TIAA Bank Review: Solid Rates And Free Cash Access Nationwide

Finding a brick-and-mortar bank that has competitive deposit product rates is a tall order these days. With the Fed rate 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.

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.

Checking

TIAA Bank has two different checking accounts. One is called the Basic and the other is the 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.

Yield Pledge is a checking account that pays interest. Currently, it pays 0.10% on all balances. The minimum deposit required to open a Yield Pledge account is $100. 

Savings

The Basic Savings account at TIAA Bank comes with an interest rate of 0.50% APY. There's 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.

CDs

TIAA Bank has two different CD products. Both send out 20-day advanced maturity alerts. 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. It's currently has a 0.55% APY.

TIAA Bank also offers a Bump Rate CD with a 3.5-year term and a 0.70% APY. 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 pays 0.50% on all balance tiers.

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.

Related: These Are The Best Money Market Accounts

Mobile App

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.

Are There Any Fees?

Yes, TIAA Bank's "Basic" checking and savings accounts have $5 monthly account fee. But in both cases, the fees are waived if you keep a minimum balance of at least $25 in your account.

The Yield Checking and Money Market accounts don't come with maintenance fees. But there are a few account activities that could trigger a fee, as listed below.

• Cashier’s check fee — $10
• Stop payment fee — $25
• Outbound wire (domestic) — $25
• Outbound wire (domestic) — $35
• Non-sufficient funds (NSF) — $30

TIAA Bank never charges ATM fees, even if you use an out-of-network ATM. And if you maintain an average daily balance of at least $5,000, it provides unlimited reimbursements for the fees that third-party ATM providers charge. For balances below $5,000, it will reimburse up to $15 of ATM fees per month. 

How Does TIAA Bank Compare?

TIAA Bank's interest rates are competitive and we love that its Yield Checking account is not only fee-free but also interest-bearing. If you live in Florida, TIAA Bank could be an ever better choice since you may live near one of its branches.

One of the few downsides to TIAA Bank is that all of its account do have minimum deposit requirements. And you also won't be able to visit a branch if you don't live in Florida. But if branch access isn't a big deal to you and you can make the minimum deposit, TIAA Bank could be a strong online banking option. Here's a quick look at how it compares:

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.

How Do I Contact TIAA Bank?

If you live in Florida, you can use TIAA Bank's branch locator to find the nearest brick-and-mortar location. Otherwise, you can call 1-888-882-3837 from 8 AM – 8 PM (ET) on weekdays and 9 AM – 7 PM (ET) on weekends.

TIAA Bank doesn't have a Trustpilot profile. It does have an A+ rating with the Better Business Bureau (BBB) however.

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.

Compare TIAA Bank's products, terms, and rates with our best online banks >>>

TIAA Bank FAQs

Here a few common questions that people ask about TIAA Bank:

What does TIAA stand for?

The letters in TIAA's acronym stands for Teachers Insurance and Annuity Association Of America.

Is TIAA Bank only for teachers?

No, any U.S. citizen at least 18 years old can open a TIAA bank account.

Does TIAA offer extra FDIC insurance on its CDs?

Yes, as part of the CDARS network of banks, TIAA is able to offer up to $8 million of expanded insurance on its CD products.

Can I get an intro rate on a Yield Pledge Checking or Money Market account?

Not right now. While TIAA has been known to offer 1-year intro rates on its Yield Pledge accounts, currently all customers are receiving the same APYs.

TIAA Bank Features