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TIAA Bank Review: CDs, Savings, Checking

June 21, 2018
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

TIAA Bank
NerdWallet rating: 3.5/5.0

Where TIAA Bank shines:

  • CDs with great rates
  • Savings account yields are good, too
  • Checking monthly service fee is easily waived with a $25 minimum balance

Where TIAA Bank falls short:

  • Small ATM network; third-party ATM fees reimbursed only with checking balance of $5,000
  • 0.61% on basic savings is just so-so

Where TIAA Bank shines:

  • CDs with good rates
  • Savings account yields are good, too
  • Checking monthly service fee is easily waived with a $25 minimum balance

Where TIAA Bank falls short:

  • Small ATM network; third-party ATM fees reimbursed only with checking balance of $5,000
  • 0.61% on basic savings is just so-so

Where TIAA Bank shines:

  • CDs with top rates
  • Savings account yields are good, too
  • Checking monthly service fee is easily waived with a $25 minimum balance

Where TIAA Bank falls short:

  • Small ATM network; third-party ATM fees reimbursed only with checking balance of $5,000
  • 0.61% on basic savings is just so-so

 

The bottom line

TIAA Bank

at TIAA Bank,

Member, FDIC

TIAA Bank, formerly known as EverBank, provides savers with some nice options for stashing their money. CD rates are some of the best available, and the money market account has an attractive introductory rate. The low minimum balance to avoid fees on checking is a bright spot, too. But there are caveats including a fairly hefty deposit to open a high-yield CD or money market account, and a small ATM network as well.
Best if: You’re looking for a bank with good rates and don’t mind doing most of your banking online.


Read on for details on TIAA Bank’s checking, savings, CDs, overdraft fees and more.

Certificates of deposit


4.5 / 5.0
The minimum opening deposit for a TIAA Bank basic CD is $1,000, which is about standard for large banks. But the rates are above average. The high-yield CD has even better rates, nearing 3%. The minimum deposit, however, is $5,000. If you can afford to lock away your money for a fixed time period, you could easily get a rate that soundly beats those of regular savings accounts.

Account reviewed for rating: Yield Pledge CD.

See how TIAA Bank’s CDs compare

EverBank









1-year APY


2.45%



3-year APY


2.55%


5-year APY



3.00%



Minimum deposit



$5,000





1-year APY


2.45%



3-year APY


2.55%


5-year APY



3.00%



Minimum deposit



$500





1-year APY


2.45%



3-year APY


2.55%


5-year APY



3.00%



Minimum deposit



No minimum



Compare more banks and CD rates here

Checking


NerdWallet’s rating: 3.5 / 5.0

TIAA Bank’s basic checking account requires only $25 to open. It’s not a free account — there’s a $5 monthly fee — but the service charge is easily waived. You just need to keep an average daily balance of at least $25. The basic account doesn’t earn interest, however. To have that option, you’ll need at least $5,000 to open a premium checking account.

ProsCons
  • No ATM fees; third-party ATM owners' fees reimbursed if you keep a balance of $5,000
  • Just $25 balance needed to waive $5 monthly fee
  • Low minimum opening deposit of $25
  • No interest
  • Small network of ATMs makes it hard to deposit cash
  • For those who can't keep a balance of $5,000, a small ATM network can result in out-of-network ATM charges
Account reviewed for rating: Basic Checking. 

» Want to compare TIAA Bank’s rates and features with competitors? Check out NerdWallet’s best online checking accounts.

Savings


4.5 / 5.0

TIAA Bank’s basic savings account is affordable. There’s a $5 monthly fee that’s easy to get waived; just keep an average daily balance of at least $25. There’s also a money market account with a generous 1.60% introductory interest rate for new customers. The rate earned TIAA Bank a spot on NerdWallet’s list of best money market accounts. You’ll need at least $5,000 to open it. The promotional rate lasts for one year and applies to balances up to $250,000. After a year, a solid rate of 1.10% kicks in for balances of less than $10,000, with slightly higher yields for higher balances.

For both basic savings and MMAs, you can find higher rates at other online banks.

ProsCons
  • Low minimum opening deposit of $25
  • Low balance requirement of $25 to waive $5 monthly fee
  • 0.61% APY on basic savings, which is better than nothing, but you can find a better rate at other online banks
Account reviewed for rating: Basic Savings.

» Find savings accounts with no monthly fees in our roundup of best savings accounts.

Bank experience


3.0 / 5.0

TIAA Bank was formerly EverBank but was acquired by the financial services giant TIAA last year. The bank has fewer than 20 branches, most of them in Florida. If you open an account, expect to do most of your banking online.

Customer service representatives are available 24/7 by phone and during normal business hours on Twitter. TIAA Bank offers mobile apps for iOS and Android devices, but reviews contain several complaints about glitches.

Overdraft fees


3.5 / 5.0

TIAA Bank offers free overdraft transfers from a linked account or line of credit. Without overdraft protection, the nonsufficient funds fee is $30 per transaction, up to twice a day. The fee is a little lower than the national median of around $34.


METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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