TIAA Bank
Fees
Minimum Deposit
Current Promotion
APY Savings
The bank claims to have an enduring service history in the financial industry, although the TIAA Bank brand came into existence only in 2018. This is because the bank was born in 2017 out of a sale of EverBank, a bank that has been in service since 1998. In 2018, they rebranded EverBank with TIAA Direct to come out with the new TIAA Bank.
The bank primarily focuses on catering to the financial needs of non-profits, institutions, and educators in the country. This is understandable because the bank’s owner is the Teachers Insurance and Annuity Association. Customers can remotely access and manage their accounts through digital technology or in-person at financial centers all over Florida or home lending offices across the U.S.
You’d find that TIAA Bank strays somewhat from the usual mold of an online bank. When most online banks have no or little minimum opening deposit requirements, the bank asks for a steep initial deposit for many of its accounts. For example, you must shell out $5,000 to open a Yield Pledge Checking account.
- Varied banking products
- Large fee-free ATM network
- Mobile check deposit
- Mobile check deposit
- Interest on checking account balance
- Fees
- No Promotions
TIAA Bank Review
Savings Account
The bank’s Basic Savings account is indeed basic – it is good for those who want to start building a savings history. Although it doesn’t match up very well with other online banks’ savings accounts in terms of interest rates, it has standard features that would sit well with a first-time depositor.
For those looking to earn more with their money, the TIAA savings rate is way above the national average. However, there are some banks which offer more – the Amex savings account offers 3.50%, while the CIT bank savings connect offers 4.20% APY.
Checking Account
Depositors can choose from two types of checking accounts according to their ability to meet the minimum deposits.
The features are almost identical except that the Yield Pledge Checking account pays interest on the deposits. Clients must maintain at least $5,000 in their checking accounts to enjoy unlimited ATM fee reimbursements.
Although there is an attractive intro APY for the Yield Pledge Checking, the regular rates are not as awesome as what you can find in the market today.
Certificate Of Deposits (CDs)
Initial Deposit
Minimum Balance
APY
TIAA offers CD rates that are one of the best in the industry. Also, you can choose any term between 3 months to 5 years.
A major plus is that the Yield Pledge comes with a promise of a high rate when opening or rolling over a CD.
Money Market Account
The Yield Pledge Money Market account is just about an average product when you place it side-by-side with other banks’ money market account.
It’s easy to notice that TIAA asks for a higher minimum deposit but offers a decent return for your money. It also comes with a Yield Pledge promise just like the Yield Pledge CD account.
TIAA Rewards Credit Card
The Yield Pledge Money Market account is just about an average product when you place it side-by-side with other banks’ money market account.
It’s easy to notice that TIAA asks for a higher minimum deposit but offers a decent return for your money.
It also comes with a Yield Pledge promise just like the Yield Pledge CD account.
The TIAA Rewards Credit Card is a client credit card which means that for you to be eligible to get the card, you have to have an account with the bank.
Here are its main features:
- No annual fee
- APR from 11.50% to 25.25%
- Cashback or reward points available
- Mobile payments available
- Free access to FICO Scores
It is Visa-powered and provides cardholders the opportunity to earn cashback or get reward points from their purchases.
Eligible gas and grocery purchases earn the highest rewards per dollar spent while eligible purchases at wholesale clubs come in second.
The best thing about this card is that the bank does not collect an annual fee and gives customers free access to FICO Scores. Military servicemen are also eligible for military relief options under the Servicemembers Civil Relief Act (SCRA) through this card.
Eligible cardholders under this program can get reduced credit card rates. The card’s APR is a little higher than the industry average.
TIAA Bank - The Benefits
We like the bank because it offers a wide range of products, from checking and savings accounts to CDs, money markets, and credit cards. They also have loan products and investment accounts. Having a bank that can provide the full array of common bank products that a typical customer might need is good. One does not have to open another account in another bank just because it’s unavailable in your primary bank.
The bank offers high-interest deposit rates for most of its products. This is a big thing for customers. And the fact that they have a Yield Pledge promise on some of their accounts makes it doubly interesting, especially for those who are very particular about interest.
We don’t mind parking a significant amount in an account if we get a reasonable return on interest.
Waiver of the monthly fees is the trade-off for maintaining a much higher minimum deposit. Although you can get this same benefit from other banks, we’re still glad that we don’t have to pay for many services.
TIAA Bank - The Drawbacks
With its mission to cater to the educators, not-for-profits, and institutions, it’s perplexing why their savings account cannot compete with other online banks. One can’t help but feel that the product is there just for the sake of having one on the menu.
The high opening balances are also a turnoff. Immediately, the bank alienates a segment of the consumers with its high requirements. It almost seems like if one does not have that kind of money, the bank’s door is not open for you.
Although they have a nationwide reach, their own ATM network only covers the state of Florida. This means that you only get free ATM access if you use your card within the state. For other states, you can get an ATM fee reimbursement but it’s not 100% if you can’t meet the minimum deposit requirement.
Alternatives Banks For Consideration
Here are our alternatives to TIAA Bank:
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.00%
| 4.20%
| 3.40% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
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