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TIAA Bank Review: Competitive Rates With Options to Suit All Types of Customers

Refreshed Review Updated Jan. 24, 2023
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

TIAA Bank

Rating image, 4.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Bottom Line

TIAA Bank offers a wide variety of banking options with low or no fees, high APYs, and ATM access on most accounts. Some customers will qualify for out-of-network ATM fee reimbursements. It's a smart choice for those interested in investing or borrowing money as well, because you can manage everything all in one place.

Pros
  • Good variety of account types
  • High APYs
  • ATM access with out-of-network fee reimbursement
  • Some branch locations
Cons
  • Difficult to gauge customer service

TIAA Bank savings account review

TIAA Bank offers a single savings account.

TIAA Bank Basic Savings

The TIAA Bank Basic Savings account’s APY is a little lower than those of many top online banks, though still fairly competitive. It's worth noting the account does have an opening balance, but it’s pretty low.

Compare savings accounts

Review our list of the best savings accounts to see how this account compares.

Rates as of Feb. 2, 2023
Offer
 
 
 
Account
Rating
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
5.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY 3.30% 3.30% 4.05%
Min. to earn APY $0 $1 $100
Next Steps

TIAA Bank CD accounts

TIAA Bank offers five types of CDs -- Basic CDs, Bump Rate CDs, IntraFi® CDs, Business CDs, and Business IntraFi® CDs.

TIAA Bank Basic CDs

TIAA Bank's Basic CDs have the lowest deposit requirement to open an account. Terms range from three months to five years. Rates are competitive, especially for longer-term CDs, and they're locked in for the full term. Your CD automatically rolls over to a new CD at maturity unless you specify otherwise.

TIAA Bank Bump Rate CDs

TIAA Bank's Bump Rate CDs have a higher balance requirement. However, their rates are on par with the Basic CD rates. These CDs also lock in your rate for the whole term. Plus, you can increase your CD rate once if TIAA Bank's rates go up during the term. Remember, bump-up CDs require that you request the increase yourself.

TIAA Bank IntraFi® CDs

TIAA Bank’s IntraFi® CDs are targeted to those with a lot of savings who are concerned about exceeding FDIC insurance limits. The bank helps customers disperse their money between other banks in the IntraFi® network, so they can keep all of their money FDIC-insured, up to $8 million.

TIAA Bank Business CDs

TIAA Bank's Business CDs are similar to their Basic CDs for personal banking customers. However, they have the higher deposit requirement of the Bump Rate CDs. Terms range from three months to five years. The APYs are competitive, but lower than what you'll find with TIAA Bank's personal CD accounts.

TIAA Bank Business IntraFi® CDs

TIAA Bank’s Business IntraFi® CDs are similar to their IntraFi® CDs for individual customers, discussed above.

Compare CD rates

If TIAA Bank's CDs don't appeal to you, check out our list of the best CD rates.

Rates as of Feb. 2, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for CIT Bank CD
Member FDIC.
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Discover High Yield CD
Member FDIC.
4.25%
4.30%
4.30%
4.30%
4.30%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes

TIAA Bank checking accounts

TIAA Bank has five checking account types, discussed below.

TIAA Bank Basic Checking

The TIAA Bank Basic Checking account has no monthly fee and no interest. It offers a few unusual perks -- like ATM fee reimbursements and debit card purchase benefits. There are also more traditional benefits like mobile banking. It's not a bad account, but it's overshadowed by TIAA Bank's Yield Pledge® Checking account.

TIAA Bank Yield Pledge® Checking

The TIAA Bank Yield Pledge® Checking account has no maintenance fee and earns interest. There's a promotional APY for the first year. After that, your APY depends on your balance. Thanks to the Yield Pledge® guarantee, it’s always within the top 5% of all comparable checking account APYs.

You need a larger sum to open this account. But once you do, there aren't any balance requirements. You get the same perks as Basic Checking customers, too. These perks include ATM fee reimbursements and debit card purchase protections.

TIAA Bank Business Checking

This account gives you a limited number of free items processed per month. There's also a maintenance fee, though you can waive it with a high enough balance. It doesn't offer interest or ATM fee reimbursements.

TIAA Bank Small Business Checking

The TIAA Bank Small Business Checking account has no maintenance fee or balance requirement, though there’s an initial deposit requirement. It also earns interest and includes ATM fee reimbursements to select customers.

TIAA Bank Non-Profit Checking

The TIAA Bank Non-Profit Checking account is specially designed for nonprofits. It shares features of TIAA Bank's other business checking accounts. It earns a modest APY, though there's no promotional rate for the first year. The account also has a maintenance fee, but you can waive it via keeping a minimum balance.

TIAA Bank's customer service and experience

TIAA Bank fared poorly in J.D. Power’s most recent U.S. Direct Banking Satisfaction Study, earning the second-lowest score. However, the bank does maintain an A+ rating with the Better Business Bureau (BBB).

A lot of TIAA Bank customers manage their money entirely online, but there are branch locations as well. You can also call, but only during regular business hours.

TIAA Bank's relationship benefits

TIAA Bank doesn't offer relationship benefits like waived fees or higher APYs to customers with multiple accounts. But it does reward you for keeping larger sums in your accounts. Depending on your account, it's also possible to score high APYs with no fees regardless of balance.

Alternatives to TIAA Bank

If TIAA Bank doesn't interest you, here are a couple of banks that might.

TD Bank

TD Ameritrade is another company best known for its brokerage accounts. Recently, it’s branched out into banking. It offers checking accounts, savings accounts, and CDs. Note its selection of CDs is small compared to TIAA Bank's. TD Bank has a reputation for providing excellent customer support. That makes it a good fit for those who place a strong emphasis on customer service.

Charles Schwab Bank

Charles Schwab is yet another broker offering banking services. It has a good selection of accounts, including checking, savings, and CD accounts. Like TD Bank, it's also fared well in customer satisfaction surveys. But its interest rates aren't quite as competitive as TIAA Bank's.

Is TIAA Bank right for you?

TIAA Bank may be the right choice for you if:

  • You want to manage all your money, including investments, in one place.
  • You want the freedom to use any ATM without worrying about fees.
  • You want to earn competitive APYs on all your accounts.

RELATED: How To Open a Checking Account

Our Banking Expert