TIAA Bank Review: Checking, Savings and CDs
TIAA Bank, formerly known as EverBank, offers strong deposit accounts and a good banking experience.
Overall bank rating
Savings
Checking
CD rates
Banking experience
Overdraft fees
4.0
The bottom line: TIAA Bank, formerly known as EverBank, gives savers some nice options for parking their money. CD rates historically have been competitive, and the money market account has a solid introductory rate. The APY on its interest checking account is a bright spot too. But there are caveats, including a fairly hefty minimum deposit to open a premium money market account.
Pros
CDs with decent rates.
Large ATM network.
Interest checking with a low minimum balance requirement and strong introductory rate.
Cons
Small number of branches.
Expensive overdraft fee.
Full review
TIAA Bank Basic Savings
4.5
NerdWallet ratingAPY
0.50%
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. Though some 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.
The basic savings account earns 0.50% APY, which is more than you’ll find at big banks, but other online banks have higher returns.
TIAA Bank Yield Pledge® Checking
4.5
NerdWallet ratingMonthly Fee
$0
APY
0.40%
With $100 minimum balance
You need $100 to open a TIAA Bank Yield Pledge 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.
After earning 0.40% APY in the first year with this interest checking account (provided your balance is less than $250,000), you’ll continue to earn 0.15% APY interest for balances under $25,000. Interest checking is relatively rare, and the introductory rate is higher than many accounts without requiring additional qualifications.
TIAA Bank Basic CD
3.5
NerdWallet rating1-year APY
0.50%
3-year APY
0.70%
5-year APY
0.80%
Minimum Deposit
$1,000
The Basic, or standard, CD earns 0.50% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 0.15%.
A five-year Basic CD earns 0.80% APY. If you can afford to lock away your money for a fixed time period, you can lock into a rate that beats those of regular savings accounts.
To open a Basic CD, you’ll need at least $1,000, a somewhat lower minimum than other online banks.
Banking experience
3.5
NerdWallet ratingRepresentatives are available during extended hours seven days a week 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 only 10 branches. TIAA Bank’s parent company acquired Jacksonville, Florida-based EverBank in 2017, and all 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
4.5
NerdWallet ratingTIAA 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.
While some other banks charge overdraft fees three or more times a day, TIAA overdraft fees are limited to being 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 still face up to $60 in charges in one day.
TIAA Bank Basic Savings
4.5
NerdWallet ratingAPY
0.50%
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. Though some 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.
The basic savings account earns 0.50% APY, which is more than you’ll find at big banks, but other online banks have higher returns.
TIAA Bank Yield Pledge® Checking
4.5
NerdWallet ratingMonthly Fee
$0
APY
0.40%
With $100 minimum balance
You need $100 to open a TIAA Bank Yield Pledge 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.
After earning 0.40% APY in the first year with this interest checking account (provided your balance is less than $250,000), you’ll continue to earn 0.15% APY interest for balances under $25,000. Interest checking is relatively rare, and the introductory rate is higher than many accounts without requiring additional qualifications.
TIAA Bank Basic CD
3.5
NerdWallet rating1-year APY
0.50%
3-year APY
0.70%
5-year APY
0.80%
Minimum Deposit
$1,000
The Basic, or standard, CD earns 0.50% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 0.15%.
A five-year Basic CD earns 0.80% APY. If you can afford to lock away your money for a fixed time period, you can lock into a rate that beats those of regular savings accounts.
To open a Basic CD, you’ll need at least $1,000, a somewhat lower minimum than other online banks.
3.5
NerdWallet ratingRepresentatives are available during extended hours seven days a week 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 only 10 branches. TIAA Bank’s parent company acquired Jacksonville, Florida-based EverBank in 2017, and all 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.
4.5
NerdWallet ratingTIAA 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.
While some other banks charge overdraft fees three or more times a day, TIAA overdraft fees are limited to being 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 still face up to $60 in charges in one day.
How does TIAA Bank compare?
Member FDIC | Deposits are FDIC Insured | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
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.
