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finder.com’s rating: 3.0 / 5.0
★★★★★
TIAA Bank Business Money Market account is open to its existing business checking account customers. The APY tops out at 0.45% — a rate nearly four times the national average but lower than competitors like Quontic Bank.Up to 0.50%
APY
$0
Fee
$1,500
Minimum deposit to open
Annual percentage yield (APY) | 0.50% on balances of $0 to $99,999.99 0.75% on balances of $100,000 to $999,999.99 1.25% on balances of $1,000,000+ |
---|---|
Fee | $0 |
To waive the fee | Maintain a $5,000 minimum balance or pay $14.95 |
Minimum deposit to open | $1,500 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $10 |
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
The TIAA Bank Business Money Market is a go-to for businesses that already bank with TIAA and want to keep their accounts in one place. You can move money between TIAA accounts with no fees for internal overdraft transfers, incoming wires and online check deposits.
TIAA’s tiered APYs are four times the national average of 0.12% for money market accounts. However, we’ve found competitors that offer much higher earnings, like Quontic Bank’s 1.85% APY or BlueVine’s 2.0%.
To put your earnings in perspective, you could earn $17.53 per year if you keep $5,000 with the TIAA Bank Business Money Market review. That said, the same $5K could earn you $75.56 per year with Bluevine Business Checking or $93.36 with Quontic Bank Money Market account.
One downside to TIAA’s account is that you’ll need at least $5,000 in the account to avoid the $0 monthly fee. If you’re not tied to TIAA, we recommend exploring the best business money market accounts before you make a decision.
Hop online and follow several steps to fill out your application. If you’d like a human to walk you through the process, call a business banking specialist at 855-850-5282, Monday to Friday from 8 a.m. to 5 p.m. ET.
To apply for this money market account, you first need a TIAA Bank Small Business Checking account. Then, you’ll need to meet a few other eligibility requirements, including:
Sail through the application by keeping this information handy.
Documents you may need, depending on your business structure
You may need a copy of one of these documents based on the type of business you own.
After you’ve submitted your online application, fax the document to 877-471-6459 or mail to:
TIAA Bank11 Oval Drive, Suite 107
Islandia, NY 11749
This FDIC-insured account features integrated banking tools and check-writing privileges, along with several other perks.
The TIAA Bank account has tiered APYs based on the balance in the account. You’ll earn the most by stashing at least six figures in this savings account.
APY | Amount in savings | Interest earned in 12 months |
---|---|---|
0.35% | $5,000 | $17.53 |
0.35% | $10,000 | $35.06 |
0.35% | $20,000 | $70.12 |
0.35% | $50,000 | $175.31 |
0.45% | $100,000 | $451.01 |
Limited customer service hours and branch locations could stifle the needs of your business, so be aware of these drawbacks before parking your funds in this account.
The best business accounts offer convenient access to your money as well as other features like accounting or payment processing integrations. If these features are on your radar, consider Bluevine Business Checking account with its 2.0% APY, minimal fees and integrations with Quickbooks Online, Paypal, Stripe and more.
You can also find other providers with our guide to business bank accounts to get the one that’s best for your company.
See how this TIAA Bank account compares with other business accounts’ fees, rates and minimum opening deposits. Then, select Go to site to apply for your choice account.
TIAA Bank offers a variety of options to deposit money into this business account and access company funds.
To open an account, you can transfer funds from either an existing TIAA business account or an outside institution. The bank will also accept paper checks from an outside bank.
The most convenient way of accessing your business’s funds is to transfer it to a TIAA business checking account, although TIAA Bank offers a wide ATM network too.
You can contact TIAA’s business banking team in a variety of ways, including:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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TIAA Bank Business Money Market is not currently available on Finder
Have you considered Barclays Online Savings?
Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.