TIAA Bank Review: Checking, Savings and CDs
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Overall bank rating
4.0
Pros
- CDs with highly competitive rates.
- Large ATM network.
- Interest checking with a low minimum balance requirement.
Cons
- Very few branches, all in Florida.
- Overdraft fee charged without a linked TIAA account or line of credit.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe basic savings account earns 0.80% 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 0.10% APY on your balance.
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
4.0
/5 NerdWallet ratingThe Basic CD earns 2.30% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 0.31%.
A five-year Basic CD earns 2.85% 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
3.5
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
4.0
NerdWallet ratingTIAA Bank’s nonsufficient funds fee is $30 per transaction. To avoid this fee, the bank offers free overdraft transfers. The funds to cover any overdraft need to come from a linked TIAA account or line of credit.
Customers who don’t have linked accounts will be charged the nonsufficient funds fee.
TIAA Bank limits nonsuffucient funds fee charges to a maximum of two times a day, unlike some other banks that charge three or more times a day. The bank's $30 fee is also lower than the national median of about $34, but if you have two or more transactions on an overdrawn account, you could still face up to $60 in charges in one day.
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe basic savings account earns 0.80% 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 0.10% APY on your balance.
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
4.0
/5 NerdWallet ratingThe Basic CD earns 2.30% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 0.31%.
A five-year Basic CD earns 2.85% 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.
3.5
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.
4.0
NerdWallet ratingTIAA Bank’s nonsufficient funds fee is $30 per transaction. To avoid this fee, the bank offers free overdraft transfers. The funds to cover any overdraft need to come from a linked TIAA account or line of credit.
Customers who don’t have linked accounts will be charged the nonsufficient funds fee.
TIAA Bank limits nonsuffucient funds fee charges to a maximum of two times a day, unlike some other banks that charge three or more times a day. The bank's $30 fee is also lower than the national median of about $34, but if you have two or more transactions on an overdrawn account, you could still face up to $60 in charges in one day.
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.
