TIAA Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • No monthly fees for accounts
  • High-interest rates on select accounts
  • Variety of business accounts offered
  • Interest on checking, high for first year

Cons:

  • Checking interest drops after first year
  • Large amount required to open accounts
  • Basic accounts have lower interest rates
  • ATM fee reimbursement requires high sum

What You Need to Know

Note: TIAA has acquired EverBank, rebranding the bank as TIAA Bank. The acquisition completed on June 12, 2018.

The Yield accounts at TIAA Bank do not charge monthly maintenance fees. There is no amount required to keep in the accounts to avoid fees. You will earn interest on any amount you have deposited in the account.

TIAA Bank guarantees that their account offerings will earn the top five percent interest in the nation. This makes them a competitive bank in the field of high-interest rates.

Business accounts are available through TIAA Bank. Your business can earn the high interest rates you earn with personal banking. There are checking accounts for small businesses and non profits. Interest earning and basic business checking accounts are available. Money market accounts, CDs, and credit cards are also available for your business.

The Yield Checking account offers a one-year spotlight APY. The rate for one year is much higher than the regular interest rates. This rate is only for new customers. Earn interest on any amount above $5,000, but less than $250,000.

After the one-year spotlight APY, the rate drops. The account still earns interest, but lower than the first year. The interest you earn after the first year depends on the amount you have in the account. The rates drop by almost one whole percentage point for balances under $10,000.

The high interest earning accounts have a high required opening balance. You must have $5,000 to open the Yield Pledge Checking, Yield Pledge Money Market, and Yield Pledge CD accounts. Once you open one of these accounts, you will earn the top five percent of yields on your money. TIAA Bank ensures the top interest rates on these accounts.

To open the TIAA Bank accounts with the high interest rates you must have $5,000. TIAA Bank does offer a basic checking and savings account. These accounts only require $25 to open. There is no monthly fee as long as you keep $25 in the account. The basic CDs only required $1,000 to open. These basic accounts get lower interest rates, but still competitive.

TIAA Bank does reimburse fees charged at ATMs, but only if your account balance is over $5,000. TIAA Bank does not charge fees for using their ATMs. The fees are only for other bank ATMs.

Cool Things

Bump Rate CD

When you open an TIAA Bank CD for a three and a half year term you are eligible for the bump rate. This means that should rates get higher over the term, you can request the higher rate one time during the term. You can only have one Bump Rate CD at a time. It requires $1,500 to open the CD.

People Pay

This is a service enabling you to send money to family and friends. You can choose from different delivery methods. The money can go into their PayPal account, in the form of a check, or directly to their bank account. A text or email will tell them how to get their money. People Pay is secure and there are no fees to use it.

History

TIAA Bank opened in 1961 as First Alliance Bank of Jacksonville, Florida. In 1999 they introduced the Yield Pledge promise. In 2002 they bought TIAA Bank and the many clients that came with the bank.

In 2007 when the financial crisis hit, TIAA Bank managed to survive and thrive. Their good management allowed for growth and strong results during this time. They have since bought other banks to increase their client base.

In 2010 they bought the stadium naming rights for the Jacksonville's Jaguars. They have since extended their naming rights for another ten years.

In 2014 TIAA Bank had over $22 billion in assets. In 2017 TIAA Bank was acquired by TIAA. Today TIAA Bank has over $27 billion in assets and $19 billion in deposits. They have had consecutive growth each year for 22 years.

Awards and Recognition

  • Named a "Top Money Market Account" in 2018 by NerdWallet
  • "Best Checking Account" by Kiplinger's Personal Finance
  • "Best of the Web" by Forbes
  • Four out of five-star rating from Bauer Financial

Giving Back

In 2018 TIAA Bank donated $1.5 million to the Step Up For Students Scholarship Program. This donation will fund over 220 scholarships. This year was the 14th year TIAA Bank has supported this program. The company has donated over $14.5 million. That is equal to 3,050 scholarships.

TIAA Bank has donated $9 million to over 100 different charities and organizations across the nation. These organizations empower youth, increase financial literacy, and help with housing development. TIAA Bank associates helped build over 100 homes for families through Habitat for Humanity. Other organizations include Take Stock in Children and the United Way.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. TIAA Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With checks, debit cards, online transfers, or by visiting a local branch.

Does this bank offer mobile banking?

Yes. Through the app you can deposit checks, see account balances, and find an ATM. You can pay bills and make transfers between TIAA Bank accounts. To deposit a check from the mobile app your phone must be running Java. If your phone does not support Java, you will not be able to upload and deposit a check.

Is this bank free?

The TIAA Bank Yield accounts are free. They do not have any monthly maintenance fees. They do require $5,000 to open. The basic TIAA Bank accounts have a $5 monthly fee. Waive the fee for these accounts by keeping a $25 balance.

Is this a good bank?

The interest rates for the Yield accounts are very competitive. They are in the top five percent in the nation. There are no monthly fees. Those accounts require $5,000 to open. TIAA Bank's basic accounts offer competitive interest rates, but not as high as the Yield accounts. You only need $25 to open and waive the monthly fees.

Is this bank secure online?

Yes. They offer free malware protection to help with online security. They require passwords to keep accounts safe. You can download an antivirus app to help with mobile security. TIAA Bank guarantees 100% protection for any funds lost to unauthorized users online or a mistake by TIAA Bank.

Does this bank offer competitive interest rates?

Yes. Their Yield accounts promise the interest you earn is in the top five percent of rates nationwide.

Can I use this bank for my business accounts?

Yes. TIAA Bank offers a variety of checking accounts for businesses. Money market accounts, CDs, and credit cards are also available.

How is the online bank different from the online banking my bank offers?

The interest rates are much higher than typical banks. You can access all your information online, make transfers, and pay bills. You can also visit a local branch for your account needs.

Do their checking accounts pay interest?

Yes. For the first year, new checking account clients receive a higher interest rate on the account. After the first year you still earn interest, but it is lower than the introductory rate.

How do I reach customer service?

By phone, mail, email, and Twitter.

Does this bank offer bill pay?

Yes. All TIAA Bank accounts offer free bill pay. You can access bill pay on the website or through the mobile app.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Transfer times are not listed on the website.

Can I sign up for direct deposit to this account?

Yes. TIAA Bank encourages direct deposit as a way to help increase your savings goals.

Bank Information

TIAA Bank
11 Oval Dr., Suite 107
Islandia, NY 11749

Favorite Rates

PurePoint Financial
Savings 10/17/2018
APY 2.15%
Rate 2.13%
For APY $10,000
Monthly Fee $0.00
Checkbook No
Open Online in Minutes. Deposits FDIC Insured. Earn More Today.
Learn More &
Open Account
Citizens Access
Savings 10/17/2018
APY 2.12%
Rate 2.10%
For APY $5,000
Monthly Fee $0.00
Checkbook No
$5,000 minimum balance to obtain APY. Absolutely no fees.
Learn More &
Open Account
American Express National Bank
Savings 10/17/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
Learn More &
Open Account
E*TRADE Bank
Savings 10/17/2018
APY 1.90%
Rate 1.88%
For APY $100
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
Learn More &
Open Account
Capital One 360
MMA 10/17/2018
APY 1.85%
Rate 1.83%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
Learn More &
Open Account