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finder.com’s rating: 4.3 / 5.0
★★★★★
TIAA caters to the needs of sole proprietors and single-owner LLCs with its Small Business Checking Account. You’ll need $1,500 to open the account, and the introductory offer is solid — though only good for a year.
$0
Monthly fee
0.61%
APY
$1,500
Minimum deposit to open
| APY | 0.61% on balances of $100,000 to $10,000,000 0.51% on balances of $50,000 to $99,999.99 0.41% on balances of $25,000 to $49,999.99 |
|---|---|
| Monthly fee | $0 |
| Minimum deposit to open | $1,500 |
| Intro or bonus offer | 1.21% APY for the first year |
| ATMs | Over 80,000 fee-free ATMs |
| ATM transaction fee | $0 |
| ATM fee rebates | 15 |
| Overdraft fee | $0 |
| Nonsufficient funds fee | $30 |
Review by
Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
This checking account hooks in new customers with a 1.21% APY for the first year. It also stands out for its low opening deposit and lack of monthly maintenance and ATM fees.
However, unless you live in Florida, you’ll need to do all your business banking online. Miscellaneous fees can also add up quickly depending on how you use your account, so be sure to check them out before you sign up.
In addition to its low opening deposit, integrated app and FDIC-insured deposits, this checking account makes business banking easier with these features:
The Small Business account comes with a Visa debit card, which you can swipe at 80,000 AllPoint and MoneyPass ATMs nationwide. These ATMs are free and you’ll find them at select Target, Walgreens, CVS and convenience stores. To search for one near you, head to TIAA’s website.
When you withdraw cash from an out-of-network ATM, you may be charged a fee. If you have a balance of $5,000 or more, TIAA Bank will reimburse you monthly for all ATM fees. If you don’t, you’ll still get up to 15 back per month.
This checking account falls short in the following ways:
Compare more of your options with our guide to small business bank accounts and find the solution best suited to you and your business.
If you prefer banking over the phone, you can call 866-755-9143 Monday to Friday from 8 a.m. to 5 p.m. ET.
Otherwise, the online application takes around 10 minutes to complete following these steps:
The TIAA Bank Small Business Checking account is open to sole proprietors and single-owner LLCs. To open one, you must be:
Once you’ve submitted your online application, fax the document to 877 471 6459 or mail to:
TIAA Bank11 Oval Drive, Suite 107
Islandia, NY 11749
Yes. The following businesses are ineligible for this checking account:
TIAA also caters to bigger businesses and nonprofits with these accounts:
Read up on TIAA Bank Business Money Market
Yes. The TIAA Bank Yield Pledge Checking account offers a 1.21% APY for new customers for the first year. It’s a tiered account that’s backed by the Yield Pledge promise — which means the rates remain in the top 5% of competitor accounts nationwide. It also comes with a debit card and check-writing privileges.
To accelerate your savings, consider the Yield Pledge Money Market account. It falls under the same banner, and TIAA offers a one-year introductory APY of 2.15% on all balances. After that, the ongoing APY drops according to your balance tier — much like the checking account. There are no monthly maintenance fees and the account is IRA-eligible.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
