TIAA Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | HOW THEY COMPARE |
|---|---|---|
| 2.60% | 2-year CD | 2.80% - Capital One 24 Month 360 CD |
| 2.52% | 18-month CD | 2.75% - Synchrony Bank 18 Month CD |
| 2.48% | 1-year CD | 2.65% - Barclays 12 Month Online CD |
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.
DepositAccounts.com 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.
Related Posts
11/2 - Bumped Up "Our Pledge Money Markiet To 2.10% 1Yr Intro
9/21 - 1 Year CD Rate Increase To 2.65%
9/18 - TIAA Bank Ups 1-Year Yield Pledge® CD
9/15 - TIAA Bank Matches AMTRUST/NYCB, Mercantil 24 Month 2.75% APY
9/14 - 1 Yr. CD Now 2.61% APY
9/1 - Upto $500 For Adding Money To TIAA MMA Accound
3/30 - Rates Have Increased On All Terms Except 24 Months. Not Rate Leaders But Competitive
2/23 - 5 Yr CD @ 2.65% APY Plus Other CD Rate Increases
1/26 - TIAA Direct - 2% APY 1 Yr CD, 2.55% APY 5 Yr CD And Other CD Rate Hikes
1/12 - TIAA Direct - Another CD Rate Increases This Month
1/4 - TIAA Direct Ups Its CD Rates
9/15 - 12-Month CD, 1.62% APY
7/3 - TIAA Direct's CD Rates Upped To Competitive Levels
6/26 - TIAA Direct Syncs CD Rates With EverBank Following Acquisition
6/14 - TIAA Direct Has Acquired Everbank
2/17 - Another $100 Bonus For TIAA Direct High Yield Savings Account
11/16 - $250 Bonus For TIAA Direct Savings Account With $15,000 Deposit
11/6 - $100 Bonus For TIAA Direct High Yield Savings Account
8/15 - TIAA Direct Advertising $150 Checking Account Bonus
2/18/14 - TIAA Direct Finally Accepting New Customers But Rates Are Disappointing
12/19/13 - Another Rate Drop
10/27/13 - Stating The Status Of Backup Withholding
10/17/13 - TIAA Direct Dropped MM Yield From 0.76% To 0.60%
5/20/13 - Frozen Accounts Due To Account Inactivity
4/25/13 - TIAA Direct Drops Rates AGAIN To 0.76% APY
3/16/13 - TIAA Direct Rate Drops From 0.99% To 0.91%
1/12/13 - TIAA Direct Cuts Rates and Announces New Limits on ACH Withdrawals
10/8/12 - Update on TIAA Direct and Its Online Savings Accounts
9/14/12 - TIAA Direct- FDIC? Bank Title Trust/Pod How Long?
9/2/12 - Thisis The Notice On Their Website In Regard To Deposit Accounts
7/23/12 - TIAA Direct Stops Accepting New Customers
4/17/12 - Confirming that TIAA Direct Accounts Are FDIC Insured
4/10/12 - Update on TIAA Direct and Its Savings Account
3/17/12 - TIAA Direct Statement Shows Lower Interest Rate?
2/20/12 - TIAA-CREF Launches New Internet Bank with Top Savings Account Rate
| Featured Account Options | SPONSORED LISTINGS | ||||
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TIAA Roth IRA One-Year CD Interest Rate
Though Oct. 2018 TIAA interest rate at 2.68%, I requested a Roth IRA balance be transferred to our TIAA Money Market Account. They failed to transfer the money and renewed the CD against my instruction. Though the 1-Year New CD was posted at 2.68% they gave us .07% rate lower. The same occurred the previous year. Therefore I cannot trust them and will not put more money into other CDs at this institution.
Decent If You're Already In
tl;dr may not be worth it to start a relationship but if you're already in, it's not imperative to get out
I got swept into TIAA bank when they bought Everbank. Rates and the good-enough software remained the same. They're not a rate leader but they're usually in the top 10.
The leading driver of my average score is that I know there is better online banking software out there so I know how much CD management, account opening, and customer service CAN be improved. They simply haven't kept up but I already have a relationship so opening an additional CD isn't terrible.
One thing that is really awful and I cannot fathom is their "security code" when you're in the process of opening an account. You need this to continue or complete an application. The site wasn't working properly and I couldn't view mine. The only way to get around it is to call them. I should just be able to do this when I'm logged in. Why is additional security necessary when I
a) already have a banking relationship and online access
b) am moving money INTO the account
Another Company Offering Low Rates
Been with TIAA Direct for years, their rates remain uncompetitive. Further their "savings" account earns less than their money market account and like many companies require you to open a new account just to be brought up to the non-competitive higher rate. No thanks TIAA. I'm out.
TIAA Takeover Of Everbank Ruined This Bank
I was an Everbank client for 8 years prior to its takeover by TIAA CREF. It has a responsive and very capable online interface. It was exclusively an online bank. In May or June 2018, TIAA CREF bought Everbank. From there it has been straight downhill. The interface is now wrapped by TIAA CREF's cumbersome, clunky and painfully slow interface. Simple processes no long work. For example, adding an external bank in order to do ACH transfers is now broken. I am going to close my acccount here and the search is on for a better online bank. It will take time since so much data entry is needed but how long can one put up with incompetence in a bank?
Data as of Q3 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34775 |
| Year Established | 1998 |
| Employees | 3403 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.75% |
| Return on Equity - YTD | 6.82% |
| Annual Interest Income | $984.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2018vs Q3 2017 | $34.43B$33.27B |
| Loans | Q3 2018vs Q3 2017 | $28.19B$28.13B |
| Deposits | Q3 2018vs Q3 2017 | $23.01B$22.88B |
| Equity Capital | Q3 2018vs Q3 2017 | $3.86B$3.55B |
| Loan Loss Allowance | Q3 2018vs Q3 2017 | $138.6MM$143.1MM |
| Unbacked Noncurrent Loans | Q3 2018vs Q3 2017 | $84.0MM$113.0MM |
| Real Estate Owned | Q3 2018vs Q3 2017 | $32.2MM$56.0MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
3.05% 42M(3.5Yrs) W Bump
Currently earns a minimum 3.05% APY,¹ with the option to bump up once if their rates go up
TIAA will not provide any notice to you when our interest rates change but our current rates are always available at TIAABank.com/banking/rates. If at any time during the term of you want to exercise the Rate Increase Option, call them during normal business hours at 888-882-3837
Bumped Up "Our Pledge Money Markiet To 2.10% 1Yr Intro
"Your savings could be working harder for you. Open a Yield Pledge® Money Market account and start taking advantage of a 1-year intro APY that's ten times the current national average.²"
1 Year CD Rate Increase To 2.65%
Always verify rates and promotions with the bank or credit union. We are not TIAA Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
TIAA Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.61% | - | - | Basic Savings | |
| 0.61% | - | - | Basic Savings IRA |
TIAA Bank Money Market Rates
TIAA Bank Checking Account Rates
TIAA Bank CD Rates
TIAA Bank IRA Rates
TIAA Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 501 Riverside Avenue - Jacksonville, FL 32202