TIAA Bank Review: Checking, Savings and CDs
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Overall bank rating
- Savings
- Checking
- CD rates
- Banking experience
- Overdraft fees
4.5
Editor’s note: TIAA is selling its consumer banking business. TIAA Bank will have new owners and a new name after the sale closes, which is projected to be in 2023. The bank’s products and services are not expected to change.
TIAA Bank, formerly known as EverBank, is an online-focused bank that gives savers some nice options for parking their money. CD rates are competitive, and the interest checking account has a low minimum balance requirement. But there are caveats, including minimal branch access.
Best for: Those who want to earn some of the best rates on CDs, have access to a large ATM network and are unlikely to need in-person services.
Pros
- CDs with competitive rates.
- Large ATM network.
- Interest checking with a low minimum balance requirement.
Cons
- Very few branches, all in Florida.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe basic savings account earns 3.70% APY, which is more than you’ll find at some big banks, and on par with some of the best rates from other online banks.
You need just $25 to open an account. If you keep an average daily balance of $25 in your savings account, you can avoid a $5 monthly fee. Though other banks offer savings accounts with no monthly fee, the minimum requirement to get TIAA’s fee waived is low and the account’s interest rate is competitive.
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Checking
Member FDIC
4.5
/5 NerdWallet ratingYou need $100 to open a TIAA Bank Yield Pledge Checking account, and you’ll earn 0.12% APY for balances under $50,000.
TIAA offers more than 80,000 fee-free ATMs, and 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.
CD
Member FDIC
4.5
/5 NerdWallet ratingThe Basic CD earns 4.65% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 1.49%.
A five-year Basic CD earns 3.85% APY. If you can afford to lock away your money for that long, you can lock into a rate that beats those of regular savings accounts. (Compare how much you’d earn with the best savings accounts.)
To open a Basic CD, you’ll need at least $1,000, a somewhat lower minimum than some other online banks that require a minimum deposit of $1,500 to $5,000.
Banking experience
4.0
NerdWallet ratingRepresentatives are available by phone on weekdays from 8 a.m. to 8 p.m. and on the weekends from 9 a.m. to 7 p.m. ET. You can also reach out for help on Twitter.
The mobile app offers check deposit and bill pay. It also earns high ratings in the app stores.
There are only nine branches, all in Florida. But, TIAA offers free access to more than 80,000 ATMs, plus fee reimbursements for out-of-network ATMs.
Overdraft fees
4.5
NerdWallet ratingTIAA Bank doesn’t charge an overdraft or nonsufficient funds fee if you overdraw your account. It generally declines transactions that go negative. Another option is its overdraft protection program which offers free overdraft transfers.
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe basic savings account earns 3.70% APY, which is more than you’ll find at some big banks, and on par with some of the best rates from other online banks.
You need just $25 to open an account. If you keep an average daily balance of $25 in your savings account, you can avoid a $5 monthly fee. Though other banks offer savings accounts with no monthly fee, the minimum requirement to get TIAA’s fee waived is low and the account’s interest rate is competitive.
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Checking
Member FDIC
4.5
/5 NerdWallet ratingYou need $100 to open a TIAA Bank Yield Pledge Checking account, and you’ll earn 0.12% APY for balances under $50,000.
TIAA offers more than 80,000 fee-free ATMs, and 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.
CD
Member FDIC
4.5
/5 NerdWallet ratingThe Basic CD earns 4.65% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 1.49%.
A five-year Basic CD earns 3.85% APY. If you can afford to lock away your money for that long, you can lock into a rate that beats those of regular savings accounts. (Compare how much you’d earn with the best savings accounts.)
To open a Basic CD, you’ll need at least $1,000, a somewhat lower minimum than some other online banks that require a minimum deposit of $1,500 to $5,000.
4.0
NerdWallet ratingRepresentatives are available by phone on weekdays from 8 a.m. to 8 p.m. and on the weekends from 9 a.m. to 7 p.m. ET. You can also reach out for help on Twitter.
The mobile app offers check deposit and bill pay. It also earns high ratings in the app stores.
There are only nine branches, all in Florida. But, TIAA offers free access to more than 80,000 ATMs, plus fee reimbursements for out-of-network ATMs.
4.5
NerdWallet ratingTIAA Bank doesn’t charge an overdraft or nonsufficient funds fee if you overdraw your account. It generally declines transactions that go negative. Another option is its overdraft protection program which offers free overdraft transfers.
How does TIAA Bank compare?
 LendingClub High-Yield Savings Member FDIC |  SoFi Checking and Savings Member FDIC |  Discover Bank Online Savings Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 |
APY 4.25% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 3.60% With $0 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus $200 Requirements to qualify |
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.
