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TIAA Bank Review 2022

Published March 2022 by Karen Bennett

AT A GLANCE
4.8

Bankrate Score

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High APYs

Low Fees

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

  • MMAs
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    4.9
  • Savings
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    5.0
  • CDs
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    4.8
  • Checking
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    4.8

    Bankrate Score

    TIAA Bank is an online institution offering deposit accounts with competitive rates and low minimum balances.

    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 not the best nationally.

    • The bank has a limited network of full-service branches.

    Money market accounts

    4.9

    Bankrate Score

    The Yield Pledge Money Market offers a competitive variable rate, along with a “yield pledge” that adjusts the rate so it remains within the top 5 percent of accounts.

    A $500 minimum is required to open this account but there is no monthly fee.

    What we like

    • TIAA Bank offers a competitive APY on its Yield Pledge Money Market account.

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

    • There is no monthly account fee for this account.

    What we don't

    • Other banks offer higher APYs.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    The TIAA Basic Savings account earns more than the national average APY. Its low $25 minimum to open also means it’s accessible to most savers. The account no longer charges a $5 fee on balances of less than $25. TIAA removed the fee in February 2022.

    What we like

    • All balances earn more than the national average APY.

    • The Basic Savings account charges no fees.

    What we don't

    • Other banks offer savings accounts with higher APYs.

    CD rates

    4.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 0

    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 and its term.

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

    What we like

    • A variety of CD terms are offered.

    What we don't

    • Though yields are competitive, higher APYs can be found.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    A $25 deposit is all that’s required to open TIAA’s Basic Checking account. 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

    • TIAA Bank does not charge a 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

    • Information about the Basic Checking account can only be found by clicking on the Open an account button on the TIAA website.

    • Checking accounts with no minimum balance requirement to avoid a fee can be found elsewhere.

    Bank experience

    TIAA Bank serves customers in all 50 states. Its mobile app is highly rated by both iOS and Android users.

    TIAA Bank provides access to thousands of surcharge-free ATMs. The bank also automatically reimburse customers up to $15 a month for any fees that ATMs in the U.S. charge for access. For accounts with balances of $5,000 or more, the bank reimburses an unlimited amount of ATM fees.

    Customers can send and receive funds using Zelle through TIAA Bank online banking or the TIAA mobile app.

    Customer service is available by phone seven days a week. Customers can call weekdays 8 a.m. to 8 p.m. Eastern time and weekends from 9 a.m. to 7 p.m.

    About TIAA Bank

    TIAA Bank, which is a division of TIAA, is a full-service online bank available to customers in all 50 states. It offers checking, savings and money market accounts as well as certificates of deposit. The deposit accounts earn competitive rates.

    Conveniences TIAA bank offers include a user-friendly mobile app, access to thousands of no-fee ATMs nationwide, low minimum balance requirements and peer-to-peer payment capability through Zelle.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.