TIAA Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Products and services offered include banking products, personal and commercial investment accounts. The organization prides itself in engaging in corporate social responsibility practices, such as investing in companies that engage in sound agricultural practices and social impact for underserved populations.

TIAA Bank’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

0.61%

Savings

TIAA Bank Basic Savings

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

2.25%

CD Rates

TIAA Bank 1 Year CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.55%

CD Rates

TIAA Bank 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.80%

CD Rates

TIAA Bank 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TIAA Bank’s checking account options

TIAA Bank’s savings account options

TIAA Bank’s CD rates

TIAA Bank’s money market account options

TIAA Bank’s IRA account options

Overall review of TIAA Bank’s banking products

Offers one of the highest APYs out there, but only as an introductory rate and with a hefty minimum opening deposit.APY

Minimum Balance Amount

1.21% (intro rate)*

None, maximum $250,000

0.25%

none

0.46%

$10,000

0.61%

$25,000

0.71%

$100,000

TIAA Bank offers some pretty competitive rates and minimal fees as well, but requires a $5,000 minimum balance in return. If you’re into earning some interest, this account is a step up from a basic checking account. The introductory rate offered to new account holders is pretty attractive, and after the initial 12 months, the rates are still fairly competitive, though you’ll need a higher minimum balance account to get those rates. For existing TIAA Bank customers, you’ll need to fund a new account with money from an external account in order to be eligible for the intro rate.

TIAA Bank does offer a Yield Pledge promise: That your checking account will remain in the top 5% of other competitor accounts — the 10 biggest banks in the top 10 largest banking markets — to encourage you to keep banking with them even after the introductory APY is gone.

Like other TIAA Bank checking accounts, you get access to free bill pay, mobile banking and a free Visa debit card. You also get your first 20 checks for free. Although you do get ATM fees reimbursed, using your debit card at any Allpoint (43,000 locations) or MoneyPass ATMs (around 24,000 locations) won’t incur an initial fee.

Opening a checking account is possible in as little as five minutes using TIAA Bank’s online application form. You’ll need to select “Yield Pledge Checking” under the “Basic Accounts” section. You’ll then be asked to fill in your personal details such as name, citizenship status, address and employment information. TIAA Bank will also ask you to create a security code – a combination of letters and letters or a phrase – as a extra layer of security when contacting its customer service.

Once you agree to their terms and review your information, you’ll need to fund your account which can you do by online transfer, mobile deposit or via mail. Alternatively, you can also call customer service.

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TIAA Bank’s basic checking account is great for those who want a low cost or free option. For New York residents, there isn’t any account minimum and no monthly maintenance fee. Those living outside of the Empire state only need to meet the monthly minimum balance of $25, which is one of the lowest out there.

While the account doesn’t earn you any interest, this basic checking account doesn’t charge any ATM fees. If you can meet the $5,000 average daily balance, you could save even more because TIAA Bank reimburses all ATM fees other banks charge. Account holders also get a Visa debit card and 20 checks for free.

Otherwise, you’re looking at what the name says, a basic checking account. You could link this to a TIAA Bank savings account or line of credit for overdraft protection, and it won’t cost you a dime in transfer fees if money does get transferred.

You can open a basic checking account online in as little as five minutes. Head over to their online application page and select “Basic Checking” under the heading “Basic Accounts.” Then you’ll be asked to provide your personal details such as name, address, citizenship status and employment information. You’ll also need to create a security code, which can be a phrase or a combination of number and letters that acts as an extra layer of security to verify your identity whenever you need to call TIAA Bank. Once you review your information and accept the terms and disclosures, you’ll need to fund your account. Otherwise, you can also call customer service.

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Both checking accounts offer low fees and many free features offered by other banks. The Yield Pledge account touts one of the highest APYs out there and with its Yield Pledge promise, still offers competitive rates even if you aren’t eligible for the introductory APY. Like many of its competitors, TIAA Bank doesn’t charge ATM fees and even offers reimbursements.

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A simple savings account with no ATM fees and refunds.APY

Minimum Balance Amount

0.61%

none

Just like the Basic checking account, the Basic Savings account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, you’re at an advantage as there isn’t a minimum opening deposit. They’re also exempt from the $5 monthly maintenance fee; Account holders in other states can get the fee waived to if they maintain a $25 average daily balance.

This account is also great for those who want overdraft protection for their TIAA Bank checking account. Since there isn’t a fee for transfers (unless you make excessive transactions), it’s a great cost effective solution.

You can complete an application form on TIAA Bank’s website in as little as five minutes. Once there, you’ll need to pick “Basic Savings” under the category “Basic Accounts.” From there, you’ll need to provide information such as your name, citizenship status, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you fill in all required information, agree to the terms and confirm all details are correct, you’ll need to fund your account. That can be done either by mailing a check, via mobile deposit or online transfer. You can also call customer service to open an account.

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In terms of the minimum account balance, TIAA Bank has one of the lowest among other online competitors. Even the monthly maintenance fee is relatively low and it’s easily waived with a low minimum balance amount. While other competitors do offer some ATM access, many don’t offer out-of-network refunds like TIAA Bank does.

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Great rates, but features some hefty early withdrawal penalties.Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

The Basic CD is a fixed rate CD that features some pretty competitive rates and is best for those looking for an account that guarantees a rate of return over a predetermined period of time. Interest is compounded daily and credited monthly to your account. There is a choice of whether to have interest earned sent to your TIAA Bank money market or checking account, or remain in your CD account.

You’ll get a notice 20 days before your account matures to decide what to do. When the CD does mature, you’ll have a 10-day grace period in which to withdraw, add funds or renew for another term. Otherwise, your account will automatically be renewed for the same term at the current rate.

Other than calling customer service, you can complete an application in as little as five minutes online. Just head over to their online application form and select “Basic CD” option under the category “Basic accounts.” Then you’ll be asked to fill in your personal details such as name, address, employment information and citizenship information. You’ll also need to create a security code – a combination of letters and numbers or a phrase – meant as a way to further verify your identity when contacting customer service.

After confirming entered information and agreeing to the terms, you’ll then fund your account either by mobile deposit, mailing a check or via online transfer.

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Offers the option to increase your APY once during your CD term.Term

APY

3.5 years

2.80%

The Bump Rate CD offers account holders the opportunity to take advantage of possible rate increases anytime before maturity. TIAA Bank touts that customers can choose when to contact them for the rate increase (if, at all, during the 3.5-year term) but it cannot guarantee you’ll receive the best rate during your term.

To receive a rate increase, it’s up to you to monitor TIAA Bank’s website for current rates. Once you decide you want to take advantage of the rate increase, you’ll need to call 1-888-882-3837 during regular business hours to do so. You can only have one Bump Rate CD at any time and request a rate increase once. Interest is compounded daily and credited monthly. There’s the option to transfer dividends to your TIAA Bank checking or money market account or kept in the CD.

When your account matures, you have a 10 day grace period where you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed at the current APY and term as long as TIAA Bank continues to offer this product.

You can open a Bump Rate CD by completing an application form in as little as five minutes. Once you select to open the bump rate CD, you’ll need to enter information such as name, address, citizenship information and employment details. On the form is also an area to create a security code which is meant for security purposes when you need to verify your identity if you ever need to contact customer service later on. To create a security code, you can either use a combination of letters, numbers, both letters and numbers or write a phrase.

You can fund your account by mailing a check or via mobile deposit after confirming all details and agree to their terms and disclosures.

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Get guaranteed rate adjustments so that you’re getting the top 5% of yields of accounts nationwide.Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

Although it does require a higher minimum deposit than a Basic CD, this account could be a great option if you’re after competitive rates. With TIAA Bank’s Yield Pledge program, rates for your specific CD account will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets – whenever you open, renew or roll any CD into a new Yield Pledge account.

Like the other CD products, interest is compounded daily and credited monthly, either in your CD, TIAA Bank checking or money marketing account. You’ll also get 20-days notice before account maturity, then a 10-day grace period where you can make additional deposits, withdraw your cash or renew for another term. If you do nothing your account will be automatically renewed.

Complete an online application form in as little as five minutes to open this high yield CD. Select the product and term you want then enter in your personal details such as name, employment information and citizenship information. You’ll also need to create a security code by entering a series of numbers, letters, a combination of both or a phrase. After agreeing to the disclosures and confirming all information, you’ll need to fund your account. You can do so my mailing a check or doing so via mobile deposit.

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Get FDIC insurance for multi-million dollar accounts.Term

APY

Maximum Contribution Amount

3 months

1.41%

$12.5 million

6 months

1.48%

$12.5 million

1 year

2.17%

$12.5 million

2 years

2.20%

$12.5 million

3 years

2.22%

$1 million

While most of us probably won’t be depositing millions of dollars into a CD, it’s helpful to know that there is an option for those who want an FDIC-insured product above the $250,000 limit at most banks. The rates are pretty comparable to the Basic CDs, but this account is best for those who have a large chunk of cash and want a conservative investment vehicle.

Interest earned is compounded daily and credited monthly, and dividends can either be deposited into your checking or savings account. You’ll get a 20-day notice before your account matures. This type of CD won’t renew, so you’ll need to make a decision before your account matures as to where the funds should go.

This account is not as straightforward to open as the other CD accounts, so you’ll want to make sure to read the next section on how to open one.

To open a CDARS Service CD, you’ll need to fill out an online application form. After selecting that you want to open a CDARS Service CD, you’ll need to enter your personal details such as name, address and employment information. The form will also ask you to create a security code which can be a series of numbers, letters, a combination of both or a phrase.

Once you confirm all details and agree to the disclosures, you’ll need to fund your account. How it works is that you’ll need to either send a check, make an internal account transfer or a wire transfer. There are deadlines you’ll need to meet, and each method has its own deadline. For checks, you’ll need to have check deposited by 5 p.m ET on the Friday before the account opening date, and for internal account or wire transfers, it’ll need to be completed by noon ET on the Wednesday before the account opening date.

Instead of the money being directly funded into a CDARS account, it’ll be held in a designated Yield Pledge money market account in your name until TIAA Bank officially opens the CDARS account. When that happens, the Yield Pledge money market account will be closed.

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Minimal fees and a pretty competitive APY.APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000,000

The Yield Pledge money market account is a great option for those who are looking for a place to store their cash with some liquidity and a competitive rate. The introductory rate is pretty attractive considering there isn’t a minimum balance amount, but it’s only available for first-time money market account holders. After the first 12 months, the APY change may not be that big of a drop depending on how much you intend on keeping in the account.

Like the other Yield Pledge accounts, the money market accounts offer the same guarantees in that the APY will give you a yield in the top 5% of competitor accounts. Even though there aren’t any ATM fees, there is a $10 excess transaction fee if you make more than six withdrawals a month, a limit set by Federal Reserve Regulation D. If you continue to exceed the limit, your account may be converted to a checking account.

To open a money market account, fill out an online application form on the bank’s website. You’ll need to indicate which account you want to open and enter in your personal information such as your name, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you complete the application, you can either fund the account by mobile deposit, mailing a check or through an online transfer.

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Get the top 5% of rates offered out there.Term

APY

3 months

1.65%

6 months

1.75%

9 months

2.00%

1 year

2.50%

1.5 years

2.55%

2 years

2.65%

2.5 years

2.65%

3 years

2.80%

4 years

2.90%

5 years

3.05%

It could be worth it to open this IRA CD even with the higher opening minimum. With the Yield Pledge program, your rate will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets. All interest earned is compounded daily and credited every month to your account.

TIAA Bank will remind you 20 days before your account matures and you’ll have a 10-day grace period in which to decide what to do. Because this is an IRA account, you may be subject to IRS penalties if you withdraw the funds before age 59.5, so make sure to do your research before making any decisions. If you do nothing, your CD will automatically be renewed.

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Offers competitive rates with a low opening deposit amount.Term

APY

3 month

1.40%

6 month

1.50%

9 month

1.75%

1 year

2.25%

1.5 years

2.30%

2 years

2.40%

3 years

2.55%

4 years

2.65%

5 years

2.80%

This IRA CD is a great option for those who are looking for competitive rates and don’t want a high opening deposit amount. Interest is compounded daily and credited monthly. In addition to the early withdrawal penalties, you may also be subject penalties imposed by the IRS if you’re under 59.5 years old.

You’ll receive a notice 20 days before your account matures. Once it does, you’ll have a 10-day grace period in which to make a decision. Otherwise, your account will automatically be renewed.

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Offers a one-time rate increase.Term

APY

3.5 years

2.80%

Account holders have a chance to get a possible one-time rate increase if the APY goes up before your account matures. You’ll need to keep an eye on the rates and request the increase by calling 1-888-882-3837. Any interest you earn is compounded daily and credited into your account monthly.

You have a 10-day grace period upon account maturity and you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed if TIAA Bank continues to offer this CD.

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

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Offers a low opening deposit.APY

Minimum Balance Amount

0.61%

none

The Basic savings IRA account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, there is no minimum opening deposit nor the monthly maintenance fee. For other residents, as long as you maintain the low $25 average daily balance, you can get the fee waived.

Keep in mind that IRA accounts may be subject to limitations or penalties, especially if you’re under 59.5 years old. You’ll need to do your due diligence to ensure if you do make withdrawals, you know exactly what you’re getting into.

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

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Higher rates than the IRA savings account and with no monthly fees.APY

Minimum Balance Amount

1.60% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.15%

$10,000-$24,999.99

1.25%

$25,000-$49,999.99

1.35%

$50,000-$99,999.99

1.50%

$100,000-$10,000,000

The money market account is a better option compared to the savings account, as long as you’re able to meet the minimum opening deposit amount. You’re still looking a higher APY than the IRA savings account even after the introductory rate is over. In addition, you get the Yield Pledge guarantee, which promises that you’ll get the top 5% of yields of competitor accounts.

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

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TIAA Bank’s products offer pretty attractive rates and low minimum opening deposits, making it accessible to many customers. Most of their products do not have ATM or monthly maintenance fees which can help account holders save some of their hard earned cash.

While there are higher rates out there, not all offer the same perks as TIAA Bank does when it comes to ATM fees and refunds. If you intend on making a lot of ATM transactions, TIAA Bank’s banking products are a great choice. Even if not, their rates are worth sticking around for.

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