TIAA Bank’s personal and business accounts

High yield checking and competitive CDs can grow your cash over time.

Last updated:

TIAA Bank

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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?

Name Product Interest rate (APY) Fee Minimum deposit to open
2.00%
$0
$5,000
This money market savings account has minimal fees and supports checks.
1.01%
$14.95 per month
(can be waived)
$1,500
This business money market account allows you to add several authorized users to your account.

Compare up to 4 providers

Name Product APY ATMs Fee
0.71% on balances of $100,000 to $10,000,000
0.61% on balances of $25,000 to $99,999.99
0.46% on balances of $10,000 to $24,999.99
Free at 80,000 AllPoint and MoneyPass ATMs nationwide
$0
End the rate shopping chore with a Yield Pledge account, which delivers a yield in the top 5% of competitive accounts.
0.61% on balances of $100,000 to $10,000,000
0.51% on balances of $50,000 to $99,999.99
0.41% on balances of $25,000 to $49,999.99
Over 80,000 fee-free ATMs
$0
Account will boost your money’s productivity with a high yield, no monthly maintenance fee and the essential banking services your business needs.

Compare up to 4 providers

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.
  • 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.

    Was this content helpful to you? No  Yes
    Go to site