High yield checking and competitive CDs can grow your cash over time.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?
- 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.
- 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.
- Online messaging: Send a secure message through the bank’s webpage email portal.
- Twitter: Support specialists can help with general questions @TIAABankHelp
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:
What should I look out for?
Before signing up, consider these potential drawbacks:
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: