October 10, 2018

TIAA Bank Review: Is It Good?

Read more about TIAA Bank
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If you have a large opening deposit, TIAA Bank provides a variety of options at high introductory rates. But there are downsides. Read on to see if it's right for you.

Overall Score

4.2

Savings

4.0

CD

4.5

Checking

4.0

Money Market

4.0

Customer Service

5.0

Mobile App

3.5
5-point scale (the higher, the better)

Pros and Cons

  • High intro APY
  • No monthly service fees
  • Refund ATM fees
  • Large minimum deposit
  • Intro rate only for one year

Bottom Line

Online bank offering high intro rates if you have a large deposit

Services Offered

  • High Yield Accounts. TIAA Bank's most popular products are its High Yield Accounts. The Checking and Money Market both accrue interest at a competitive rate for the first year. After that, your ongoing interest rate falls and will depend on your balance tier. The High Yield CDs, however, can lock in a high rate for the entire term.

  • Basic Accounts. TIAA Bank also offers basic checking, savings, and CDs with lower minimum opening deposit requirements. The checking account doesn't accrue interest. The savings account and CDs do, but at a lower rate than what you'd receive on a high-yield account.

  • Specialty CDs. It also has a variety of unique CD options, including the Bump Rate CD, which offers the option to "bump up" your interest rate one time during the term, if rates allow.

Most of the banking done with TIAA is online. All accounts can be opened online, but you can also call a customer service representative and apply over the phone if you are more comfortable with that.

Keep reading to learn if TIAA Bank may be right for you.

How to Access Your Funds:
Since TIAA Bank transactions take place mostly online, it helps to know how you can access your funds.

The easiest way is via ATM. If you have a TIAA checking account, you'll receive a TIAA ATM card, which you can use at any TIAA, Allpoint, and MoneyPass ATM for no fee.

If you don't have a checking account, you can electronically transfer your funds to an external bank account that does give you ATM access.

TIAA Bank also offers the option to pay your bills online directly from your TIAA bank account and send money to friends and family via electronic transfer, PayPal, or a mailed check.

TIAA Bank Also Offers Lending Solutions
You can apply for a purchase mortgage, refinance, or home equity loan from TIAA Bank. They offer a wide range of loan products, including low down payment loans and jumbo loans. TIAA Bank is a nationwide lender, which opens up the possibility for borrowers throughout the US to compare TIAA's offerings when shopping for a mortgage loan.

Reasons We Like TIAA Bank

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  • You can get the $25 monthly checking or savings fee waived. TIAA's basic checking and/or savings accounts have a $25 monthly fee. If you keep just $25 in the account, though, you can have that fee waived.

  • You can get your ATM fees reimbursed. If you use an ATM that isn't a TIAA, Allpoint, or MoneyPass ATM, the bank providing the funds may charge you a fee. TIAA Bank will reimburse those fees up to $15 per month if you have an average daily balance of less than $5,000 in your account. If you have an average daily balance of more than $5,000, TIAA Bank doesn't limit the number of reimbursed ATM fees.

  • TIAA Bank offers 10 different CD lengths. TIAA Bank has 10 different CDs available with differing maturity dates. While you need $5,000 to open a High Yield CD, you have several options. You can make the CD a part of your IRA. You can also choose to automatically roll the CD over upon maturity.

  • You can use mobile deposit to deposit your checks. Since TIAA Bank is mostly online, it's helpful to know that you can deposit your checks just by taking a picture of your check via the TIAA mobile app.

  • The High Yield Checking, Money Market, and CDs don't charge a monthly fee. TIAA Bank is very transparent with their fees. The High Yield accounts that offer the most competitive APYs don't charge a monthly fee. Keep in mind, though, you may pay for ATM transactions if you don't keep a minimum $5,000 balance in your High Yield accounts.

  • The TIAA mobile app makes it easy to transfer funds, pay bills, and check balances on while on the go. You can transfer funds to internal accounts, pay your monthly bills, or reconcile your accounts on your mobile phone, which gives you 24/7 access to your TIAA bank accounts.

  • TIAA Bank promises a high level of security while banking online or on the app. They use two-factor authentication for log-ins; have free malware protection; and provide alerts via email or text based on the thresholds you set in your accounts.

  • You can name beneficiaries for your savings accounts. This can help prevent your funds from being tied up in probate. Naming beneficiaries directly on the account allows those funds to go to a specific person or persons, avoiding probate.

  • You can set up direct deposit to make depositing your funds easier. If your employer offers direct deposit, you can have some or all of your check deposited directly in your TIAA Bank account. This can save you the few steps that mobile deposit takes. It also helps to make your funds available as soon as your employer pays them.

  • You can set up contactless payments, such as Apple Pay or Google Pay. TIAA Bank helps you turn your mobile phone into a credit card by setting up this option in your TIAA Bank app.

EverBank is Now TIAA Bank
As of June 4, 2018, EverBank became TIAA Bank. This change allowed EverBank to offer its clients even more robust account options and digital banking options. The rates and accounts with EverBank remained the same; just the name changed. TIAA Bank is slowly transforming checks, debit cards, and credit cards with their name. In the meantime, the only difference for EverBank customers is where they go to bank online.

Reasons You May Want to Look Elsewhere

  • The minimum deposits required are pretty steep. High-yield checking and savings accounts typically require a high minimum deposit in order to offer the higher rates. TIAA Bank requires a minimum opening deposit of $5,000 to open a high-yield account with them. This doesn't make it a viable option for the person just starting to save or those looking for a secondary savings account.

  • The high introductory rates that bought you to TIAA Bank only last temporarily. You may be disappointed to learn how much your interest rates fall after the introductory period. You can see the "projected" rates after the initial year on TIAA's website, but the rates are subject to market rates at the time of the change.

  • Unless you live in Florida, you must conduct your banking online. If you are looking for a bank you can visit in person and conduct business, you have to live in Florida, near one of TIAA's four branches to do so.

How It Compares

Capital One 360: If you have less than $5,000 to open an account with, Capital One 360 may be a better option as they don't have any account minimums. Like TIAA Bank, they also don't charge any monthly fees. Capital One 360 offers checking and savings accounts as well as CDs.

Synchrony: If you are in the market for a high-yield savings account, Synchrony may be a decent competitor for your business. Synchrony doesn't offer a high-yield checking account though. Their main focus is on savings and CDs.

Ally: Ally also offers a full gamut of high-yield accounts, including checking, savings, and CDs. They don't require a minimum opening deposit and their interest rates are often competitive with TIAA Bank's rates.

Bottom Line

If you're looking for a place to park more than $5,000 that isn't affected by the market, TIAA Bank offers a variety of options at competitive rates. It can be a good option for the first 12 months that you deposit the money, but after that, you may want to look elsewhere to keep your money, as the rates tend to drop significantly depending on the amount you have saved.

Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 7/20/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠: $0 overdraft fee when you overdraw your account $50 or less*

*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.

Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 7/17/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 1/5/22-7/17/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
CIT Bank
Member FDIC

Money Market Account - Get a Year of Amazon Prime

To get your year of Amazon Prime ($139 cash value):
  • Open a new Money Market account using promo code AMZN22.
  • Fund your account with $15,000 within 15 days.
  • Keep a minimum balance of $15,000 for 60 days.
After 60 days, if you've fulfilled the requirements, CIT will send you an email with your Prime membership code. Existing Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. Limit one Money Market promotion per account and per customer. Conditions apply. See advertiser website for details.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY222 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 06/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 6/15/2022
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

Expires 10/31/2022
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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