TIAA Bank Review 2022 – The benefits explained
- A debit card with additional protections – The TIAA Bank debit card comes with some features typically found with credit cards: extended warranty protection for up to one year, price protection for up to 60 days after purchase, and return within 90 days of purchase.
- A current account that earns interest – TIAA Bank checking accounts earn some interest. It offers 0.10% APY and their return promise (guarantee that your return will always be high.)
- An extensive network of ATMs – TIAA Bank offers its customers more than 80,000 ATMs nationwide. If you maintain a balance of at least $5,000 in your account, TIAA Bank will waive other institutions’ ATM fees when you use an out-of-network ATM. Otherwise, up to $15 per month of ATM fees will be waived.
Disadvantages Explained
- Not many brick and mortar locations – If you want to set foot in a branch and talk to a human, there are limited locations in the United States.
- Higher interest rates can be found elsewhere – Although the introductory APY for the money market account and the verification of the yield commitment are higher than the national average after the end of the introductory rate, you can probably find a higher interest rate via other online banks only.
Who is TIAA Bank for?
TIAA Bank should appeal to most customers who want a full range of services with online banking only. This might be particularly suitable for those who:
- You want to access a large network of ATMs
- Can meet their minimum balance requirements to waive monthly account fees
- You want to take advantage of a debit card with additional benefits
- I would like to see different options for certificates of deposit (CD)
What does TIAA Bank offer?
TIAA Bank offers different types of accounts and services:
- Savings account
- Current account
- Money market account
- CD
- Credit card
- A range of online tools and services
- Different ways to access customer service
Savings account
Basic savings
TIAA Bank’s Basic Savings Account only requires $25 to open one. If you keep at least $25 in your account, the monthly account fee is waived. If you don’t, you pay a $5 per month fee. If you reside in Rhode Island, the minimum deposit and monthly account fees are waived.
| Basic savings | |
|---|---|
| Basic savings | APY in progress |
| All sales | 1.30% |
Verify Accounts
Basic verification
The TIAA Bank Basic Checking Account has a minimum deposit of $25 to get started. To waive the $5 monthly account fee, you will need to maintain a balance of $25. New York residents do not pay monthly account fees and are not required to have the minimum amount to open.
Verification of performance promises
There is a $100 minimum to open an account. TIAA Bank’s check allows you to earn interest. The current progressive rate is 0.10% APY.
TIAA Bank promises that its APY rates remain competitive and are among the top 5% interest rates. There are no monthly maintenance account fees and for balances below $5,000 you get up to $15 reimbursed per month for out-of-network ATM fees. You also get special benefits with your debit card: purchase protection, return protection and extended warranty protection.
| Verification rate of performance promises | |
|---|---|
| Balance | APY in progress |
| $0 to $9,999.99 | 0.10% |
| $10,000 to $24,999.99 | 0.10% |
| $25,000 to $49,999.99 | 0.10% |
| $50,000 to $99,999.99 | 0.10% |
| $100,000 or more | 0.10% |
Money market account
Performance-backed money market account
TIAA Bank’s Money Market Account has no monthly account fees and requires a minimum deposit of $500 to get started. At 1.20% APY with the TIAA Yield Pledge, it might be worth considering, especially if you want some liquidity with your money.
| Money market rate | |
|---|---|
| Balance | APY in progress |
| $0 to $9,999.99 | 1.20% |
| $10,000 to $24,999.99 | 1.20% |
| $25,000 to $49,999.99 | 1.20% |
| $50,000 to $99,999.99 | 1.20% |
| $100,000 or more | 1.20% |
$1,000 is the minimum deposit required to open a CD at TIAA Bank
CD
Basic CDs
TIAA Bank CDs range from three months to five years. You need a minimum of $1,000 to sign up for a CD. The prices are as follows:
| Basic CD prices | |
|---|---|
| Term | APY |
| three month CD | 0.90% |
| six month CD | 1.30% |
| nine month CD | 1.40% |
| one year cd | 2.30% |
| one and a half year old cd | 2.40% |
| two year CD | 2.50% |
| Two and a half year old CD | 2.60% |
| three year CD | 2.65% |
| four year CD | 2.75% |
| five year CD | 2.85% |
If you withdraw early, you will be hit with a penalty.
| Basic CD Penalties | |
|---|---|
| Term | Sadness |
| One year or less | 91 days simple interest on the principal amount withdrawn |
| One to three years | 228 days of simple interest on the principal amount withdrawn
|
| Three years or more | 273 days of simple interest on the principal amount withdrawn |
IntraFi® Network Deposits™ Service
For those with a lot of cash to stash in a CD, TIAA Bank offers you a way to deposit funds at other banks in its network. This is how you can access millions of dollars in Federal Deposit Insurance Corporation (FDIC) insurance, up from the standard $250,000 per account. You’ll need at least $10,000 to open a CD through this service, and there are funding limits.
| IntraFi® Network Deposits™ Funding Rates and Limits | ||
|---|---|---|
| Term | Funding limits | APY |
| three month CD | $8.0M | 0.10% |
| six month CD | $8.0M | 0.15% |
| one year cd | $8.0M | 0.15% |
| two year CD | $1.0M | 0.20% |
| three year CD | $0.5M | 0.20% |
Shock Rate CD
Only for CDs with a term of three and a half years, if the interest rate increases during the term of your CD, you can “raise” the existing rate of the CD to the new one. Note that you can only do this once and for one account.
Credit card
TIAA Bank currently offers a credit card, which is its Rewards credit card.
Other financial products offered by TIAA Bank
TIAA Bank also offers a handful of other services and products:
- Individual Retirement Account (IRA)
- Mutual fund
- Annuities
- Brokerage services
- 529 Education savings plans
- Managed investment portfolios
TIAA Customer Service
Whether you are banking or using their brokerage or consulting services, TIAA offers live customer support. Depending on the products, the times vary and are as follows:
- Banking: weekdays 8 a.m. to 8 p.m. and weekends 9 a.m. to 7 p.m. EST
- Credit and debit cards: 24/7
- Brokerage Services: Weekdays, 8:00 a.m. to 7:00 p.m. EST
- Individual Advisory Services: Weekdays, 8:00 a.m. to 7:00 p.m. EST
As you would expect from an online-only bank, TIAA Bank offers a variety of tools that you can access on your phone or desktop computer. You can pay bills, receive payment alerts, and set up automatic bill payment. Plus, you can create a budget and savings goals and send money to friends and family via Zelle.
For assistance with banking issues, TIAA’s customer support team is available seven days a week, 8 a.m. to 8 p.m. Monday through Friday and 9 a.m. to 7 p.m. Saturday through Sunday. EST. If your debit or credit card is lost or stolen, 24-hour service is available.
How to bank with TIAA Bank
As with other online-only financial institutions, you can open a TIAA account online. Do you have questions before registering? You can contact their customer support or dig into their help center.
Verdict
TIAA Bank could be a good option for those who want an online bank this allows them to easily get cash from an ATM and make many purchases with their debit card. If you’re considering opening an account with an online-only bank, you’ll likely be able to find higher interest rates elsewhere.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks including available products, interest rates, fees and affordability to ensure our content helps users make the right decision for their banking needs. savings and banking.