TIAA Bank’s personal and business accounts

TIAA Bank offers competitive interest rates with minimal account maintenance fees. But you’ll need to deposit a hefty sum to get started with one of its high-yield accounts.

What banking products does TIAA Bank offer?

• Savings
• Checking

TIAA Bank‘s parent company, TIAA, specializes in providing financial services to academic entities. But the bank also offers a competitive suite of checking and savings accounts, plus high yield CDs.

• Personal checking accounts

  Its checking accounts offer fee reimbursement at all ATMs as long as you maintain a minimum balance of $5,000. Account options include:

  • Yield Pledge checking. Get a 1.21% APY your first year and expect ongoing APYs ranging from 0.25% to 0.71% after that — depending on your balance. There’s no monthly fee and the debit card comes with purchase benefits. Deposit $5,000 to open an account.

  TIAA’s purchase benefits include price and return protection, as well as extended warranty protection. Price protection means TIAA will pay the difference if you purchase something that goes down in price within 90 days, and return protection means it’ll refund you for a purchase within 90 days if the merchant won’t accept the return. Extended warranty means it’ll extend your coverage up to one year on eligible purchases with a U.S. manufacturer’s warranty.

  • Basic checking. Deposit $25 to open the account and skip the $5 monthly fee by maintaining that $25 balance. There’s no APY on this no-frills account.

• Personal savings accounts

  Make mobile check deposits and up to six transfers or withdrawals per month before being charged a $10 fee. The ATM reimbursement policy applies here too, with all fees reimbursed if you’ve got a $5,000 monthly balance. Choose from two tiered accounts:

  • Basic Savings. An APY of 1.1% accrues daily. Deposit $25 to get started and skip the $5 monthly maintenance fee by maintaining that $25 as an ongoing balance. Link it up to a Basic Checking account for overdraft protection.
  • Yield Pledge Money Market. Expect an APY of 2.15% for the first year, and APYs ranging from 1.1% to 2% after that. There’s no monthly account fee, but you’ll need to deposit $5,000 to get started.

• CDs

  TIAA Bank‘s CDs are all IRA eligible, but expect to get hit with a penalty fee if you withdraw cash before the term is up. Options include:

  • Yield Pledge CDs. Get an APY of 2.8% by depositing at least $5,000 to get started with this fixed-rate account. There’s no monthly account fee and you can choose a term length ranging from three months to five years.
  • Basic CDs. The fixed-rate APY depends on how long you keep cash in the account and ranges from 1.75% for three months to 2.65% for five years. Deposit $1,000 to get started.
  • Bump Rate CDs. This one comes with an automatic 3.5 year term and an APY of 2.83% with a twist — you can bump up the rate once throughout the life of the CD to match the current APY. But you can only hold one of these CDs at a time.

• Business accounts

  TIAA’s product offerings for businesses are designed to go beyond the boundaries of simple cash maintenance with tools for organizing your company’s financial workflow.

  • Commercial. Choose between two interest-bearing checking accounts and a variety of treasury services.
  • Nonprofit. high-yield checking account for small businesses and a suite of online banking services.
  • Small business. Grow your money with one of its high yield accounts and manage your business’s finances from the mobile app.

• Other products

  • Mortgage loans. Apply for a mortgage or refinance your home. Take advantage of its preliminary loan approval and rate lock features.
  • Home equity. Use your home’s value as leverage to take out an asset-based loan.
  • Investing. It offers a wealth of investment options, from IRAs to mutual funds, 529 education savings plans and personal portfolio management.

How does TIAA Bank compare to other banks or services?

TIAA Bank‘s parent organization, TIAA, is a Fortune 100 company and provides financial services that cater to the research, medical, cultural, academic and government fields. But the bank itself doesn’t rank on the nation’s list of top 50 holding companies by total direct deposits.

It has 146 physical locations around the country, which is fewer than industry giants like Bank of America or Wells Fargo. The ATM fee reimbursement policy is fairly competitive and could help offset its limited physical presence.

Why should I open an account at TIAA Bank?

Pros of opening an account with this Florida-based provider include:

• High Yield Checking doesn’t incur maintenance fees. The fact that it doesn’t charge maintenance fees means you can grow cash without being dinged for low balances.
• Competitive CDs. TIAA’s CDs offer solid rates and flexibility of term length.
• ATM fee reimbursement. If you’re often on the move, TIAA’s fee reimbursement policy — up to $15 each statement cycle unless you have a balance of $5,000, in which case it’s free — means you don’t need to worry about withdrawing cash regularly.

What should I look out for?

Before signing up, consider these potential drawbacks:

• Hefty deposit to get started. You’ll need $5,000 to get started with one of its high yield accounts.
• Limited brick-and-mortar presence. If you don’t live near a physical location, you’ll need to be comfortable doing most of your banking online.
• Overdraft fees are expensive. TIAA charges $30 per transaction for insufficient funds, which can happen up to two times per day. So if your balance falls short, you could face up to a $60 fee.

TIAA Bank reviews and complaints

The BBB gives it an A+ rating, though it’s not officially accredited there. There’s only one complaint lodged against TIAA Bank on the CFPB website, but that could be because it was officially launched under that name in 2018 after merging with EverBank. Prior to that, its banking branch was called TIAA Direct.

It’s a member of the FDIC, but hasn’t been reviewed by the FFIEC. In 2019, its parent company was voted one of the World’s Most Ethical Companies by the Ethisphere Institute and has also been given The Mixed Assets Large Fund award from Refinitiv four years in a row — but that’s more relevant to its suite of investing products.

TIAA Bank customer service

Get in touch with TIAA directly in one of the following ways:

• Online messaging: Send a secure message through the bank’s webpage email portal.
• Twitter: Support specialists can help with general questions @TIAABankHelp

Bottom line

TIAA Bank‘s high yield accounts and CDs position it competitively, plus its investing and retirement products could be a one-stop-financial shop for some. But if you’re looking for an account with lower initial deposit requirements or more branch locations, look around to find a better fit.

Frequently asked questions.

• What is TIAA Bank's wire transfer routing number?

  TIAA Bank‘s wire transfer routing number is 063000225.

• What is the address of TIAA's headquarters?

  TIAA’s headquarters is located in Jacksonville, Florida at 501 Riverside Ave, Jacksonville, FL 32202.

• Which states does TIAA have offices in?

  TIAA does not have offices in:

  • Alaska
  • Idaho
  • Mississippi
  • Montana
  • South Dakota
  • Wyoming

• What does TIAA stand for?

  TIAA stands for the Teachers Insurance and Annuity Association. That’s technically the name of its parent company, which started out as a nonprofit company committed to helping teachers retire comfortably. Today, it’s a for-profit financial services corporation and TIAA Bank is one piece of its product offerings.