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TIAA Bank stands out for its competitive APYs. It also offers perks you don't see with many other banks, including ATM fee reimbursements. TIAA’s products include checking, savings, CD, and money market accounts, as well as home loans and brokerage accounts. Read our full review to decide if it's the right home for your money.
Best For: Unusual perks, managing your money in one place
TIAA Bank
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
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 just under those of the top online banks. It's unusual for an online bank because it has a maintenance fee and a balance requirement. However, they’re both pretty low.
It includes a debit card and free ATM access at TIAA Bank ATMs. If your balance is high enough, you may also qualify for out-of-network ATM fee reimbursements.
Compare savings accounts
Review our list of the best savings accounts to see how this account compares.
Rates as of Oct. 12, 2021
TIAA Bank CD accounts
TIAA Bank offers three types of CDs -- Basic CDs, Bump Rate CDs, and Business 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.
| 6 Mo. APY | 0.30% |
|---|---|
| 1 Yr. APY | 0.40% |
| 1.5 Yr. APY | 0.45% |
| 2 Yr. APY | 0.50% |
| 3 Yr. APY | 0.60% |
| 4 Yr. APY | 0.65% |
| 5 Yr. APY | 0.70% |
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 you to request the increase yourself.
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.
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 Oct. 27, 2021
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Marcus by Goldman Sachs High Yield CD
0.55%
0.55%
0.55%
0.55%
0.60%
$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 a waivable 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.
TIAA Bank's customer service and experience
It's difficult to compare TIAA Bank's customer service to its competitors, because it doesn't have a lot of reviews online. It also hasn't been included in large-scale customer satisfaction surveys like J.D. Power's. But the little information that is available is positive. TIAA Bank has an A+ Better Business Bureau rating.
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.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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