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.
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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
11/16/16 - $250 Bonus For TIAA Direct Savings Account With $15,000 Deposit
11/6/16 - $100 Bonus For TIAA Direct High Yield Savings Account
8/15/16 - TIAA Direct Advertising $150 Checking Account Bonus
8/1/15 - $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
Good Experience
I had a good experience with TIAA Bank, with an IRA CD account. From beginning to end I was treated fairly and courteously by the phone representatives. No real problems. The only minor issue is the website could be a little more user friendly. Other than that, I'm happy.
Uh Oh...Warning Signs
As good as my experiences have been with TIAA, my initial exposure to TIAA BANK has me worried. They did offer a better IRA CD rate so i took a chance. Website is WEAK as when one looks up account status/activity, etc. BUT - my MAIN COMPLAINT IS - when i needed to speak to Customer Service 2x, they DEMANDED i tell them my "security code" VERBALLY and i had other people in the room, use this code elsewhere AND CANNOT BELIEVE IT CANNOT BE INPUTTED ON THE PHONE OR OTHER METHOD as every i bank i work with has as procedure.
Bank Has Really Declined Since TIAA Bought It
This bank just ok when it was Everbank but I put up with it for the great interest rates. Ever since TIAA bought it the web interface has only gotten worse. The past few months the bill pay options have stopped working correctly and now I don't even have the option of paying a bunch of my credit cards automatically. The missed payments led to late fees because TIAA never notified me that they wouldn't be making these payments any more.
Customer Service acts like there's nothing wrong and they've been completely useless.
Also, their wire transfer service is terrible and expensive. TIAA is driving this place into the ground.
Seniors STAY AWAY
I would caution you about horrendous service especially if your a Senior. 888 customer service is the worst. Both the agent and their supervisors refuse to give their last name or employee identification #. You are not able to speak to the Corporate management. I don't think the Fort Lauderdale Branch is trained to conduct anything but a simple deposit. Don't be fooled by a couple of pennies in extra interest, It is not worth the stress and i'm sure you can find other bank that can beat or match their rates.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34775 |
| Year Established | 1998 |
| Employees | 2610 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.46% |
| Return on Equity - YTD | 4.67% |
| Annual Interest Income | $1.13B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $41.16B$34.43B |
| Loans | Q3 2019vs Q3 2018 | $34.53B$28.19B |
| Deposits | Q3 2019vs Q3 2018 | $27.09B$23.01B |
| Equity Capital | Q3 2019vs Q3 2018 | $3.83B$3.86B |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $148.9MM$138.6MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $162.3MM$84.0MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $36.9MM$32.2MM |