Banking » Reviews » TIAA Bank CD Rates, September 2023
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TIAA Bank CD Rates, November 2023

TIAA Bank offers competitive interest rates on its CDs and customers can pick any term between 3 months to 60 months
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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TIAA Bank offers certificate of deposit (CD) accounts as one of its savings products. TIAA CDs are a type of savings account where you deposit a fixed amount of money for a set period of time,  ranging between 3 months – 5 years . 

TIAA Bank CDs

APY Range

3.95% – 5.50%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Our Rating

4.6
4.6/5

TIAA Bank CDs

APY Range

3.95% – 5.50%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Our Rating

4.6
4.6/5

TIAA Bank CD Rates

TIAA Bank offers competitive interest rates on its CDs, which are generally higher than the rates offered on traditional savings accounts. The interest rate you earn will depend on the term of the CD and the amount you deposit.

What's good with TIAA CDs is the variety of terms; each of them offers a competitive rate. For example, if you're looking for the 9-month CD, TIAA offers 5.25% APY, which is among the top CD rates for this term.

It's a good idea to compare TIAA Bank's CD rates and terms with those offered by other banks and credit unions.

CD Term
APY
3 Months
4.00%
6 Months
4.00%
9 Months
5.25%
12 Months
5.00%
18 Months
4.60%
24 Months
4.40%
30 Months
4.10%
36 Months
4.10%
48 Months
4.05%
60 Months
3.95%

How Much Can You Earn If You Deposit $100,000 Today?

The interest rate provided by the financial institution, the CD's term, and the frequency of interest payments are just a few variables that will affect how much you can make from investing $100,000 in a TIAA certificate of deposit (CD).

For instance, if you invest $100,000 in a TIAA Bank CD and assume that interest increases daily and there are no early withdrawal penalties, the predicted earnings (before taxes) are as follows:

CD Term
Interest Earned
3 Months
$742
6 Months
$1,641
9 Months
$2,927
12 Months
$4,435
18 Months
$6,647
24 Months
$8,852
30 Months
$10,365
36 Months
$11,900
48 Months
$15,488
60 Months
$18,546

Naturally, the earnings are higher for the longer terms. Therefore, if you choose to put your money in 5-year CDs, you'll get the highest earnings (but not the highest APY).

How TIAA Bank CDs Work

TIAA CDs can be a good option for individuals who are looking for a low-risk way to save and grow their money, as long as they are willing to lock their funds into the CD for the entire term.

TIAA Bank requires a minimum deposit of $1,000 to open a CD account. Like all deposits at FDIC-insured banks, TIAA Bank CDs are insured up to $250,000 per depositor, per bank, for each account ownership category.

If you withdraw funds from a CD before its maturity date, you will be subject to an early withdrawal penalty of one-fourth of the total interest earned. This penalty can reduce the amount of interest you earn on your CD and may also reduce the principal amount of your deposit. If you may need to withdraw your money, you may want to take a look on savings accounts or no-penalty CDs.

Given the significant rate difference between CDs with durations less than a year and CDs with terms of a year or longer, 12-month CDs at TIAA Bank appear to be a sweet spot, providing you with good returns with a relatively short lock-in period.

TIAA Bank Certificates Rates vs Savings Rates

The value proposition behind CDs is that you receive a higher interest rate in exchange for limiting your access to your money.  Savings accounts normally have a little bit lower rates, but they also allow withdrawals immediately rather than making you wait for the account to mature.

Savings accounts from TIAA pay 5.15% interest, which is higher rate as the bank's certificates of deposit for maturities less than 6 months.

There is little need for TIAA customers to open a 6- or 3-month CD unless they are concerned about interest rates decreasing. Additionally, there are no monthly fees and low balance requirements for the savings account. 

CDs
Savings
APY
3.95% – 5.50%
5.15%
Minimum Deposit
$1,000
$25
Fees
$0
$0

About TIAA Bank

TIAA Bank is a U.S. based bank that provides banking and lending services to individuals and institutional clients. TIAA Bank is headquartered in Jacksonville, Florida, and is a division of TIAA, a financial services organization focused on serving the needs of people in the academic, research, medical, and cultural fields.

TIAA is a good online bank, that offers a range of products and services, including checking and savings accounts, mortgages, personal loans, and investment products. They also provide a range of digital banking services, such as online and mobile banking, bill pay, and account management.

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.