TIAA Bank Review 2020

Published January 2020 by Mary Wisniewski

AT A GLANCE
4.5
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Bankrate Score

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TOP OFFER
1.01 % APY
Checking account
$ 100
To open
$ 0
To avoid fees
View offer Arrow Primary

TIAA Bank is good for people who want a full-service online bank with competitive deposit yields, as well as for residents of Florida who prefer branch access. People looking for the highest available rates on online deposit products should look elsewhere.

  • MMAs
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    4.3
  • Savings
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    4.1
  • CDs
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    5.0
  • Checking
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    4.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    BMO Harris Bank

    Member FDIC

    MMA

    1.85 % APY

    $ 5,000

    Min. balance for APY

    BBVA

    Member FDIC

    MMA

    1.85 % APY

    $ 10,000

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.75 % APY

    $ 100

    Min. balance for APY

    Overall

    4.5

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    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.

    • Provides access to thousands of surcharge-free ATMs.

    • 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.

    • Limited branch network.

    • There are higher APYs elsewhere.

    Money market accounts

    4.3

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    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    BMO Harris Bank

    Member FDIC

    MMA

    1.85 % APY

    $ 5,000

    Min. balance for APY

    The Yield Pledge Money Market offers a one-year intro rate that is inside Bankrate’s top tier of APYs for first-time TIAA money market clients. There is a $5,000 minimum to open this account. Based on current APYs, after the one-year intro the Yield Pledge Money Market drops 25 basis points on balances between $100,000 and $10 million — outside of the one-year intro period.

    What we like

    • TIAA Bank offers a competitive APY on its Yield Pledge Money Market during the 1-year introductory period. The APY is a top-tier Bankrate APY. The ongoing APY is only 25 basis points lower — so it doesn’t change as drastically as some introductory APYs.

    • The 1-year introductory APY is on any average balance between $.01 and $250,000 for one year.

    • TIAA Bank’s Yield Pledge means TIAA Bank pledges to keep the Yield Pledge Money Market Account in the Top 5 percent of competitive accounts based on Bankrate’s national average survey data from the last week of each month.

    • You also can deposit your checks with the bank’s mobile app.

    • If you request it, TIAA Bank will send you a debit card — set to ATM only — if you have a Yield Pledge Money Market.

    • TIAA Bank reimburses you monthly for all ATM fees charged by other banks if you keep $5,000 in the account. If you have under $5,000, you still get up to $15 worth of ATM fees reimbursed per month.

    • A starter pack of complimentary checks are included with this account.

    • Current ATM daily withdrawal limit is $600 — though that could be limited due to the ATM’s bank/owner.

    What we don't

    • The ongoing APY is not a top-tier APY.

    • Average balances above $250,000 won’t benefit from the one-year introductory APY.

    • There are higher ongoing APY options than the 1-year intro APY offered by TIAA.

    • There may be banks with higher ATM daily withdrawal limits.

    Savings accounts

    4.1

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    1.75 % APY

    $ 100

    Min. balance for APY

    The TIAA Bank Basic Savings account earns a little more than six times the national average APY. If you request it, TIAA Bank will send you a debit card — set to ATM only — if you have a Basic Savings account. This will help you to access your money.

    What we like

    • All Basic Savings balances earn six times the national average APY.

    • Debit card set to ATM only is available for Basic Savings customers.

    • As long as you have at least $25 in the Basic Savings account, you’ll earn the account’s highest APY and won’t incur a fee.

    • TIAA Bank doesn’t charge ATM fees and will reimburse customers who use non-TIAA Bank ATMs as long as your average daily balance is at least $5,000.

    • Even if you keep under $5,000, TIAA Bank reimburses $15 in ATM fees monthly.

    • Current ATM daily withdrawal limit is $600 — though that could be limited due to the ATM’s bank/owner.

    What we don't

    • There are much higher APY savings account available at other online banks.

    • There are lower minimum balance requirements out there with a higher APY.

    • If your balance on the Basic Savings goes below $25, there’s a $5 fee.

    • There may be banks with higher ATM daily withdrawal limits.

    CD rates

    5.0

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.05 % APY

    1 yr

    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. Opening an IRA CD is also an option.

    Early withdrawal penalties vary depending on the type of CD you’re planning to open and the length of the CD’s term. For a basic 12-month CD, the penalty is 91 days of simple interest.

    What we like

    • All standard CD terms are available.

    • Interest is compounded daily.

    • Customers can have interest transferred to another account before maturity.

    • Yields are competitive.

    What we don't

    • Early withdrawal penalties are harsher for long-term CDs.

    • Higher minimum deposit is required for special CDs.

    Checking accounts

    4.0

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    Bankrate Score

    TODAY'S CHECKING RATES
    TIAA Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Yield Pledge Checking from TIAA Bank offers fairly competitive rates, but requires a $5,000 initial deposit. There’s no monthly service fee, and no charge to use ATMs owned by TIAA Bank or other financial institutions. TIAA charges $30 for overdraft items — up to two times per day.

    Another option is Basic Checking. The noninterest-bearing account can be opened with a $25 deposit. The $5 monthly fee is easy to waive by maintaining an average daily balance of $25.

    What we like

    • Tiered interest rates with introductory offer.

    • No fee to use ATMs in or outside of the TIAA network.

    • No monthly fee.

    What we don't

    • The minimum deposit required to open the account is high.

    • $10 for cashier’s checks.

    Bank experience

    TIAA Bank serves customers in all 50 states. It has a high-rated mobile app for both iOS (4.6 out of 5 stars) and Android  (4.5 out of 5 stars).

    You can visit one of its financial centers across Florida for in-person banking. TIAA Bank also 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.

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

    Also, client support via the client solutions team is available 24 hours a day, seven days a week via phone.

    About TIAA Bank

    In June 2017, TIAA bought EverBank, one of the first internet banks. In June 2018, TIAA announced the launch of TIAA Bank — which brought EverBank and TIAA Direct together under a new name and brand.

    TIAA Bank, which is a division of TIAA, is based in Jacksonville, Florida, and it 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

    At Bankrate, Mary Wisniewski writes on a variety of fintech and banking subjects. Previously, she 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. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.