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TIAA Bank Review: CDs, Savings, Checking

April 3, 2019
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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TIAA Bank

4.0 NerdWallet rating

Where TIAA Bank shines:

  • CDs with great rates.
  • Large ATM network.
  • Checking account service fee is waived with a $25 minimum balance.

Where TIAA Bank falls short:

  • Small number of branches.
  • Expensive overdraft fees.

Where TIAA Bank shines:

  • CDs with great rates.
  • Large ATM network.
  • Checking account service fee is waived with a $25 minimum balance.

Where TIAA Bank falls short:

  • Small number of branches.
  • Expensive overdraft fees.

Where TIAA Bank shines:

  • CDs with great rates.
  • Large ATM network.
  • Checking account service fee is waived with a $25 minimum balance.

Where TIAA Bank falls short:

  • Small number of branches.
  • Expensive overdraft fees.

 

The bottom line

TIAA Bank, formerly known as EverBank, gives savers some nice options for parking 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 its basic checking account is a bright spot, too. But there are caveats, including a fairly hefty minimum deposit to open a premium CD or money market account.
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.

Checking accounts

3.5 / 5.0

You need only $25 to open a TIAA Bank basic checking account.

More upsides

ATM fee reimbursements. If your balance is less than $5,000, TIAA bank will reimburse up to $15 in non-network ATM fees. If your daily average balance is more than that, reimbursements are unlimited.

Easy to waive monthly fees. Keep a $25 daily average balance, and you are not charged the $5 monthly fee. (New York residents have no monthly fee at all).

A downside

No interest. It’s harder to grow your bank balance when your money has an interest rate of zero.

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

Account reviewed for rating: Basic Checking.

Savings and money market accounts

4.5 / 5.0

Upsides

Low minimum opening deposit. You need just $25 to open a basic savings account.

Easy to waive the monthly fee. Just as with checking, if you keep an average daily balance of $25 in your savings account, you can avoid a $5 monthly fee.

Stellar money market account. The premium Yield Pledge money market account comes with a generous 2.15% introductory interest rate in the first year for new customers. The rate earned TIAA Bank a spot on NerdWallet’s list of best money market accounts.

Downsides

Ho-hum savings rates. The basic savings account earns 1.10% APY, which is more than you’ll find at big banks, but other online banks have higher returns.

High money market minimum deposit. TIAA Bank’s premium money market account earns a much better return, 2.15% APY, but you’ll need at least $5,000 to open an account.

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

Account reviewed for rating: Basic Savings.

Certificates of deposit

4.5 / 5.0

TIAA Bank offers a range of standard and premium CDs.

Upsides

The premium Yield Pledge CD earns 2.10% APY for a one-year term. That’s one of the best rates around.

Longer term CDs earn even better rates. A five-year Yield Pledge CD, for example, earns 2.20% APY. 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.

A downside

High-yield CDs have high minimum deposits. You’ll need $5,000 to open a Yield Pledge CD, which has TIAA Bank’s best CD rates. You can open a standard CD for as little as $1,000, but it earns slightly lower rates. A one-year standard CD, for example, earns 2.00% APY.

Account reviewed for rating: Yield Pledge CD.

See how TIAA Bank’s CDs compare

TIAA Bank
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Barclays

at Barclays,

Member, FDIC



1-year APY


2.10%



3-year APY


2.15%


5-year APY



2.20%



Minimum deposit



$5,000





1-year APY


2.10%



3-year APY


2.15%


5-year APY



2.25%



Minimum deposit



$500





1-year APY


2.10%



3-year APY


2.10%


5-year APY



2.20%



Minimum deposit



No minimum



Compare more banks and CD rates here

Bank experience

4.0 / 5.0

Upsides

Customer service. Representatives are available 24/7 by phone and during normal business hours on Twitter.

Mobile apps offer check deposit and bill pay. They also earn above average ratings in the app stores.

A downside

Fewer than 20 branches. TIAA Bank’s parent company acquired Jacksonville, Florida-based EverBank in 2017, and most of the bank’s branches are in the Sunshine state. (Note: This page used to be an EverBank review, but has been updated post-acquisition.)

If you open an account and don’t live near a branch, expect to do most of your banking online.

Overdraft fees

3.5 / 5.0

Upside

TIAA Bank offers free overdraft transfers. The funds to cover any overdraft need to come from a linked TIAA account or line of credit.

Downsides

The nonsufficient funds fee is $30 per transaction. For customers who don’t have linked accounts, there is a steep cost for overdrawing.

Overdraft fees can be charged up to twice a day. The $30 fee is lower than the national median of about $34, but if you have two or more transactions on an overdrawn account, you could face up to $60 in charges in one day.

Parking your cash

TIAA Bank provides savers with some good options for stashing their money, as long as they can avoid overspending. If you’re looking for a bank with decent CD rates and don’t mind doing most of your banking online, this institution is worth a look.


ratings 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, bank 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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