Updated August 8, 2022

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 rates. But there are downsides. Read on to see if it's right for you.

5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No monthly service fees
  • Refund ATM fees
  • Large minimum deposit

Bottom Line

Online bank offering high rates if you have a large deposit

Services Offered

  • Yield Pledge Accounts. TIAA Bank's most popular products are its Yield Pledge Checking and Yield Pledge Money Market Account. Both accrue interest at a competitive rate. Your interest rate will depend on your balance tier.

  • 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

  • TIAA's basic checking and/or savings accounts have no monthly fee. It only requires a low $25 minimum deposit to open.

  • 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

  • There is no high-yield savings account option. It only offers checking and money market for its Yield Pledge accounts that offer competitive interest rates. The basic savings account's APY is a little lower than rates offered by other online banks, though yields are still competitive.

  • 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 $500 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 $500 that isn't affected by the market, TIAA Bank offers a variety of options at competitive rates. It guarantees that the yield on your Yield Pledge Checking or Money Market Account account will stay in the top 5% of competitive accounts offered in the U.S. banking market.

Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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