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211 North Broadway, Suite 1000
St. Louis, MO 63102

TIAA Direct is the banking component and brand of TIAA-CREF Trust Company. The Trust Company is a subsidiary of TIAA-CREF, a Fortune 100 financial services company that was born out of an act of the New York State Legislature in 1918 to provide life insurance to college professors. TIAA Direct operates as a bank offering depository and lending products and services to individual consumers.

The bank’s products consist of an interest checking account, a high yield savings account, Money Market accounts, and Certificates of Deposit (CDs) on the deposit side, and mortgage and home equity loans on the lending side. The checking account has no minimum balance requirements and no monthly fees, and can be opened with a minimal initial deposit. Free checks, a debit card, and a competitive interest rate also come with the checking account. The high yield savings account offers one of the top interest rates nationally available and comes with no monthly fees or minimum balance requirements. reported that in December 2012 the bank began allowing customers to designate beneficiaries to their savings accounts. Money Market accounts offer similar options and rates to that of the savings account and allow for check writing ATM withdrawal as well. ACH transfer limits on both the savings and Money Market accounts were lowered significantly at the beginning of 2013. Three CDs are offered in term lengths of 6 months, 1 year, and 2 years. The rates on these CDs are also competitive along with TIAA Direct’s other account offerings. The bank is able to be competitive because it has no overhead costs associated with operating physical branches.

TIAA Direct online banking is a secure and convenient system through which accounts can be opened and managed. Online statements are available to be view through the system and tasks like Bill Pay, remote deposit, money transfers, and direct deposit can be accomplished. Mobile banking provides the same functions plus remote deposit via the camera of a smartphone or tablet device.

TIAA-CREF Trust Company was established in 1998 as the corporation sought to get into the retail banking business. TIAA-CREF is an acronym for Teachers Insurance and Annuity Association – College Retirement Equities Fund. TIAA Direct is the banking front of the Trust Company and is headquartered in St. Louis, Missouri. The bank manages its customers’ accounts exclusively through its online banking system and has no physical branches.

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TIAA Direct Finally Accepting New Customers But Rates Are Disappointing - 2/18/2014

About two years ago, TIAA Direct quietly launched its internet bank to the public. Its very competitive savings and money market accounts attracted a lot of attention, and many readers opened accounts ...

Reviews (5)

Waste Of Time

I contacted TIAA Direct about opening a home equity line of credit so I could purchase a second home for work purposes. I have a very good job, my credit rating is excellent ,and I already own my primary residence, which is in another state, free and clear. After taking a considerable amount of time talking with the representative and completing the application, I later learned that my application was more or less disqualified, apparently because I am already renting an apartment (instead of staying in a hotel) in the city where I would like to purchase the second residence. Very strange. I guess they aren't really looking for qualified people to lend money to.

Unhappy With Interest Rate

I closed my account due to there reduced interest rates not worth your time @ the current interest rate.

TIAA Direct Increases High Yield Savings Rate To 0.80%

I had been struck by inertia after TIAA dropped its rate to 0.40%. Just as I was mobilizing to move money, I received an e-mail from TIAA Direct on June 30 announcing its new rate of 0.80%. Close enough to the top to demobilize!

NOT A Good Experience!

The rates at TIAA Direct, which was what drew me to this institution in the first place nearly two years ago, have really gone downhill. Their customer service is just atrocious. I have both checking and savings with them. I've had just one problem after another with my checking account. A couple of times, these issues left me without access to my money. This last time, it took multiple phone calls to different departments to resolve anything. After about a week, I was directed Candace (Candi) Kendall in the fraud department which was apparently the source of my issue - they had decided to put a hold on my account without notifying me. There was no fraud. They had decided to do this because I withdrew some of my own money (within the strictly limited amounts imposed by the bank). I do believe that they don't care about pushing customers away - their rates and their services are just that bad!

Wants Out Of Banking Business

Industry sources tell me this institution no longer accepts new accounts and sets interest rates to make existing holders go away. Tried to make me provide all the information needed to open (credit account) under Know Your Customer regulations all over again after 2 years holding savings account to retain it. Using professional banking regulator of 30 years (true) language told it where to put that nastiness, no longer there.


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 TIAA Direct had $0 in non-current loans and owned real-estate with $346.9 million in equity and loan loss allowances on hand to cover it. This gives TIAA Direct a Texas Ratio of 0.00% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Deposit Growth


In the past year, TIAA Direct has decreased its total deposits by -$354.6 million, resulting in -18.29% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth TIAA Direct has shown is poor.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. TIAA Direct has $2.32 billion in assets with $346.9 million in equity, resulting in a capitalization level of 14.98%, which is excellent.

Institution Statistics

FDIC Certificate #34723
Year Established1998
Primary RegulatorOCC
Assets and Liabilities
Assets$2.32 billion
Loans$860.41 million
Deposits$1.58 billion
Equity Capital$336.16 million
Loan Loss Allowance$10.75 million
Real Estate Owned$0
Historic Data - March 2013
Assets$2.29 billion
Equity Capital$288.76 million
Loan Loss Allowance$1.80 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.33%
Return on Assets-1.15%
Return on Equity-8.66%
Interest Income$9.46 million

Always verify rates and promotions with the bank or credit union. We are not TIAA Direct, we are a rate comparison website and can not provide official rates or promotions.

TIAA Direct Savings Account Rates

0.80%--High Yield Savings

TIAA Direct Money Market Rates

0.80%--Money Market

TIAA Direct Checking Account Rates

0.15%$25k-Interest Checking

TIAA Direct CD Rates

1.49%$1k-60 Month CD
1.20%$1k-36 Month CD
1.08%$1k-24 Month CD
0.95%$1k-18 Month CD
0.94%$1k-12 Month CD
0.80%$1k-13 Month CD
0.80%$1k-25 Month CD
0.80%$1k-30 Month CD
0.65%$1k-9 Month CD
0.60%$1k-6 Month CD

TIAA Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 211 North Broadway, Suite 1000 - St. Louis, MO 63102