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TIAA Bank Business Money Market review

You'll need at least $5,000 to avoid the monthly fee and APYs are lower than the competition.’s rating: 3.0 / 5.0


TIAA Bank’s Business Money Market is open to its existing business customers. It connects to your TIAA business checking account for easy transfers. But the APY tops out at 0.45% — a rate much lower than the competition — and you need to maintain a minimum $5,000 balance to avoid the monthly fee.

Up to 0.45%


$14.95 per month



Minimum deposit to open


Annual percentage yield (APY)0.45% on balances of $1,000,000+
0.40% on balances of $100,000 to $999,999.99
0.35% on balances of $10,000 to $99,999.99
Fee$14.95 per month
To waive the feeMaintain a $5,000 minimum balance
Minimum deposit to open$1,500
Interest compoundingDaily
Monthly transaction limit6
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).

Expert review

The TIAA Business Money Market account is a go-to for businesses that already bank with TIAA and want to keep their accounts in one place. You can easily move money between TIAA accounts and there are no fees for internal overdraft transfers, domestic wires and online check deposits.

But interest rates are on the lower end of the spectrum and you’ll need to keep at least $5,000 in your account to avoid the $14.95 monthly fee. If you’re not tied to TIAA, we recommend exploring other business money market accounts before you make a decision.

How do I open a TIAA Bank Business Money Market account?

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.

Otherwise, hop online and follow these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From TIAA Bank website, on the top right corner of the homepage, click Open an Account.
  3. Navigate to Business. Choose your Business Type: Partnership/Corporation, LLC (Single-Owner), LLC (Multi-Owner), Sole Proprietor or Non-Profit Organization.
  4. Enter your full name and email. Press Continue.
  5. Check the box for Business Money Market and specify how you heard about TIAA Bank. Click Continue.
  6. Create a Security Code. Press Continue.
  7. Follow the prompts to fund your account.


To apply for a Money Market account, you first need a TIAA Bank Small Business Checking account.

These are the other eligibility requirements:

  • US citizen or resident alien with a physical address, Social Security number or tax ID number, and a driver’s license or state-issued ID
  • At least 18 years old
  • Authorized signer for the business — in other words, an owner or director

Required information

To sail through the application, have this info handy:

  • Valid driver’s license or state ID
  • Social Security number or individual tax ID
  • Proof of residential address
  • Proof of business address

Depending on your business structure, you’ll also need to provide a copy of one of the following documents:

  • Certificate of Good Standing/Active Status
  • Operating agreement
  • Partnership agreement
  • Articles of incorporation
  • Fictitious name registration
  • Doing business as (DBA) registration
  • Business or professional license
  • IRS-issued non-profit classification letter (e.g. 501(c)(3) letter)
  • Signed meeting minutes or an official document listing the current president and secretary

After you’ve submitted your online application, fax the document to 877-471-6459 or mail to:


11 Oval Drive, Suite 107
Islandia, NY 11749

What are the benefits of a money market account with TIAA Bank?

This FDIC-insured account features integrated banking tools, check-writing privileges, an easy online application and the following other benefits:

  • Linked accounts. The money market account is connected to your existing TIAA Business Checking account, so you can easily move money between the two.
  • No minimum balance. You need $1,500 to open the account, but after that, there’s no minimum balance unless you want to waive the monthly maintenance fee.
  • Minimal fees. There are no fees for internal transfers, domestic wires and online check deposits. If your balance is less than $5,000, you’ll need to pay a monthly maintenance fee of $14.95.
  • Multi-user accounts. Add several authorized users to your business account.

What should I look out for?

The Money Market account has its flaws, including:

  • Lower APYs. Interest rates start at 0.25% for balances between $0 and $9,999.99, and go up to 0.45% for $1,000,000 or more. These aren’t the most competitive rates on the market.
  • High opening deposit. You’ll need $1,500 to open a money market account and another $1,500 to open a TIAA Business Checking account if you don’t already have one.
  • Miscellaneous fees. The bank charges a $10 fee for each excess transaction and cashier’s check. There’s also a monthly maintenance fee of $14.95, but it can be waived if you have $5,000 or more sitting in the account.
  • Short customer service window. Live agents are only available during business hours — Monday to Friday, 8 a.m. to 5 p.m. ET. Outside of those hours, you have to go to the Contact Us page to request an email or call back.
  • No live chat function. While TIAA is a predominantly online bank, it doesn’t have a real-time messaging system.

Find even more providers with our guide to business savings accounts, and get the one that’s best for you and your business.

Compare with similar business savings and money market accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Axos Bank Business Savings
$5 per month
(can be waived)
A business savings account with a low minimum deposit.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Axos Bank Business Money Market
$10 per month
(can be waived)
This money market savings account comes with the added benefit of check writing privileges.
NBKC Bank Business Money Market
Finder Rating: 4.1 / 5: ★★★★★
NBKC Bank Business Money Market
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
First Internet Bank Regular Savings
Finder Rating: 3.8 / 5: ★★★★★
First Internet Bank Regular Savings
$2 per month
(can be waived)
First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.
Live Oak Bank Business Savings account
Finder Rating: 4.4 / 5: ★★★★★
Live Oak Bank Business Savings account
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily

Compare up to 4 providers

How do I deposit and withdraw money?

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. You can use these methods to move your money around:

  • Internal transfers. Send and receive money to and from your existing TIAA Business Checking account.
  • Domestic wires. Wire funds from an outside institution to your Money Market account.
  • Checks. Mail a paper check made out to your business name to:
    • TIAA Bank11 Oval Drive, Suite 107
      Islandia, NY 11749

How can I get in touch with customer service?

You can contact TIAA’s business banking team in the following ways:

  • Phone. Call 855-850-5282 on weekdays from 8 a.m. to 5 p.m. ET
  • Fax. Enter 877-471-6459
  • Email. Send a message via the Contact Us page and request an email or call back
  • Social media. Reach out to @TIAABank on Twitter or Facebook
  • Mail. Address snail mail to:TIAA Bank11 Oval Drive, Suite 107
    Islandia, NY 11749
  • In person. TIAA Bank has four Florida-based financial centers. They’re open Monday to Thursday, 9 a.m. to 4.30 p.m. and Friday from 9 a.m. to 5p.m.
    • 501 Riverside Avenue
      • Jacksonville, FL 32202
    • 7749 Normandy Boulevard, Suite 155
      • Jacksonville, FL 32221
    • 10400 San Jose Boulevard
      • Jacksonville, FL 32257
    • 104 New Berlin Road
      • Jacksonville, FL 32218

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