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TIAA Bank CD review

Offers a wide variety of CDs, 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 0.75% APY, but you’ll need to open a five-year CD to get the highest rate.


1-year APY


3-year APY


5-year APY


Star rate4
3-month APY0.25%
6-month APY0.35%
9-month APY0.4%
1-year APY0.45%
18-month APY0.5%
2-year APY0.55%
30-month APY0.6%
3-year APY0.65%
4-year APY0.7%
5-year APY0.75%
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 loans, banking and insurance. 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, 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 holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

Whether TIAA Bank CDs are a good choice for you depends heavily on how much you can invest. The bank offers a basic CD with a reasonable minimum deposit, but the rates aren’t much better than what you’d get at a brick-and-mortar community bank. The best rates are reserved for those willing to open a CD for two years or longer.

But with high early withdrawal penalties on the longer investments, a financial emergency could mean you end up walking away with less money than you invested.

How do I open a TIAA Bank CD?

Open a TIAA CD in seven 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

Benefits of a TIAA Bank CD

Your TIAA Bank CD account comes with the following perks:

  • 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.
  • Multiple options. TIAA offers two types of CD to choose from and 11 term options ranging from three months to five years on high-yield CDs.
  • IRA eligible. Bump Rate CDs are eligible to be funded as IRA CDs.
  • Withdraw interest. As your interest accrues, you can keep it in your CD or transfer it to your TIAA checking or money market account.

What to watch out for

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

  • Competitive rates on longer terms. To earn a higher rate on your CD, you’ll need to open a CD with a term of two years or more.
  • 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.

If you want a CD with high yields and a lower minimum deposit, you’ll want to keep looking. As always, compare your CD options.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

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.

What other savings products does TIAA Bank offer?

Choose from the following additional savings options:

  • Basic savings. With a $25 minimum deposit, you can open a basic savings account that earns 0.65% APY with no monthly fees as long as you maintain at least a $25 minimum balance in the account.
  • Money Market. This account promises a 0.75% APY, but that rate is a one-year intro rate that could drop as low as 0.50%, depending on how much you have invested.
  • Business savings. On the business side, TIAA offers a money market account, CDs and provides its CDARS service for business investing.

Frequently asked questions

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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