TIAA-CREF Launches New Internet Bank with Top Savings Account Rate

dmprisk (anonymous) - #1, Monday, February 20, 2012 - 12:53 PM

and they compound the interest Daily!

Anonymous - #2, Monday, February 20, 2012 - 1:00 PM

I filled out the online application.  It wouldn't complete, so I called the number with my Application ID#.  A very nice Rep reported that I would receive a call back tomorrow am.  Wonder what the hold-up is?

Anonymous - #4, Monday, February 20, 2012 - 1:47 PM

A good deal until enough people apply that they drop it like a rock.

Anonymous - #5, Monday, February 20, 2012 - 2:21 PM

 

 

Maximum CD is for 2 years

http://www.tiaa-cref.org/banking/bank/cd/index.html

I hate Fort Knox CU (anonymous) - #6, Monday, February 20, 2012 - 2:26 PM

Since their promo CD rates are way below other good banks/cu, clearly this mma rate won't last long.  They have no intention of offering high rates in the future.

Anonymous - #7, Monday, February 20, 2012 - 2:56 PM

Thanks much Mr. Tumin. This account is an AWESOME find!
Word on the street in the industry is that TIAA-CREF is doing quite well, so I'm thinking they won't drop rates quite that quickly. For one thing, they're certainly not in the same league as say,.. AmTrust Bank.

Re: Comment #2 ;; had a similar problem on the phone;; was caused by those stupid random security questions. The Reps don't even seem to have any idea how they are generated. I politely asked for a supervisor who said he would escalate the problem and call me back by 8:00PM.

Anonymous - #8, Monday, February 20, 2012 - 4:19 PM

They just did a HARD credit pull on me at TransUnion and Equifax.

Shorebreak - #9, Monday, February 20, 2012 - 5:14 PM

Good institution and a good rate. However, for a 'temporary' gain of less than half a percent yield, a possible hard credit pull and more applications, it's not worth the effort for a liquid account. Especially if one has a good account established already at another institution and are satisfied with their service. I think I'll pass on this one today. Thanks for finding it anyway Ken.

Anonymous - #10, Monday, February 20, 2012 - 5:52 PM

A few words of annoyance with this bank's POD/beneficiary policies and procedures.  I tried to add 3 POD beneficiaries to my account.  The information they want  for each beneficiary is NAME, SSAN, DOB, ADDRESS, TELEPHONE #, and MOTHER's MAIDEN NAME!  (I don't even know my wife's mother's maiden name!)  I asked them what they could possibly need a mother's maiden name for and all they could respond is 1) security and 2) it's simply bank policy.  I asked a supervisor why they would need more information about my beneficiaries than they need from me, the primary account holder.   He said he didn't know why, but it's bank policy.  I have opened dozen's of bank accounts in my life with POD beneficiaies, and not a single one has ever asked for that info.  The manager couldn't explain how the bank would verify that info if my beneficiaries ever tried to claim possession of the account.  (One of them is my 5 year old daughter--how would she confirm her mother's maiden name?)  This is just an example of bureaucracy run amok, erecting mindless barriers.  Some overpaid nitwit decided that the more questions they ask, the more "secure" the account is.  More likely, they just don't want to pay out the balance of an account, so they throw every stumbling block they can to make it more difficult to follow my wishes, which are to give my money to my loved ones if I die.  I guess I will limit the amount of my account to the basic FDIC limits.  When I told the manager their stupid policies are going to cost them $500,000 in additional deposits, he seemed unconcerned.

km (anonymous) - #13, Tuesday, February 21, 2012 - 10:09 AM

They offer the same rate for interest savings and checking. Is there any reason not to go with checking?

km (anonymous) - #14, Tuesday, February 21, 2012 - 10:14 AM

OOPS! I should have said high yield savings and money market in that last post (not checking). Again is there any reason not to go with the money market which has the same rate checks.

Rosedala (anonymous) - #15, Tuesday, February 21, 2012 - 10:29 AM

It's strange that having an IRA account with them I wasn't notified of this promotion (par for the course now that banks and such have the upper hand?).  I was looking for a better-than-average savings or MM account for some liquid money to be spent throughout this year, so this comes in very handy even if they, as all other financial institutions, will certainly reduce it...even with a vengeance!  lol!

Rosedala (anonymous) - #16, Tuesday, February 21, 2012 - 10:34 AM

Oops i forgot to thank you so very much, Ken Tumin, for this good announcement with your usual excellent pros and cons and good common sense.  i dont comment often but I read all your announcements some of which I forward to my 2 lists, and hold my thumbs up for you!  :-)  

Rosedala (anonymous) - #17, Tuesday, February 21, 2012 - 11:18 AM

Hi again...I'm sorry to carry some bad news now.  Not wanting to waste time filling out the online application and encounter problems as some of the commenters here did, I called to open by phone and...the clerk didn't know about this promotion!!!  I insisted and he put me on a long hold then said it's only for direct TIAA-CREF employees, etc.  I insisted to speak with the manager or at least with a supervisor.  A Ruth (Ext. 73770, 800-842-2733) came to the phone and explained the same thing.  I asked what about your open-to-all online promotion?  She said "I'm sorry ma'am.  This is only for our employees". 

I'm shocked as I always thought of them as a self-dignified, well established and serious organization.  I don't know what to think of them now.

Could it be that it's not availablel to the general public only in certain states, which i forgot to ask and certainly the clerk should've clarified to me?

 

Anonymous - #18, Tuesday, February 21, 2012 - 11:25 AM

Personally, based on experiences I've had as an employee and with the management of my retirement accounts, I just do not trust TIAA-CREF anymore. Dinosaur management and a convulted internal structure (registered rep side vs admin side) minimizes accountability and pretty much guarantees slow problem resolution for any transaction out of the ordinary. They don't change because they don't have to given their captive customer base and not-for-profit status. 

Anonymous - #19, Tuesday, February 21, 2012 - 11:29 AM

Only 6 external accounts allowed to be linked.

Anonymous - #20, Tuesday, February 21, 2012 - 11:42 AM

It seems to be limited to certain states.
When I called to open an account, the first thing they asked me where I live and the zip code.

Anonymous - #21, Tuesday, February 21, 2012 - 12:10 PM

I believe the initial rollout was for employees as a step prior to a mass launch. Hence no communications. If you want to help them beta test the product it sounds like a good rate! We'll see.

Anonymous - #22, Tuesday, February 21, 2012 - 2:12 PM

I origially commented here as #2. I received a call-back today regarding my application.  The application was declined due to the fact that I am not an employee of the bank.  I spoke to a supervisor and told her that the advertisment on TIAA Direct does not mention a thing about employees only.  She followed up with another call after talking to someone higher up and still "no go".  I'm wondering if anyone that is not an employee managed to open the account? If nothing else, this is very poor advertisment!

NYCDoug - #23, Tuesday, February 21, 2012 - 6:41 PM

Like Anonymous #2, I, too, got stuck with an unspecified error at the conclusion of my online application -- before specifiying the funding account -- which I called them about yesterday. Never received the promised call-back "within 24 hours" and so phoned them again this evening. Just a few minutes ago I was told that my application had been rejected; that they would be mailing me an explanation. "No other information available" due to "security."  Posts above hint at possible reasons why . . . Caveat Bankor!

Lillian (anonymous) - #24, Tuesday, February 21, 2012 - 7:02 PM

I simply adore higher rates. 

 

Thanks for the article.

Anonymous - #25, Tuesday, February 21, 2012 - 7:32 PM

Boo-hoo...anonymous #22, you are correct sir.
Apparently, TIAA-Direct has only been in existence since last week? That's weird. Anyhoo, the snapperheads that put up the web-site failed to mention that this IS ONLY for employees initially;; but they plan to make it available to everyone in the next couple of months. Anyone that got this account otherwise caught the early worm. I was infuriated with the supervisor to the point where I almost accused him of being somewhat less than forthright about these accounts. Seems to be true, though..

Ken, I think you need to adjust the content of this article.

S_S (anonymous) - #26, Tuesday, February 21, 2012 - 10:34 PM

@#17, 22, 23,

I'm not an employee of that bank but I was able to open the a/c online, in 5 min, no issues, funding with ACH from other bank. Everything went fine. Even getting login/passwd on website, setting security questions, seeing alerts on main page after logging etc. So far so good.

Anonymous - #27, Wednesday, February 22, 2012 - 10:17 AM

#22 commentator.. After reading the comment from @26 I decided to try again this morning.  TIAA Direct has now changed their tune, and I was directed to an executive.  Even though they now say anyone may join, I was still denied and I should wait for an oncoming letter that will fully explain their reasoning. 

 I guess after talking to Banking Guy, Ken, they decided they had better change thier policy of only employee's  eligible to open account.  To bad for those of us that applied earlier!

Anonymous - #28, Wednesday, February 22, 2012 - 11:15 AM

#26 you must be the only lucky one that got thru, I can't get thru the phone system either

Anonymous - #29, Wednesday, February 22, 2012 - 12:43 PM

Be careful people, they do hard credit pulls, looking for people with Fico score of over 750 and not many activities at your personal Chexsystems.
It may also be limited to certain states and zip codes.

According to CSR Supervisor, they approve on average about 10% of all applicants.
If rejected, do not apply again, your application will be automatically rejected again for the next  90 days.

Anonymous - #30, Wednesday, February 22, 2012 - 8:05 PM

They must be doing credit hard pulls to see who could be "rate chasers" and therefore, would be undesirable customers.

S_S (anonymous) - #31, Wednesday, February 22, 2012 - 10:56 PM

@ 27, 28, 

I really feel bad that others are not able to get in. Strange. Now I'm wondering how I got through and that too in less than 5 min. Literally.

I don't think I'm any special although I know, my credit history is generally good, my FICO score would be around or above 750. I do chase rates 1-2 times a year. I do have several checking, savings, MMA a/c s and if I recall correctly, once once I have been rejected by some institution saying they saw too many credit history and/or credit card pulls (some of them hard, some soft) within 3 months. Thats possible, depends on timing of my applications. I've personally not bothered such denials. Its their loss not necessarily mine.

I'm guessing TIAA has some other criteria and screening method/policy which might be filtering and rejecting few applications. 

R.R. (anonymous) - #32, Thursday, February 23, 2012 - 7:03 AM

SO what does this mean, then?

They are making up the "employee" excuse as a cover? That's total B.S.

And discriminatory to boot...these aren't credit cards we're applying for; we're

GIVING them our money, Completely ridiculous.

 

Apache (anonymous) - #33, Thursday, February 23, 2012 - 8:48 AM

What's so wrong about being a "rate chaser"?  "They" force us to be with these ridiculous savings rates!  I would love nothing better than to go to my local bank and get even 2.50% for a FIVE Year CD!  Yet I have to go miles away to find the ONE bank I can muster from hours of researching on the internet to get such a crummy rate!  Rate chasers??  I would like to chase the butts of Bernanke and all those forcing this upon us straight into Hell! 

Anonymous - #34, Thursday, February 23, 2012 - 10:33 AM

You're right RR.  We want to give them our money! I spoke to a Supervisor about the rejection of my  deposit of $200K. She went back to check on my application with someone else before calling back with the "employee's only" garb.  Yes, it's their loss but I think it's false advertisement & there's no getting around that! Perhaps, they do not want "rate chaser's", but this kind of false advertisement should be followed up.

Anonymous - #35, Thursday, February 23, 2012 - 9:09 PM

So far only one person commented on this, but it sounds like this results in at least one hard credit pull. Those of you who already applied, can you confirm?

Thanks!

Anonymous - #36, Thursday, February 23, 2012 - 10:22 PM

To Anonymous - #35,

I applied and got turned down.

Equifax shows hard pull.

Anonymous - #37, Friday, February 24, 2012 - 12:09 PM

 

I just applied, and got an error “We could not process your request” and I called the 855-242-2372 phone number and give them the application id and she resubmitted and would let me know either today 2/24/2012 or 2/27/2012 the status.

 

NOTE: I have not been a rate chaser and I have a high credit score- at least I was told back in December.

 

Maecl - #38, Friday, February 24, 2012 - 12:33 PM

I just completed an application and was turned down. 

We have a small joint mutual fd account there.  All of our IRA was moved to Vanguard.  It took them forever to move money to Vanguard which became a loss. By the time money got to Vanguard the market was higher.  Many mutual fund companies do a quick electronic transfer.

I don't think I will call to ask why we were denied.

R.R. (anonymous) - #39, Friday, February 24, 2012 - 2:58 PM

To Anonymous #35;; I'm sure they did a hard pull on mine as well. 

On my initial phone application the rep paused, saying there was a security question issue. When a supervisor called me back, it was the "employees only" excuse. I'm sure there was a credit check....why, I have no idea.

meadler - #41, Friday, February 24, 2012 - 8:00 PM

After taking the time to open an account on line, I got the following message: "We could not process your request. Sorry. We couldn't process your request. Please contact us toll-free at 855 842-2372 for assistance." I called, and the rep couldn't get it to work either, so now I have to wait for them to call me back. Although the rate is good, I have to warn you that there are a couple of important concerns. The rep told me that you CANNOT add a beneficiary to the account. This is terrible!!! If you die, the account will pass to your estate, instead of being done the normal way of being able to designate a beneficiary. PLUS, they do not allow you to open the account in the name of a Trust or for your children if under 18 through a UGTMA. Again, great rate, but lots of limits!

It is interesting comment #10 above, because it is directly opposite of what they told me.  Not saying 10 is right, but the bank doesn't know what they are doing here.

Anonymous - #42, Friday, February 24, 2012 - 8:01 PM

#35 Update- I received a phone call letting me know that I was approved. I was able to add an external link to begain trail deposits.

CaptDngr (anonymous) - #43, Friday, February 24, 2012 - 10:08 PM

Thanks for all the details, folks. Due to the shot in the dark nature of this bank (with respect to application acceptance) and the garaunteed hard credit pull, I'm going to pass.

Anonymous - #44, Saturday, February 25, 2012 - 10:19 PM

APPROVED!

thinkingreenhelps (anonymous) - #45, Sunday, February 26, 2012 - 10:12 PM

Thank you for the updated information on TIAA Direct. I reblog your post.

Charlotte @

http://thinkingreenhelps.blogspot.com/

Anonymous - #46, Monday, February 27, 2012 - 7:25 AM

On their website, it says: Investment, insurance and annuity products on TIAA-CREF.org are not offered or guaranteed by TIAA Direct and are not insured by the FDIC.

Does that mean my money on the savings account with them will not be insured?

R.R. (anonymous) - #47, Monday, February 27, 2012 - 2:18 PM

Approved as well! Finally.....

it was a security question issue for me. Apparently,

either Transunion or Equifax have some bad information about my identity. Uh-oh....

Anonymous - #48, Tuesday, February 28, 2012 - 4:57 AM

from #10 to meadler #41

At first, when I tried to add a beneficiary, I was told the same thing you were--beneficiaries were not allowed.  I persisted and told the rep to please check this with a supervisor, as I didn't think it was correct.  She came back on the telephone and told me that beneficaries were, indeed, permitted.  During the course of my conversation with the rep, she had to check with someone else for virtually every question I asked her, so I agree with you that the CU seems to be disorganized and have reps that are not properly trained.  I think if you had persisted, or if you call back again, you are likely to be allowed to add a beneficiary.  In my case, I finally had to abort the conversation without adding my wife as beneficiary--not because beneficiaries weren't allowed, but, rather, because I didn't know my wife's mother's maiden name (see my #10 post above)!  Again, I encourage you to try again, and talk with a supervisor.  Good luck!

Donald (anonymous) - #49, Tuesday, February 28, 2012 - 9:31 AM

I wish somebody would get through to TIAA-CREF and interview someone about TIAA Direct.   I personally had no real problems setting up an account although it did take 2 phone calls to Customer Service.  I have an excellent credit score and an existing account with TIAA-CREF so apparently that counts for something.  If they are restricting access based on unusual criteria, they should make that clear from the start to prevent the waste of everyone's time. That said, I'm glad to have an account with them as I intend to bail out of ING Direct before Capital One ruins them.

Anonymous - #50, Tuesday, February 28, 2012 - 2:35 PM

I read all the above post and got a bit concerned about opening an account with this bank.  Since I was opening a few other accounts this week, I figure I try this one as well.  To my surprise, this was the easiest and smoothest transaction out of the all the banks (24 ) that I've ever had previously.  The whole process from application to credit pull to account creation all took less than 5 minutes.  This truly looks automated and no manual intervention at all.  I did call and speak to a CSR before I took the plunge and asked about the credit pull.  He did say is was "soft".  I will that is true.

Maecl - #51, Wednesday, February 29, 2012 - 11:21 AM

Because of the rate drop at American Ex and Discover I decided to call to find out why my application couldn't be processed.  The rep said he couldn't find an error in my application and would get back to me within 24 hours.

Maecl - #52, Wednesday, February 29, 2012 - 2:51 PM

My account is opened. The problem was with my husbands user ID.  I now just hope the rate stays up.

Anonymous - #53, Wednesday, February 29, 2012 - 7:52 PM

Opening the account went smoothly. I had to verify the external accounts through trial deposits, but once that was done, the ACH moved the money out of UFB and into here in a day. Very pleeased so far. They even sent an ATM card. I don't recall asking for one or what ATMs I can use without charge, but this looks like a great bank if the rate remains competitive.

Zack Jones (anonymous) - #54, Tuesday, March 6, 2012 - 10:22 AM

Applied yesterday and like others I got an error message. Called and the lady assisted with issues and set us up for remote deposit. So far so good.

Anonymous - #55, Tuesday, March 6, 2012 - 11:33 AM

does it still cause a hard pull?

Anonymous - #56, Wednesday, March 7, 2012 - 2:55 PM

YOU MAY HAVE A PROBLEM SETTING UP ALERTS IF YOU USE IE 8 FOR YOUR BROWSER. IE 7 WORKS BETTER.

Anonymous - #57, Friday, March 9, 2012 - 6:26 AM

Does anyone have problems with deposit and transfer? Can you move funds within accounts from/to external accounts? schedule deposit/payment? Their system has been frozen for me past few days.

Anonymous - #58, Saturday, March 10, 2012 - 11:12 AM

Don't care what the rate is if there online app won't work. It's telling my drivers license in not valid. Wrong. Also, no mention of a Quicken download interface, this is a much have for me.

stpete1954 - #59, Thursday, March 15, 2012 - 2:00 PM

Just open accoumt. Try to make online transfer, did not work ,called customer service They say someone will call me in 24 hours to see what the peoblem is. Right now this bank does not look too good

Anonymous - #60, Friday, March 16, 2012 - 8:16 AM

I have trasferred money online via ACH into my TIAA account from four other savings accounts with no problem. Transfer was quick-credited within a business day.

TT (anonymous) - #61, Sunday, March 18, 2012 - 8:24 AM

Yeah, I also had problems with the security questions and had to call in to speak to a rep. They needed some additional information from me, which I sent, but I have yet to hear back from the rep I spoke with. I was going to pursue it further until I read some of these comments. I didn't realize TIAA-Direct had just started, so I'm sure the curent rate will not last (like the AMEX HYS I just opened). Also, I didn't know banks accessed your credit report for savings accounts, and I'm peeved that they may have done that AND have not been communicating well. Think I will keep my money where it is and not go rate-chasing. Curious when and if the CSR will get back to me...

OC Steve (anonymous) - #62, Monday, March 19, 2012 - 5:56 PM

I called TIAA Direct Customer Service this afternoon (3/19) and got some additional information as follows:

Account Vesting Issues-

Beneficiary and Living Trust designations not yet available, but are working on; not sure when they will be available.  Even after opening accounts on-line, would not be able to add beneficiary or change vesting to a Living Trust at this time via mail or by phone request.

  
Account Links-

Will allow up to 6 external account links.

TIAA Direct accounts will accept ACH dr/cr's originated from other Banks without limitation as to amount (per CS).  Also can generate ACH dr/cr's at the TIAA Direct site to other Banks without limitation as to amount (per CS).

  

Free Initial Order of Checks allowed when accounts opened (if requested)-

Checking product-150 checks
Money Market product-40 checks



Customer Service (US Based)-

Service available by phone M-F 8AM-8PM, ET; Sat & Sun 9AM-6PM, ET

 

New Account Openings-Volume

Very rapid growth at this time, so expect some problems--YMMV (consistent with prior postings above)

TT (anonymous) - #63, Tuesday, March 20, 2012 - 8:04 AM

Update! So, a week later a representative did get back to me to tell me that my account was successfully opened.

Anonymous - #64, Thursday, March 22, 2012 - 12:10 PM

It's been a month and the promised letter explaining why my account could not be opened never arrived.

NYCDoug - #65, Thursday, March 22, 2012 - 12:36 PM

I got my letter a few days ago -- which, in truth, explained nothing . . . just stated the obvious "we are sorry to inform you" blah blah blah . . .  but no actual reason given! Most unsatisfying ;-(

Fortunately, in the interim, I had applied again (by phone, after once more getting the foolish onscreen error message) and successfully opened my account several weeks ago. I've been loading it up with all manner of day-to-day cash from other sheepish institutions (including ClearSky, currently down to .85% APY) that is approaching $10K, and have been quite pleased that TIAA's 1.25% APY seems to be holding steady, at least for now . . .

Moral: If at first you don't suceed, try, try again . . . The offer is still open ;-)

Anonymous - #66, Thursday, March 22, 2012 - 7:40 PM

DO NOT OPEN ANY ACCOUNT! TIAA web software does not work.  You cannot transfer $ using their web. I reported the problem with my complete technical environment (operating system(s), web browser(s)) and yet they do not have a clue what's wrong with their web. See post #57 above. They will lie to you that they are currently not experiencing any problems, though.

Don't believe me? put down some $ to see for yourselves
 

Turbo (anonymous) - #67, Friday, March 23, 2012 - 1:27 PM

Hmm...  I've been transferring money w/ no problems so far...  haven't tried in a couple weeks.  Let me check.

Maecl - #68, Friday, March 23, 2012 - 4:49 PM

I haven't had any problem with transfers.  I last initiated a transfer on 3/19.  It was credited to my account on the 20th and withdrawn from my checking on the 21st.

Anonymous - #69, Sunday, March 25, 2012 - 12:21 AM

This is a follow-up to post #57 and #66. The transfer function is now working for me. Bank away!

Brad (anonymous) - #70, Saturday, March 31, 2012 - 10:05 AM

I had the initial account denied experience in early march, got a vague letter, call them up. They could not explain letter or denial. Said to reapply, which worked just fine. Account, set-up, funded it with an ACH transfer. My FICO is 790, and I am definately a rate chaser (have five accts opened in the last year or so).

I was impressed that they have US Passport as ID coded into their application process. Most online banks have something of fit f you use a US Passport as ID.

Anonymous - #71, Sunday, April 1, 2012 - 11:39 AM

Just signed up for checking and savings. Opening was a breeze..

Anonymous77 (anonymous) - #73, Thursday, April 5, 2012 - 7:37 AM

Re: BRAD's 3/31/12 comment:

"I had the initial account denied experience in early march, got a vague letter, call them up. They could not explain letter or denial.  Said to reapply, which worked just fine."

I had the same experience, though I haven't tried to reapply yet.  Brad's FICO is 790, mine's 776 and I have never had a bank account application declined.  Just got my credit report, also -- totally clean.  A bank CSR supervisor couldn't provide any explanation.

So, apparently, it's quite possible that you reapply with the same information that you entered on the original declined application and this time the application is accepted.

There's something very odd going on with this bank.

Anonymous - #75, Saturday, April 7, 2012 - 6:06 PM

I applied early on when you first announced the rate. 1.25% sounded so good, but I was denied because of the usual rubbish.  I have excellent credit, but I thought, oh well, forget it and threw away all the paperwork.  Then about a month later, I guess last week, I tried again.  I was approved this time, but makes me kind of angry, because I lost a month of interest. So any of you folks that were denied, should take another look.  Now, I need to see about benificiares.  Perhaps next week I'll work on that part of this deal.

Anonymous - #76, Tuesday, April 10, 2012 - 1:35 PM

do to some weird error during an uncompleted, online enrollment of a joint-account, my account login has been blocked and the phone CSR's are unable to correct.

I have very low confidence in the skills of the people operating this online outfit.

For the small, temporary bump in interest, the risk is too high; move along.

Anonymous - #77, Friday, April 20, 2012 - 10:19 AM

Thanks for all of your posts.  I have decided not to open an account with this online bank.  They sound too fishy, too suspicious.  I will keep my money with more reputable institutions.

S_S (anonymous) - #78, Sunday, April 22, 2012 - 1:47 PM

> "The main question with TIAA Direct is how long will the 1.25% APY last."

Ken,

Why do you keep brining this question up ? We all know that uncertainty and readers of this blog have read it numerous times. Whats the point in keep on wondering about it ? Its like someone is doing good and we keep asking how long its going to last and why really he/she is doing good .. Let them do the good !

Anon (anonymous) - #80, Wednesday, April 25, 2012 - 12:49 PM

I applied for a joint account online, and after completing all the information I got to a web page saying I needed to call the toll-free number for assistance, which I did.  After answering 5 multiple choice questions, I passed, but my wife needed to answer some. We called back when she was available, but after a 10 minute search the agent still couldn't locate the questions for her, and asked us to call back.  

Although the terms and services described SOUND good, I've decided not to pursue the application, for several reasons:  too much hassle for 1.25%; the wisdom of the comment by someone on these pages that cash should not be regarded as an investment, but should be held for capital preservation; and, based on comments here and elsewhere, anticipation of other problems with setting up, managing, and withdrawing funds from the account.  I have not seen  comments from people who have withdrawn funds from their TIAA Direct account, which is understandable because it is new.  But I have seen on other sites accounts of difficulties getting payouts from TIAA-CREF's retirement accounts.  

Ron Scheurer (anonymous) - #82, Monday, April 30, 2012 - 11:00 PM

Is something else going on here? Suppose a bank did not want a lot of rate chasers, assumedly with disposable income, to earn even more money than they need, at the higher interest rate; than the small time depositor with a low credit rating and only 5 to 50 dollars a week to put away for retirement? Suppose the bank advertised that the most you could deposit in any one week was $50? Not worth moving small amounts of spare change around on a weekly basis. Rate chasers with enough cash could make better rates of return dealing with currency exchange fluctuations than the nickel and dime changes in saving account rates. Yes, the risk is higher, as with playing the stock market, but think of the challenge. It’s one the less than 30K annual wage slave can take.

 

It is laughable that a bank should think this way, but if, just IF, they did, how would they present the news to their current wealthy depositors? Or to their stock holders? Or board members? That may be the problem that TIAA-CREF has. I know! Fat chance.

BrownJackC - #83, Wednesday, May 2, 2012 - 10:37 AM

There are two things one needs to know if opening a TIAA Direct savings account:
1) A beneficiary can not be named for a  "single-named" account. They say they are "working" on it. They make it sound like they are working on the Manhatten Project.

2) During the application process the website states a single-named account can have another name added later on-line or by calling. However another name can not be added on-line and the CSR said the website is wrong.

One can tell they don't yet have their act together.

 

BrownJackC - #84, Thursday, May 3, 2012 - 7:49 AM

The TIAA Direct website states that another name can be added on-line after setting up a single-named account. That is not true - the only way to do this is to call. CSR says the website is incorrect.

Anonymous - #85, Tuesday, May 8, 2012 - 6:28 PM

You can add another account under under the account home tab (Profile view) you can make joint account and a single account which boosts up ur FDIC insured money which is a plus.  HAVE HAD NO ISSUES WITH THE BANK . Been a member since Febuary.

Anonymous - #86, Sunday, May 13, 2012 - 10:27 AM

so is it still a hard pull or soft pull? People on work visa can they apply?

Miles (anonymous) - #87, Sunday, May 13, 2012 - 8:05 PM

Soft pull but not sure about the work visa. I would imagine as long as you can prove your identity by using a drivers liscense or other form of Government Issued ID.

RichReg - #88, Sunday, May 20, 2012 - 10:13 AM

Woo-HOO!

13 weeks and counting....gotta love it.

Anonymous - #89, Wednesday, May 30, 2012 - 10:21 PM

I tried to open a savings account online, and after filling in everything, was informed I had to call. So I called. She said she couldn't help me, but I'd receive a call back in one or two business days. I waited for weeks and no one ever called! I got a letter stating they couldn't process my request. No reason given. I called again, and the person said they couldn't process it. She couldn't or wouldn't give me a reason even when I asked. I do not think very highly of TIAA right now!!

Anonymous - #90, Thursday, May 31, 2012 - 6:38 AM

I too had a similar experience, but no letter.  About a month after my initial attempt i tried again and the account was successfully opened. 

Oldperson (anonymous) - #91, Friday, June 8, 2012 - 7:01 PM

Cannot download account info into Quicken even though website offers "Quicken 2010 and later" as only download option. I asked why their website showed Quicken as an option if it was not available. CSR said she didn't know why. Problem may be that other sites use "Quicken web connect" for downloads rather than "Quicken 2010 or later."

Beneficiary problem is supposed to be solved late this summer. Can't figutre why they can't take AE Savings beneficiary form and adopt it with minor changes.

BrownJackC - #93, Monday, June 11, 2012 - 12:47 PM

Today I got a paper statement from TIAA although my settings are for on-line statements. I called and they said only paper statements are available now and the stmt settings are not implemented yet.

When my TIAA savings account was initially linked to my checking acct I entered a couple test deposit amounts. On the same day of the successful link TIAA automatically moved $25.00 to fund the account. The transaction states it was a "requested" transfer so I asked a CSR about it. Their CSR said when I entered the test deposits that I would have entered that amount. Since my plan was to move a much larger amount later that day I would never have entered that amount. Then she said the system would probably have defaulted to that amount and it might not be obvious that it is being done -- which is it?

The lack of a beneficiary option and their web-site having other incorrect statements makes it is pretty obvious that other than the higher than average rate, TIAA Direct was not ready to roll out their new direct bank.  I guess they figure people will put up with the other stuff to get the high rate.

I am happy in the speed of transfers.

Jack

Anonymous - #94, Thursday, June 28, 2012 - 1:12 PM

I was limited to 6 linked accounts for ACH purposes.

RichReg - #95, Sunday, July 8, 2012 - 9:37 AM

Woo-HOO!
(sad as it may be to get excited about 1.25%)

...20 weeks and counting, still gotta love it!

e90330i (anonymous) - #96, Sunday, July 15, 2012 - 4:57 PM

Opened an account today. It was quick and smooth. I did notice some questions halfway through that hinted they had done a credit pull. Netherless, so far so good. About the best of rates out there! 

Anonymous - #97, Saturday, July 21, 2012 - 2:23 PM

Opened the Money Market demand account early June. Like the rate, don't think this is a "mature" operation - so hopefully the rate will last a while.

Received a welcome kit in the mail, a PIN in separate mailing, and another separate mailing of checks. What I never received was a signature card - so wondering how secure is that? Will they honor a check without having my signature? So, I call customer service and I ask. She tells me that when I did the online application, I would have used the MOUSE or the TOUCHPAD to draw a signature?!?!? WTF? Then, she tells me that if they don't have a signature, they will use the signature on the first check I write. WTF?!?!? Generally, I don't use checks - just ACH, but is this right? I will write/deposit a check to test this out - but if this is how they are doing things it doesn't seem right to me. Anyone could take one of my checks so long as it's the first one and they will then use that signature as the signature for the account? I can't find this kind of info anywhere on their site. And if they dishonor the check and I incur fees after I test this out, I'll be a bit upset.......

 

Manias - #98, Saturday, July 21, 2012 - 9:19 PM

Thier website now does not allow new accounts:

We’ve just concluded a successful pilot of TIAA Direct. Before moving on to the next phase, we will be making enhancements to the customer experience. During this time, we will not be accepting new account applications.

Anonymous - #99, Wednesday, August 1, 2012 - 12:44 PM

These days, yield is hard to find anywhere, so even if this account offers only 40-50 basis points more than the next competitor, it's worth it if you do the math.  For example, our own emergency fund is about $60,000, so an additional half-point earns us $25 more per month. It doesn't change our lives but does buy a plane ticket or some more Xmas gifts by the end of the year. I'd rather get $750 per year in interest with TIAA than $480 with an account paying 0.80%. As for how long they'll pay it, no one has a crystal ball, but note that since the initial rollout was mainly for employees, they'd have to keep it high for some time once it was released to the general public. Meanwhile, you get more interest. Even if you have a smaller account and get only another $10-15 per month, isn't it worth that much just for clicking a few buttons on your computer?  I certainly think so.

TrainerCary (anonymous) - #100, Wednesday, August 1, 2012 - 7:08 PM

NOT ACCEPTING NEW ACCCOUNTS - 8.1.2012 WEBSITE STATES THE FOLLOWING:

Important Notice[/H2]
We appreciate your interest in opening a TIAA Direct deposit account.

We’ve just concluded a successful pilot of TIAA Direct. Before moving on to the next phase, we will be making enhancements to the customer experience. During this time, we will not be accepting new account applications.

If you’re already a customer, you can still log in and manage your accounts as usual.

We look forward to serving you in the future.

 

 [/H2]

1

Anonymous - #101, Wednesday, October 31, 2012 - 1:03 PM

I was one of the very lucky ones who opened my account before TIAA Direct stopped accepting new customers in August.  More tha nine months since TIAA Direct opened for business, the 1.25% APY yield is still in force.  Many suspected that the 1.25% would quickly fall.  For those of us with an account, TIAA Direct is still the best in the current marketplace.  TIAA Direct was easy to set up, and the interface is fairly easy to navigate.  Electronic deposits/withdrawals are easy to initiate -- remember, no more than six withdrawals per month allowed (Federal law).

RIFSLAW (anonymous) - #102, Thursday, November 1, 2012 - 10:38 AM

Anon 101, I too opened a savings account and am currently earning 1.25%. I checked online today (November 1) and the rate has not changed. I assume if the rate drops, it likely will be at the start of a month as the earned interest is posted on the first, but am hopeful the next rate change is an increase, rather than decrease, in the current rate.

Anonymous - #103, Saturday, February 16, 2013 - 3:36 PM

I am still being told (after one year) by TIAA the beneficiary option is not working. They are still saying they are in the process of fixing it.

O-Qua Tangin Wann (anonymous) - #104, Thursday, April 18, 2013 - 7:28 PM

My Money Market TIAA-Cref account interest rate is now listed as .85%.

NYCDoug - #105, Thursday, April 18, 2013 - 8:17 PM

Mine, too -- sad, but true . . .

Anonymous - #106, Friday, April 19, 2013 - 6:02 PM

After my rate dropped to .85% APY, I tried to transfer money out, but was told by a TIAA rep that my account had become inactive because I had not made a deposit in over a year. This was despite continuing to earn interest, recently changing the account beneficiary and receiving statements regularly. No notice was provided to me before TIAA made my account inactive. I am required to reactivate the account before I can do an ACH transfer out and was told this would take at least 24 hours. I am moving my money elsewhere.

 

O-Qua Tangin Wann (anonymous) - #107, Sunday, April 21, 2013 - 7:42 PM

Anonymous Post #106 above is a great reminder to everyone that just because interest is credited to an account monthly, that credit does NOT count towards account activity.

Perhaps Ken can do a posting reminding people of this fact, since apparently many are not aware.

What I do is have $1 transferred via ACH from my Alliant CU checking account (not their savings, since their savings is restricted to 6 withdrawals) into any other bank account I want to make sure stays what the bank considers "active." There is no fee whatsoever for this $1 ACH transfer. You could also set up an ACH transfer that is recurring, which will make sure you do not forget.

Now, of course, you absolutely do not have to have acivity every month. Some banks (I think Incredible Bank is one of them) require at least one transaction at least every 6 months to keep the account marked as active. So, you could do the $1 ACH every three months just to be safe.

~O-Qua Tangin Wann

NYCDoug (anonymous) - #108, Wednesday, May 1, 2013 - 9:35 AM

As of this morning, rate now down to .75% APY.
Happy May Day . . .

Anonymous - #109, Wednesday, May 1, 2013 - 10:18 AM

This rate change is NOT new. It has been 0.75% for the last 10 days.