay a monthly service fee.

    There is no charge to use ATMs owned by TIAA Bank or other financial institutions.

    What we like

    • There is no fee to use ATMs in or outside of the TIAA Bank network.

    • There is no monthly account fee as long as you keep $25 in the account.

    What we don't

    • You can find accounts elsewhere that won’t charge you a monthly fee regardless of your balance.

    Bank experience

    TIAA Bank serves customers in all 50 states. It has a highly rated mobile app for both iOS and Android.

    TIAA Bank provides access to thousands of surcharge-free ATMs. The bank will also automatically reimburse you up to $15 per month for any fees that ATMs in the U.S. charge you for using. If your balance is $5,000 or more, the bank will reimburse an unlimited amount of ATM fees.

    Customers can send and receive funds with the Zelle feature within TIAA Bank's mobile app and online banking.

    About TIAA Bank

    TIAA Bank, which is a division of TIAA, is a full-service online bank that services customers in all 50 states. It offers checking, savings and money market accounts as well as certificates of deposit.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. She received her B.A. in journalism from Pepperdine University.