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TIAA Bank CD rates review

Offers a wide variety of CDs with competitive APYs, but watch out for high minimum deposit requirements.’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.

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1-year APY


3-year APY


5-year APY


Star rate4.9
3-month APY1.20%
6-month APY2.00%
9-month APY3.65%
1-year APY3.30%
18-month APY3.35%
2-year APY3.45%
30-month APY3.45%
3-year APY3.45%
4-year APY3.45%
5-year APY3.45%
Early withdrawal penalty22 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 compoundingDaily

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, 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.

Expert review

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.

How do I open a TIAA Bank CD?

Open a TIAA CD in eight steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Click Open an account from the TIAA website.
  3. Select the type of account you want to open and click Start application.
  4. Enter the account details, such as the amount you want to invest and the CD term. Click Continue.
  5. Enter your personal information and create a personal security code. Click Continue.
  6. Review your information and click Continue to verify.
  7. Read and accept the bank disclosures and click Continue.
  8. Enter your funding details and submit your application.


You must meet the following requirements to apply for a CD:

  • At least 18 years old
  • US citizen or resident
  • $1,000 or $1,500 minimum deposit, depending on the CD

Required information

Have the following information ready before you apply to open your CD:

  • Social Security number
  • Date of birth
  • Home address
  • Email
  • Employment information

Funding options

Fund your CD using one of the following methods:

  • Mail in a check
  • Make an internal transfer from your TIAA account
  • Initiate a wire transfer
  • ACH bank transfer

3 benefits of a TIAA Bank CD

Your TIAA Bank CD account comes with the following perks:

  1. Member of CDARS. If you want to invest more than $250,000 in CDs, the Certificate of Deposit Account Registry Service breaks your funds up among several banks in the network, so that none of your CDs goes over the $250,000 FDIC insurance limit.
  2. Multiple term options. TIAA offers 11 term options ranging from three months to five years on high-yield CDs. All of these term APYs are quite competitive and among the highest on the market.
  3. Bump rate CD available. TIAA also offers a 3.5-year bump rate CD that requires just $1,500 to open. If TIAA’s bump rate CD APY increases during the length of your term, you can request a one-time rate bump by contacting TIAA. This CD automatically renews upon maturity and are eligible to be funded as an IRA CD.

Potential drawbacks of a TIAA Bank CD

Keep the following in mind before you commit to a TIAA CD:

  1. No Yield Pledge CDs. TIAA Bank’s Yield Pledge CD, which offered high rates, no longer exists. But it’s current CDs are still competitive.

Compare with other CDs

Select up to 4 CDs and click “Compare” to see how they stack up by rates.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
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.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Western Alliance Bank 12 months CDs through SaveBetter
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through SaveBetter
Get 4.75% APY on a 12 month CD, and earn an APY that’s 14.4x higher than the national average. Pay no fees and just a $1 minimum deposit.
Crescent Bank CD
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CD
Earn competitive rates up to 4.65% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Sallie Mae CDs through SaveBetter
Finder Rating: 4.7 / 5: ★★★★★
Sallie Mae CDs through SaveBetter
Lock in strong CD rates as high as 5% APY on term lengths you'll only find through SaveBetter. Plus, you only need $1 to open and you have the option of opening a no-penalty CD.
Ponce Bank CD through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through SaveBetter
Snag the highest APYs on the market for the shortest CD terms via SaveBetter.

Compare up to 4 providers

TIAA Bank CDs reviews and complaints

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.

How do I cash in a CD?

When your CD matures you have a 10-day grace period to choose from one of the following options:

  • Do nothing. If you don’t touch your CD, it will automatically renew for the same term but with an updated interest rate.
  • Rollover request. If you’re part of the CDARS network, your CD won’t automatically renew. Call 877-790-8967 on weekdays from 8 a.m. to 9 p.m. ET for a rollover request.
  • Partial withdrawal. As long as you leave the appropriate minimum balance in your account, you can withdraw as much of the remaining funds as you’d like within the 10-day grace period with no penalty.
  • Close your account. If you withdraw all of the funds from your account, your CD will close.

How do I enroll in the CDARS network?

To sign up for CDARS follow the steps below:

  1. Call 888-882-3837 to speak with customer service.
  2. Sign the CDARS Deposit Placement Agreement, which includes additional information on the requirements and limitations of the program.

You’ll need to provide the following information as part of your request:

  1. Full name
  2. Last four digits of your Social Security number
  3. CD maturity date
  4. Security code, if you mail or fax your request

CDs ratings

★★★★★ — 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.

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