TIAA Direct
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 0.70% | Savings | High Yield Savings 1.00% - Ally Bank Online Savings Account |
| 0.90% | Money Market | Money Market 0.85% - Ally Bank Money Market Account |
| 1.49% | 5-year CD | 60 Months CD 1.85% - Synchrony Bank 60 Month 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
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
One Of The Best Banks You Never Have To See
TIAA Direct has been great to deal with in nearly every facet. Recently, I began doing some research for a new banking institution. I needed a separate account for my business line. The options at my local big banks were just not cutting it for me. At TIAA, they were able to set me up with a checking account system that would automatically draw funds out as needed and pay certain expenses when available. This service allows me to have one less hassle to worry about. I can rest easy knowing my expenses will be covered and I will never have to deal with any fees. This entire process was free and done with limited hassle. While there, I checking into rates on some of their deposit accounts. This is my only complaint about them. Their rates are slightly below average that I was able to find elsewhere.
Very Satisfied With Its Usefulness
While disappointed with the interest rate drops, I'm satisfied with the customer service which has always been helpful. I use the money market for writing checks (up to 6 a month) and ATM cash withdrawals (many no-fee locations), and the checking account for paying bills online (unlimited). Easy to deposit checks with a smart phone app. This isn't my main bank account for earning interest on my savings (unless its rate rises), but it is very good for banking transactions without the banking fees.
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!
Unhappy With 0.80% Rate
I closed my account due to there reduced interest rates not worth your time at this current rate 0.80%.
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.
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.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34723 |
| Year Established | 1998 |
| Employees | 372 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.6% |
| Return on Equity - YTD | -4.72% |
| Annual Interest Income | $45.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2016vs Q2 2015 | $4.02B$3.04B |
| Loans | Q2 2016vs Q2 2015 | $3.25B$1.83B |
| Deposits | Q2 2016vs Q2 2015 | $2.81B$2.11B |
| Equity Capital | Q2 2016vs Q2 2015 | $497.5MM$364.8MM |
| Loan Loss Allowance | Q2 2016vs Q2 2015 | $38.2MM$21.0MM |
| Unbacked Noncurrent Loans | Q2 2016vs Q2 2015 | $1.8MM$0 |
| Real Estate Owned | Q2 2016vs Q2 2015 | $0$0 |
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.
TIAA Direct Advertising $150 Checking Account Bonus
Link to offer
Small print:
We may not see many more of these bonuses due to the upcoming merger of EverBank into TIAA.
Eligibility. This offer is available for a new TIAA Direct Interest Checking account, applied for online or by calling 844-567-8932 using promotion code 76DD150. Only one (1) offer is available per customer. This offer is only intended for the addressee of the email received. It may not be combined with any other offers from TIAA Direct and is not available to existing checking customers.
Offer Terms. TIAA Direct will credit a $150 bonus to a new Interest Checking account if the account is opened by 9/30/2016 and one or more qualifying direct deposits totaling at least $2,500 from the same source is/are credited to that account within 90 days of its open date. Qualifying direct deposits may include payroll, pension or Social Security checks electronically deposited; funds transfers and checks deposited by mobile device or mail do not constitute direct deposits.
Always verify rates and promotions with the bank or credit union. We are not TIAA Direct; 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 Direct Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.70% | - | - | High Yield Savings |
TIAA Direct Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.90%* | $100k* | - | Money Market | ||
| OTHER TIERS: 0.65% → Up to $25k | 0.70% → $25k - $50k | 0.75% → $50k - $100k | |||||
TIAA Direct Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.15%* | $25k* | - | Interest Checking | ||
| OTHER TIERS: 0.05% → Up to $1,500 | 0.10% → $1,500 - $25k | |||||
TIAA Direct CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.49% | - | - | 60 Months CD | |
| 1.40% | - | - | 48 Months CD | |
| 1.36% | - | - | 36 Months CD | |
| 1.25% | - | - | 25 Months CD | |
| 1.25% | - | - | 30 Months CD | |
| 1.15% | - | - | 13 Months CD | |
| 1.08% | - | - | 24 Months CD | |
| 1.01% | - | - | 12 Months CD | |
| 0.95% | - | - | 18 Months CD | |
| 0.65% | - | - | 9 Months CD | |
| 0.60% | - | - | 6 Months 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