TIAA Bank Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
4.2

Bankrate Score

bank-logo

ATM fee refunds

Low Fees

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
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.9
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.4
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.1
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Capital One

    Member FDIC

    Checking account

    0.10 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    4.2

    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.

    Money market accounts

    3.9

    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 only a $500 minimum to open this account.

    What we like

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

    • 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 five percent of competitive accounts based on Bankrate’s national average survey data from the last week of each month.

    • If you request it, TIAA Bank will send you a Visa debit card.

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

    What we don't

    • 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 Bank.

    Savings accounts

    4.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    The TIAA Bank Basic Savings account earns more than the national average APY. It's accessible, 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 Basic Savings balances earn more than the national average APY.

    • 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.

    • You can get a Visa debit card.

    What we don't

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

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

    CD rates

    4.1

    Bankrate Score

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

    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

    4.3

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Checking account

    0.10 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Yield Pledge Checking from TIAA Bank offers fairly competitive rates, and only requires $100 to open the account. There’s no monthly service fee, and no charge to use ATMs owned by TIAA Bank or other financial institutions.

    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 Bank network.

    • No monthly fee.

    What we don't

    • You can find other banks requiring a smaller minimum deposit to open an account.

    Bank experience

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

    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

    Mary Wisniewski is a banking editor for Bankrate and occasionally 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.