Who is TIAA Direct Bank?
This TIAA Direct Review outlines who they are, and what they specialize in, as well as why you should choose them as your bank. TIAA Direct is a subsidiary of TIAA-CREF Trust Company, a Fortune 100 financial services organization. TIAA-CREF is the leading retirement provider for employees in the academic, research, medical or cultural fields. They work with over 15,000 different institutions and serve almost 4 million employees.
TIAA Direct Bank works under the same retirement company so many people trust, but now offer more than just retirement. TIAA provides high interest savings and checking accounts, money market accounts and certificate CDs. On the lending side, TIAA Direct provides mortgages and home equity loans.
We found a lot of great pros in this TIAA Direct Review. Anyone looking for a bank offering everything, TIAA Direct is it. Their interest rates are comparable to other online banks and higher than most brick and mortar banks. Other benefits include:
- They do not charge monthly fees
- There is no minimum account balance required.
- The minimum opening deposit for their interest checking, savings account and money market account is only $25.
- Online and mobile banking are free for all of the accounts available.
- You can transfer money from your TIAA Direct account and your accounts with other banks in the US.
- CDs vary in terms from 6 months to 5 years.
- They offer a guaranteed rate throughout the entire term of your CD.
- Depositing checks is easy to do through your phone or tablet.
- The interest rates earned through the savings account or money market account is the same no matter how much money you have in the account. Even if you start with a small balance it will still earn great interest.
- Automatic renewal of all CD accounts.
- You can designate beneficiaries for their savings accounts.
TIAA Direct offers great interest rates. Plus, you have access to over 23,000 ATMs without having to pay a fee. TIAA Direct will also issue a debit or ATM card for their checking, savings and money market account.
This TIAA Direct review also uncovered a few downsides to TIAA Direct accounts. While their interest rates are competitive, there are some online banks with higher interest rates. Other drawbacks include:
- Minimum amount required to open any of their CDs is $1,000.
- All of their CD accounts have a minimum required balance of $1,000.
As with most money market accounts, you are limited to six withdrawals per month. Writing checks and online transfers count towards your six withdrawals, but using your ATM card to get cash withdrawals will not count against those six.
Is TIAA Direct a Good Decision?
At the end of this TIAA Direct review we are confident in saying that it’s great for anyone seeking a bank with a strong reputation and customer service. If you are looking for a bank with competitive interest rates on savings, money market and checking accounts, as well as a variety of CDs, consider banking with TIAA Direct.
PO Box 2140
Cranberry Township, PA 16066
Customer Service Number