TIAA Bank(2022)Review: The Best Way to Bank?

When it comes to finding the best banking options, TIAA Bank is often a top contender. But does it really live up to the hype? In this TIAA Bank review, we’ll take a look at al

l of its products – from checking and savings accounts to CDs – and see how they compare to the competition.
TIAA Bank Review The Best Way to Bank
TIAA Bank Review The Best Way to Bank

Things to know about TIAA Bank

Banking has come a long way over the years. From simple transactions and savings accounts to loans and investments, banks offer their clients a wide variety of products and services. TIAA Bank is one such bank, formed by the merger of EverBank and TIAA Direct in 2018. The bank is headquartered in Jacksonville, FL, and operates in 50 states.

TIAA Bank offers a full range of financial products and services to commercial and institutional clients. It focuses on technology to provide the best possible banking experience for its customers. TIAA is also committed to community involvement, focusing on education, the environment, and economic development.

One thing to note about TIAA Bank is that it has a very strong focus on technology. This means that the bank offers a wide range of online banking services, including mobile banking, to provide its customers with the best possible experience. The bank is also committed to community involvement, focusing on education, the environment, and economic development.

1. Saving account

If you’re looking for a no-frills savings account that offers a decent interest rate, TIAA Basic Savings account is worth considering. This account has a minimum deposit of $25 to open and earns 0.50% APY, higher than the national average. Plus, the monthly account fee gets waived if you keep at least $25 in your account.

However, if your balance falls below $25, you’ll be charged a $5 monthly maintenance fee.

But don’t worry; Rhode Island residents can avoid the maintenance fee altogether. All in all, this is a basic savings account that offers a decent interest rate and doesn’t require a large deposit to open.

Now, let’s check the pros and cons of the TIAA Saving Account.

The Pros:

  • The decent interest rate on savings account
  • No monthly maintenance fee for Rhode Island residents
  • Wide range of online banking services
  • Committed to community involvement
  • The Basic Saving Account is Free.

The Cons:

  • $25 minimum deposit to open a savings account
  • Maintenance fee if balance falls below $25.
  • Other banks provide higher APY savings accounts.

2. TIAA Checking Account

If you’re looking for a bank that offers good interest rates and few fees, TIAA Bank may be a good option. The bank has two checking accounts: Basic Checking and Yield Pledge Checking.

Basic Checking:

This account has a few requirements – you need to deposit and keep $25 in the account to avoid a $5 monthly maintenance fee. The account doesn’t earn interest, but TIAA does reimburse customers for ATM fees other banks charge (with two tiers of reimbursements based on the account balance).

Here are the two tiers of reimbursements based on the account balance:

  • Balances of $5,000 or more: Unlimited ATM fee reimbursements monthly
  • Balances under $5,000: Up to $15 in ATM fee reimbursements monthly

But the problem is Basic Checking account does not earn interest.

Yield Pledge Checking:

The Yield Pledge Checking account is the other checking account option available through TIAA . This account pays 0.10% APY on all balances, and there are no monthly maintenance fees or TIAA ATM fees. Additionally, balances of $5,000 or more get unlimited ATM fee reimbursements for fees charged by other banks, while balances below $5,000 get up to $15 in reimbursements per month.

So if you’re looking for a checking account that pays interest and has no monthly fees, the Yield Pledge Checking account is a good option. And, you’ll get unlimited ATM fee reimbursements for fees charged by other banks if your balance is $5000 or more.

But if you don’t have quite that much money saved up, the Basic Checking account is still a good option – you’ll get up to $15 in ATM fee reimbursements per month.

Whichever account you choose, TIAA Bank is a good option if you’re looking for a bank with few fees and good interest rates.

Pros and Cons of Checking Accounts:

The Pros:

  • No monthly maintenance fees
  • Good interest rates
  • Unlimited ATM fee reimbursements for balances of $5000 or more.

The Cons: 

  • $25 minimum deposit to open a checking account
  • Maintenance fee if balance falls below $25.

3. Money Market Account

TIAA also offers a Money Market Account with a minimum deposit of $500 to open and pays 0.40% APY. This account doesn’t have monthly fees and comes with a pledge to be in the top 5% of competitive money market accounts.

This Money Market is also IRA-eligible, so it’s a good option if you’re looking for an IRA account.

The Pros: 

  • No monthly maintenance fees
  • Pays 0.40% APY
  • IRA-eligible.
  • Pledge to be in the top 5% of competitive money market accounts.

The Cons: 

  • The minimum deposit to open is $500
  • Other banks offer higher APYs.

So, if you’re looking for a bank that offers good interest rates and few fees, TIAA may be a good option. The bank has two checking accounts: Basic Checking and Yield Pledge Checking and a Money Market account. And all of these accounts come with a pledge to be in the top five percent of competitive money market accounts.

4. Certificate of Deposits.

TIAA Bank also offers a wide range of CD options. The terms range from three months to five years, and the APYs range from 0.35% to 1.10%. There are three types of CDs available: Basic CDsBump Rate CDs, and CDARS Service. Let’s discuss one by one:

Basic CDs: 

The Basic CDs have a minimum deposit of $1,000 and offer 0.35% APY to 0.85% APY depending on the term. You can choose from terms of three months to five years. Here are the features of TIAA Bank’s basic certificate of deposit.

  • Terms from 3 months to 5 years available.
  • No monthly account fee.
  • 20-day advanced maturity alert
  • Automatic renewal on maturity
  • $1,000 to open

The CDs are automatic renewal on maturity; however, you will get a 20-day advanced maturity alert, so you will have time to withdraw the money if you don’t want it renewed.

You may also construct a CD ladder with TIAA CDs to accumulate money and protect against rate decreases. Opening several CDs with various maturity dates is part of the CD ladder strategy.

Bump Rate CDs: 

The Bump Rate CD is a little different from the Basic CD. The customer can bump up the rate one time during the term of the CD. Bump Rate CDs only have one term option: 3.5 years. The minimum deposit for a Bump Rate CD is $1,500.

The APY of Bump Rate CD is 0.70% that can be increased once during the term of the CD.

TIAA Bump Rate CDS are IRA-eligible and have the following features:

  • $1500 minimum deposit
  • IRA-eligible.
  • 3.5-year term
  • Automatic renewal on maturity
  • One-time rate increase option during the life of the CD.

You may request a one-time price increase by calling 1-888-882-3837 any time to get your one-time rate bump.

 IntraFi® Network Deposits℠ – CD Option account1 (IntraFi CD)

You want to invest your money, but you’re worried about FDIC insurance coverage.

The FDIC insures deposits up to $250,000 per depositor. But what if you need more than that? What if you have millions of dollars in assets and investments?

IntraFi Network Deposits is the answer for those who need expanded FDIC insurance coverage. As a network member, we’ll use the IntraFi Network Deposits product to distribute your funds into CDs at other banks in the network.

The results for you include broader financial security and the added convenience of working with just one bank. This means that all deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to the coverage limit of $250,000. And there are no account fees or setup charges.

You’ll also be alerted when your CD matures, so you can choose what to do with your funds next. So if you’re looking for a safe and secure way to invest your money, IntraFi Network Deposits is the perfect solution.

5. Credit Cards

TIAA Bank offers only on credit cards is known as Rewards Credit Card. This card offers many features that are good for the customer.

Here are some features of TIAA

Rewards Credit Card:

  • 10.00% to 23.75% Intro APR on purchases and balance transfers
  • No annual fee.
  • 19% to 32.75% APR for cash Advances.

6. Other Financial Products Offered

TIAA Bank also offers several other financial products, including:

  • Individual Retirement Account (IRA)
  • Mutual Funds 
  • Annuities 
  • Brokerage Services
  • 529 Education Savings Plans 
  • Managed Investment Portfolios

 Alternatives of TIAA Bank

There are a few alternatives to TIAA Bank that you may want to consider.

#1. Ally Bank: Ally Bank is a good alternative to TIAA Bank.

It offers many of the same products, including checking, savings, and CDs. It also has a good mobile app and ATM network. The only downside is that it doesn’t offer mutual funds or annuities. So, let’s do a step-by-step comparison with Ally Bank

=>Unique Features: TIAA has a few unique features that make it worth considering. These include IntraFi Network Deposits and the ability to open a CD for as little as $1000, and Ally Bank has a saving account that offers an interest rate of 0.50% APY, which is higher than TIAA savings account.

=> Savings accounts: TIAA offers basic savings accounts with a 0.50%APY. However, you need to have a $25 balance to earn interest; otherwise, $5 charges will be applied to your account each month. Ally Bank offers an interest rate of 0.50% APY on all balances, so it is a. Ally Bank offers a savings account with no minimum balance and an APY of 0.50%.

So, other than the minimum balance requirement, Ally Bank does not have many advantages for savings accounts. Ally Bank is the better choice for those who want to open a savings account without any minimum balance requirement

=> CDs: TIAA Bank offers several options for CDs, including IRA-eligible CDs and IntraFi Network Deposits. The minimum deposit for a TIAA CD is $1000, higher than Ally Bank’s no minimum deposit CD. However, TIAA IntraFi Network Deposits offer expanded FDIC insurance coverage.

Apart from no minimum and IntraFi Network CDs, TIAA Bank also has better interest rates for longer terms. For example, for a 5 years CD, TIAA Bank offers an APY of 1.10%, while Ally Bank offers an APY of 0.80%.

TIAA Bank is the better choice for those who are looking for higher interest rates, expanded FDIC insurance, and no minimum deposit CDs.

=> Credit Cards: TIAA offers only one credit card, which is the Rewards Credit, while Ally Bank does not offer any credit cards. This is a big disadvantage for Ally Bank, as TIAA Bank’s Rewards Credit Card offers many good features for the customer.

=> Money Market:  TIAA offers a money market account with a 0.40% APY and no monthly maintenance fee, while Ally Bank does not offer 0.50% AP APYY. This is a big advantage for TIAA , as it offers a higher interest rate and no monthly maintenance fee.

=> Other products: TIAA Bank offers several other financial products, including annuities, mutual funds, and brokerage services. Ally Bank does not offer any of these products. So, if you are looking for a bank that offers these products, TIAA Bank is the better choice.

#2. Capital One 360

Capital One 360 is another good alternative to TIAA Bank. It offers many of the same products, including checking, savings, and CDs. It also has a good mobile app and ATM network. Let’s do a step-by-step comparison with Capital One 360

=> Savings accounts: TIAA offers basic savings accounts with a 0.50%APY. However, you need to have a $25 balance to earn interest; otherwise, $5 changes will be applied to your account each month. Capital One 360 offers an interest rate of 0.40% APY on all balances, so it is a better choice for those who want to open a savings account without any minimum balance requirement.

=> CDs: TIAA Bank offers several options for CDs, including IRA-eligible CDs and IntraFi Network Deposits. The minimum deposit for a TIAA Bank CD is $1000, which is higher than Capital One 360s no minimum deposit CD. However, TIAA Bank’s IntraFi Network Deposits offer expanded FDIC insurance coverage.

TIAA Bank is the better choice for those who are looking for higher interest rates, expanded FDIC insurance, and no minimum deposit CDs.

=> Credit Cards: TIAA offers only one credit card, which is the Rewards Credit, while Capital One offers several credit cards with different features. So, if you are looking for a bank that offers a variety of credit cards, Capital One is the better choice.

TIAA Bank Customer Reviews

Reviews of TIAA are generally positive, with customers praising the bank’s customer service and products. Some customers mention that they have had negative experiences with TIAA website, but most say that the website is easy to use. Overall, customers seem happy with their banking experience at TIAA Bank.

However, I have gathered some reviews of customers from the web. Let’s take a look at some of them.

Yelp Reviews

There are 61 reviews of TIAA Bank on the yelp website, with an average rating of One star. Most of the customers who have reviewed TIAA Bank on Yelp are unhappy with the bank’s customer & Loan service.

Several customers mentioned that they had problems with the account opening and that the customer service was unhelpful. Others mention that they were charged hidden fees and that the bank’s website is difficult to use.

If you’re considering TIAA , it’s worth reading through some Yelp reviews to get a sense of what customers think about the bank.

Reddit Reviews

There are threads about TIAA Bank on the Reddit website where customers have shared their experiences with the bank. I have gathered some of the reviews from these threads to give you a sense of what customers think about TIAA Bank.

Some customers mention that they have had good experiences with TIAA Bank, praising its products and customer service. Others mention that they have had negative experiences with TIAA Bank, criticizing its hidden fees and poor customer service.

It’s worth reading through some of Reddit reviews to get a sense of what customers think about TIAA Bank.

App Store.

The TIAA mobile app has a rating of 4.6/5 on the App Store, with most customers praising the app for its ease of use. Almost 5,131 have given their feedback on the app.

Some customers mention that the app is very user-friendly and easy to use. Others mention that they have had problems with the app, including login issues because the biometric option does not engage and difficulty transferring money.

However, some customer reviews mention that all the bank features are not available on the app.

Overall, customers seem happy with the TIAA mobile app.

How to Open an account with TIAA Bank?

TIAA Bank is a great bank, but how do you open an account with them? Opening an account with TIAA Bank can be confusing because there are so many different products and options to choose from.

I’m going to walk you through the process of opening an account with TIAA Bank step-by-step. Let’s get started!

To open an account with TIAA Bank, you’ll need to have the following information:

  • Your Social Security number
  • A government-issued ID (driver’s license, passport, etc.)
  • Your date of birth
  • Your current address and phone number
  • Your email address

Once you have all the required information, you can begin the account opening process by visiting the TIAA Bank website.

Next, you’ll need to choose what type of account you’d like to open. TIAA Bank offers various accounts, including checking, savings, and CDs.

We’ll assume you’re interested in opening a checking account for this example.

Once you’ve selected the type of account you’d like to open, you’ll be asked to provide some personal information, such as your name, address, and date of birth.

You’ll also be asked to create a username and password for your TIAA Bank account. Be sure to choose a username and password that you’ll remember, as you’ll need to use them to log in to your account.

Next, you’ll be asked to provide information about your employment and income. TIAA Bank will ask for your employer’s name and how much money you make each year.

You don’t have to complete this section if you don’t want to, but providing this information will help TIAA Bank determine if you’re eligible for certain products and services.

Finally, you’ll be asked to review and agree to TIAA Bank’s terms and conditions. Once you’ve read and agreed to the terms, you’ll be able to open your account and begin using it right away.

That’s all there is to it! Opening an account with TIAA Bank is straightforward.

TIAA Bank Customer Service

If you have any questions or problems with your TIAA Bank account, you can contact TIAA Bank’s customer service department.

TIAA Bank’s customer service department is available 24/7 and can be reached by phone or email.

To contact TIAA Bank by phone, you can call  1-888-882-3837. You’ll need to provide your account number and your banker’s name when you call.

Final Thought

TIAA Bank(2022)Review: The Best Way to Bank?

So, is TIAA Bank the best way to the bank? That depends on what you're looking for. If you want to earn some of the best rates on CDs, have access to a large ATM network, and are unlikely to overdraft or need in-person services, then TIAA Bank may be a great fit for you.

Editor's Rating:
4.5

However, if you prefer face-to-face interactions with your banker or need more flexibility when accessing your money, then another institution may be a better choice.

Have you tried TIAA Bank? If you haven’t, be sure to check out this review before making a decision. Thanks for reading!

Please share your thoughts in the comments below. We love to hear from our readers, and we’re always looking for new banks to review!

FAQ!

  1. Is TIAA Bank insured by FDIC?

    Yes, TIAA Bank is insured by the FDIC. The FDIC is a government agency that insures deposits at banks and credit unions. This means that your deposits are protected up to $250,000 per account.

  2. What bank does TIAA use?

    TIAA Bank uses a variety of different banks, depending on the product or service you’re using. For example, TIAA Bank’s checking account is partnered with SunTrust Bank, while their CD products are partnered with EverBank.

  3. Is TIAA a real bank?

    Yes, TIAA is a real bank. TIAA Bank is insured by the FDIC and partnered with a variety of different banks, depending on the product or service you’re using.

  4. How reliable is TIAA?

    Yes, TIAA is a reliable bank. They are FDIC insured and have a variety of different products and services to choose from. If you have any questions or problems with your account, their customer service department is available 24/7.

  5. What does TIAA Bank stand for?

    TIAA Bank stands for Teachers Insurance and Annuity Association – College Retirement Equities Fund. TIAA Bank is a subsidiary of TIAA, which is a financial services organization that provides insurance and retirement products to customers worldwide.

  6. What is TIAA Bank savings?

    TIAA Bank savings accounts offer some of the best interest rates in the industry. In addition, TIAA Bank’s savings accounts are FDIC insured, which means your deposits are protected up to $250,000 per account.

  7. Is TIAA a nonprofit?

    No, TIAA is not a nonprofit. TIAA is a for-profit financial services organization that provides insurance and retirement products to customers worldwide.

  8. Is TIAA privately owned?

    Yes, TIAA is a privately owned company. TIAA Bank is a subsidiary of TIAA, which is a financial services organization that provides insurance and retirement products to customers worldwide.

  9. What is TIAA Bank’s routing number?

    The TIAA Bank routing number is 063000225. This is the routing number for TIAA Bank’s checking account. If you need to transfer money to or from your TIAA Bank account, you’ll need this number.

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