Editorial Review

TIAA Bank Review: Checking, Savings and CDs

TIAA Bank, formerly known as EverBank, offers strong deposit accounts and a good banking experience.

Margarette BurnetteApril 3, 2019

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Overall bank rating

TIAA Bank
  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.5

NerdWallet rating 

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.

Pros

  • CDs with great rates.

  • Large ATM network.

Cons

  • Small number of branches.

  • Expensive overdraft fee.

Full review

TIAA Bank Basic Savings

TIAA Bank Basic Savings

4.5

NerdWallet rating 
APY

1.01%

With $0 minimum balance

You need just $25 to open TIAA's Basic Savings account.

If you keep an average daily balance of $25 in your savings account, you can avoid a $5 monthly fee.

The basic savings account earns 1.01% APY, which is more than you’ll find at big banks, but other online banks have higher returns.

TIAA Bank Basic Checking

TIAA Bank Basic Checking

4.0

NerdWallet rating 
Monthly Fee

$5.00

Waived with $25 minimum balance

You need only $25 to open a TIAA Bank Basic Checking account.

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.

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

TIAA Bank CD

TIAA Bank CD

4.5

NerdWallet rating 
APY

1.05%

Minimum Deposit

$5,000

The Yield Pledge CD earns 1.05% APY for a one-year term. That’s one of the best rates around.

A five-year Yield Pledge CD earns 1.50% 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.

You’ll need $5,000 to open a Yield Pledge CD, which has TIAA Bank’s best CD rates.

Banking experience

4.0

NerdWallet rating 

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.

There are 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.

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

Overdraft fees

4.0

NerdWallet rating 

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

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.

TIAA Bank Basic Savings

TIAA Bank Basic Savings

4.5

NerdWallet rating 
APY

1.01%

With $0 minimum balance

You need just $25 to open TIAA's Basic Savings account.

If you keep an average daily balance of $25 in your savings account, you can avoid a $5 monthly fee.

The basic savings account earns 1.01% APY, which is more than you’ll find at big banks, but other online banks have higher returns.

How does TIAA Bank compare?

RATING 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, banking 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.