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TIAA Bank Review 2022

Name: TIAA Bank
Item: TIAA Bank
Rating: 4.8
Author: Karen Bennett

Written by

Karen Bennett

Edited by

Brian Beers

Updated December 2, 2022

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At a glance

4.8

Bankrate Score

CDs

Checking

Savings

MMA

Overview

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

Highlights

ATM Fee Refunds
High APY
Low Fees

Overall

TIAA Bank is an online institution offering deposit accounts with competitive rates and low minimum balances, and customers have access to thousands of fee-free ATMs. While the bank maintains branches, only a limited number are available and just in Florida.

Pros

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.

Cons

The bank has a limited network of full-service branches.
While TIAA Bank offers a full line of deposit products, 24/7 customer service is not available by phone.

TIAA Bank bank products

5.0

Bankrate Score

Compare top savings rates

TIAA Bank savings overview

TIAA Bank’s 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. The fee was eliminated in December 2021, a TIAA Bank representative said in a May 2022 email.

Pros

All balances earn more than the national average APY.
The Basic Savings account charges no monthly account fee.

Cons

Other banks offer savings accounts with higher APYs.

4.8

Bankrate Score

Compare top CD rates

TIAA Bank CD overview

TIAA Bank offers CDs with terms ranging from three months to five years. Several types of CDs are available, including a Basic CD, a bump-up CD and a CD with expanded Federal Deposit Insurance Corporation (FDIC) coverage.

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.

Pros

A variety of CD terms are offered.
The Bump Rate CD allows you to lock in a one-time rate bump throughout its 3.5-year term.

Cons

Though yields are competitive, higher APYs can be found.

4.9

Bankrate Score

Compare top money market rates

TIAA Bank money market overview

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.

Pros

TIAA Bank offers a competitive APY on its Yield Pledge Money Market account.
There is no monthly account fee for this account.

Cons

Other banks offer higher APYs.
Similar accounts from other banks require lower minimum opening deposits.

4.8

Bankrate Score

Compare top checking rates

TIAA Bank checking overview

TIAA Bank’s Basic Checking is a non-interest bearing account that requires a $25 deposit to open. The bank also offers a Yield Pledge Checking account, for which it adjusts the rate of return, as needed, to stay within the top 5 percent of accounts.

There is no charge to use ATMs owned by TIAA Bank or other financial institutions, and the bank reimburses some fees charged by out-of-network ATMs.

Pros

TIAA Bank does not charge a fee to use ATMs in or outside of the TIAA Bank network.
Neither of the checking accounts charges a monthly account fee

Cons

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

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 weekdays 8 a.m. to 8 p.m. Eastern time and Saturdays 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Up next

TIAA Bank Review 2022

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

TIAA Bank bank products

TIAA Bank savings overview

Pros

Cons

Bank experience

About TIAA Bank

Review methodology

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