Finding a brick-and-mortar bank that has competitive deposit product rates is a tall order these days. With bond rates at historical lows, banks have fallen in line and lowered their savings product rates as well.
However, TIAA Bank offers competitive rates and (for Florida residents) branch access too.
In this article, we’ll go over the various features and rates offered by TIAA Bank deposit products.
- Online bank with branches in Florida
- High 1-Year intro APY on checking and money market accounts
- Low monthly fees and minimum balance requirements
- 80,000+ Fee-Free ATMs nationwide
TIAA Bank Details
TIAA Bank High Yield Savings
Checking, Savings, MMA, CDs
Who Is TIAA Bank?
In 2017, TIAA purchased Everbank and relaunched it as TIAA Bank in 2018. Most U.S. residents will only be able to access their TIAA Bank accounts online. However, if you live in Florida, you may also be able to also visit a branch. TIAA Bank is based in Jacksonville, Florida and has Financial Center Locations scattered throughout the state.
What Do They Offer?
TIAA Bank is a full-service bank for both personal and commercial banking. Its offerings include checking, savings, loans, lines of credit, credit cards, retirement, and investing products. In this article, we’ll look at TIAA Bank’s deposit products (checking, savings, CD, and Money Market accounts).
TIAA Bank has a small number of branches across Florida, but a large ATM network. Allpoint and MoneyPass ATMs ($80,000+ ATMs nationwide) can be used without incurring any fees.
TIAA Bank has two different checking accounts. One is called the Basic and the other is the High-Yield Pledge. Mobile check deposits are available for both accounts.
Out of network ATM fees, up to $15 are reimbursed each month on accounts with a balance of less than $5,000. Accounts with at least a $5,000 balance will have all of their ATM fees reimbursed. There are no ATM fee reimbursements during the month that the account is closed.
Basic Checking requires $25 to open and you must maintain $25 in the account to avoid the $5/mo fee. Bill pay is included and you get a debit card with purchase benefits such as extended warranty, price protection, and return protection.
High-Yield Pledge is a checking account that pays interest. There is a 1-year intro rate, and then the rate will vary by balance.
The minimum deposit required to open a High-Yield Pledge account is $100. There’s no monthly maintenance fee, but there are a few account activities that could trigger a fee, as listed below.
- Cashier’s check fee — $10
- Stop payment fee — $25
- Overdraft transfer fee — $0
- Replacement debit card — $0
The Basic Savings account at TIAA Bank comes with an interest rate of 0.55% APY. There is a $25 minimum to open and that $25 must be maintained to avoid paying a $5/mo service fee. Mobile deposits are available with the account. It can also be linked to the Basic Checking account for overdraft protection.
Up to 0.90%
Up to 1.00%
$0 to $5
80,000+ Free ATMs
38,000+ Free ATMs
43,000+ Free ATMs
TIAA Bank has two different CD products. Both send out 20-day advanced maturity alert. If you do nothing, the CD will renew automatically at maturity.
The TIAA Bank Basic CD requires $1,000 to open and has no monthly fee.
TIAA Bank also offeres a Bump Rate CD with a 3.5-year term. With this CD, you can increase your interest rate once if the average rates happen to go higher after you open your account. The Bump Rate CD requires a $1,500 opening deposit.
Money Market Account (MMA)
TIAA Bank’s money market account (MMA) product also has a high first-year intro APY. After the first year, the rate will depend on your balance.
The MMA has no monthly fee and is IRA eligible. It requires a $500 deposit to open. The only other potential charge on this account is a $10 fee for ordering a cashier’s check.
The TIAA Bank mobile app has everything you’d expect from an established bank. This includes the ability to:
- Track and manage your accounts
- Make mobile check deposits
- Pay bills from anywhere
- Make internal and external transfers
- Send money with Zelle®
The mobile app is available for iOS and Android.
How Do I Open An Account?
You can visit the TIAA Bank website to open an account online. During the application process, you'll be asked to provide your your name, address, date of birth, Social Security Number or other information for verifying your identify. You can also call 1-888-882-3837 or visit one of their 10 Florida branches.
Is My Money Safe?
Yes all TIAA Bank deposit products are FDIC insured. FDIC insurance provides up to $250,000 of federal deposit protection per account.
Is It Worth It?
With competitive interest rates on multiple types of deposit accounts, low fees, and nationwide free ATM access, TIAA Bank has most of the things that you may be be looking for in an online bank. And if you happen to live in Florida, you may be able to visit a local branch as well.
For these reasons, TIAA Bank could definitely be worth considering, especially if you're looking to open up multiple types of deposit accounts. However, it's important to note that other online banks offer similar (or higher) interest rates along with zero fees and no minimum balance requirements.
TIAA Bank Features
Savings and money market
Limited to Florida residents
80,000+ Fee-Free ATMs nationwide
Will reimburse up $15 per month in ATM fees paid at other U.S. ATMs
Customer Service Number
Customer Service Hours
7 days a week, 8 AM–11 PM (ET)
Mobile App Availability
iOS and Android
TIAA Bank Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
TIAA Bank is an online bank that offers competitive rates, low fees, and a large AMT network. Plus, Florida residents get branch access too!
- Interest-bearing checking with 0.40% Intro APY
- Accepts mobile check deposits
- Free cash access at 80,000+ ATMs
- No monthly fees on high-yield checking or MMA
- Branch access limited to Florida residents
- Monthly fee on Basic Checking and Savings (waived with minimum balance of $25)
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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