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TIAA Direct Drops Rates AGAIN To 0.76% APY

Thursday, April 25, 2013 - 9:04 AMTIAA Direct - Details
TIAA-CREF Direct once again dropped rates on their High Yield Savings and Money Market accounts: this time from 0.86% APY to 0.76% APY.

This is the third recent rate drop from 1% to 0.92% on March 16th, and then on April 17th to 0.86% and on April 24th to 0.76%.
ravrav34 posts since
Apr 21, 2010
Rep Points: 139
1. Friday, April 26, 2013 - 9:43 AM
Time to start moving money out.  Only problem is everytime I make a move the bank I send it to lowers their rates.  We can't win.
MaeclMaecl83 posts since
Jul 6, 2010
Rep Points: 654
2. Friday, April 26, 2013 - 3:04 PM
TIAA limitted ACH to $5k only ahead of time to make it hard to move money out for us as customers.

Any known efficient way  to move money out?

I'm aware of writing check and mail it to another bank / CU for deposit, but I think it comes with another limitations :

1. size limit 

2. hold time 

3. mail delivery time.

mikek753mikek7535 posts since
Feb 24, 2012
Rep Points: 28
3. Friday, April 26, 2013 - 7:31 PM
You have a few options-
1)      Use another bank to pull your money.
2)      Write a check to yourself and deposit it for your opening new account.

Right before TIAA Direct started lowering their interest which I was already on the rocks with waiting nearly 1-year and nothing in sight of being able to retitle the account for trust. I decided to move my money to PacTrust, which I wrote a check to deposit my money.

Pactrust has a nice APY of 1.25 until 12/31/13. I was lucky to check on it myself as I was told I would not have access to an online account when I opening it. Their online account is a look but don’t touch of type of access. So, I had to setup ACH transfers with other banks to get my money in the even I want to move it.
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
4. Monday, April 29, 2013 - 12:58 PM
The only bright note here is that funds transfer quickly.  I initiated a transfer on Friday and it was in my checking on Monday.  I hope that continues.
MaeclMaecl83 posts since
Jul 6, 2010
Rep Points: 654
5. Sunday, May 5, 2013 - 8:48 AM
I just emptied out my account. I have a bank that is a few miles from my home that offers .76 APR so why would I use this bank anymore?
logilogi1 posts since
May 5, 2013
Rep Points: 2
6. Sunday, May 5, 2013 - 12:03 PM

Leave $1 in the account. This will keep the account open requiring TIAA CREF Direct to produce a statement and send it to you by mail;- make sure you want mail statements instead of estatements. If you make the account a zero balance they will just close the account. Why you ask do this? By having the account open, you are costing them money. Without your money below $1 they can’t make money and that’s the name of the game.

If enough people do this, they either will be force to change the account structure ie: no minimal balance or increase the rate they are willing to pay you.

What is the worst that will happen?
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39