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finder.com’s rating: 4.0 / 5.0
★★★★★
TIAA Bank, previously named EverBank, is a full-service community and online bank that offers basic and bump rate CDs. You can earn up to 3.45% APY, but you’ll need to open a five-year CD to get the highest rate.
3.30%
1-year APY
3.45%
3-year APY
3.45%
5-year APY
Star rate | 4.9 |
---|---|
3-month APY | 1.20% |
6-month APY | 2.00% |
9-month APY | 3.65% |
1-year APY | 3.30% |
18-month APY | 3.35% |
2-year APY | 3.45% |
30-month APY | 3.45% |
3-year APY | 3.45% |
4-year APY | 3.45% |
5-year APY | 3.45% |
Early withdrawal penalty | 22 days interest for terms of 1 to 3 months 45 days interest for terms of 4 to 6 months 68 days interest for terms of 7 to 9 months 91 days interest for terms of 10 to 12 months |
Minimum deposit to open | $1,000 |
Interest compounding | Daily |
Review by
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
TIAA Bank offers a healthy range of CD terms, all competitive with some of the top performers on the market. What’s more, the bank also offers a Bump Rate CD at a 3.5 year term. If TIAA raises their APYs during this period, you can request a one-time rate bump to the new rate. This is a handy feature to have in times where the economy is in flux and rates can change several times over a period of months.
As is the case with most CDs, the best rates are reserved for those willing to open a CD for two years or longer. But even the shorter terms offer a strong APY and make TIAA Bank CDs well worth a look for your investing needs.
Open a TIAA CD in eight steps:
You must meet the following requirements to apply for a CD:
Have the following information ready before you apply to open your CD:
Fund your CD using one of the following methods:
Your TIAA Bank CD account comes with the following perks:
Keep the following in mind before you commit to a TIAA CD:
Select up to 4 CDs and click “Compare” to see how they stack up by rates.
There isn’t much recent mention of TIAA Bank CDs on social media. TIAA Bank is not accredited with the Better Business Bureau though it is currently rated A+. The bank receives a 3.5 out of 5 customer rating on Trustpilot, though the number of reviews are few.
When your CD matures you have a 10-day grace period to choose from one of the following options:
To sign up for CDARS follow the steps below:
You’ll need to provide the following information as part of your request:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
TIAA Bank Basic CDs is not currently available on Finder
Have you considered Barclays Online CDs?
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow.