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TIAA Bank Business Money Market review

Get up to an above-average 0.45% APY, though you need six figures to earn the maximum rate.’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.

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Up to 0.50%





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+
To waive the feeMaintain a $5,000 minimum balance or pay $14.95
Minimum deposit to open$1,500
Minimum balance to earn interest$0
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 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.

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

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.

  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 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:

  • 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

Sail through the application by keeping this information handy.

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

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.

  • 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

Benefits of a money market account with TIAA Bank

This FDIC-insured account features integrated banking tools and check-writing privileges, along with several other perks.

  • Minimal fees. You won’t be charged for internal transfers and domestic wires.
  • Above-average APYs. Interest rates start at 0.5% for balances between $0 and $99,999.99 and 1.25% for $1,000,000 or more. These rates stand around three to four times the national average for money market accounts, but they aren’t the most competitive on the market.
  • No overdraft transfer fee with linked accounts. If you set up overdraft charges to pull from another linked account, TIAA Bank won’t charge you for the transfer.
  • Multi-user accounts. Add several authorized users to your business account for convenience and flexibility to access company funds.

How much interest you can earn

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.

APYAmount in savingsInterest earned in 12 months

What to look out for

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.

  • Steep requirement to waive monthly fee. You need at least $5,000 in your account to waive the monthly $0 maintenance fee. This requirement is higher than accounts like BlueVine that don’t charge a monthly fee at all.
  • Customer service limited to business hours. Live agents are available during normal business hours — Monday to Friday from 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. While TIAA is a predominantly online bank, it doesn’t have a real-time messaging system.
  • ATM limitations. You can withdraw from an ATM, but you’re limited to $2,020 per day in addition to any limitations from the ATM owner.
  • Few branch locations. TIAA Bank has 126 physical branches for in-person banking, so you’ll need to be comfortable with its online banking if you don’t live close to a brick-and-mortar location.

    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.

    Compare with similar business money market accounts

    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.

    Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
    Axos Bank Business Savings
    Finder Rating: 3.7 / 5: ★★★★★
    Axos Bank Business Savings


    New business owners get a $200 welcome bonus
    Just use promo code NEWBIZ200 on your application.** Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.***
    A business savings account with a low minimum deposit.
    First Internet Bank Business Savings
    Finder Rating: 4.1 / 5: ★★★★★
    First Internet Bank Business Savings


    Get up to 2.84% APY with this account designed for your small business. Open with as low as $100.
    Axos Bank Business Money Market
    Finder Rating: 3.6 / 5: ★★★★★
    Axos Bank Business Money Market


    Get a $200 welcome bonus when using promo code NEWBIZ200 on your application. If you are not a new business, you can use promo code NEWAXOSBIZ for a $100 bonus.
    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.

    Compare up to 4 providers

    How to deposit and withdraw money

    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.

    • 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.
    • Branch locations. Check TIAA Bank’s website to see if one of its 100+ locations are close to you for in-person banking.
    • Checks. Mail a paper check made out to your business name to:
      • TIAA Bank11 Oval Drive, Suite 107
        Islandia, NY 11749
    • Mobile check deposits. Deposit checks via your phone for faster processing than sending in checks by mail.


    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.

    • Internal transfers. Send and receive money to and from your existing TIAA Bank Business Checking account.
    • ATM. Use one of TIAA’s 80,000 no-fee ATMs to access your business’s funds, which is an extensive ATM network compared to other banks.
    • In person. If you live near a branch location, you can withdraw the amount that your business needs in person.

    How to get in touch with customer service

    You can contact TIAA’s business banking team in a variety of ways, including:

    • 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 126 in-person branch locations spread across 45 states. Most states have one or two locations, except for Florida and Pennsylvania.

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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