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TIAA Bank Review 2022

Updated December 2, 2022
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At a glance

4.8
Rating: 4.8 stars out of 5
Bankrate Score
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CDs

Rating: 4.8 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 4.9 stars out of 5

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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

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    TIAA Bank offers competitive yields on CDs.

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

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    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
Rating: 5 stars out of 5
Bankrate Score

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

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    All balances earn more than the national average APY.

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    The Basic Savings account charges no monthly account fee.

Cons

  • Other banks offer savings accounts with higher APYs.

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.