TIAA Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 2.25% | 2-year CD | 2 Year CD |
| 2.20% | 18-month CD | 1.5 Year CD |
| 2.10% | 1-year CD | 1 Year CD 2.40% - Ally Bank High Yield 12-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
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
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!
Poor Customer Service
My account was transferred from Ever Bank. I tried logging in online and wasn't able to do so. Called customer service and after being on hold for 20 minutes was told that there were no business banking representatives working.
This is typical of the financial/banking industry today. I am totally fed up with the Bullshit!!!
Services They Can't Afford
Tiaa offers a 10.00 overdraft but they freeze any check or money order deposit for 15 days if you use this service they can't afford to pay for you I spent 4 hours on phone after finding they held a paid item 10 extra days because I used 9.00 dollars overdraft during the Harvey hurricane
Rate Lock At Funding
Per legal info on website and call to bank, CD rate locked when funds received and not at time of application. Rate could change.
Customer Service Releasing Funds
Trying to get funds released from TIAA. We are 4 weeks into calling with each week's response being "no one has requested these funds to be released". Even called the same week and they stated it is scheduled to be delivered and is in queue and should mail 3-5 days after request. We call in when they say it was going to be received and then they say..."no one has requested it to be released." 4 weeks of this and requests to be called by Supervisor have not been returned. I believe the CSR's are not that stupid or incompetent and this is a business practice to keep funds they are not entitled to keep. I filed with BBB and will be filing with Attorney General's office as well. I plan to use Facebook and since I am an executive, I plan to use Linkdn and the groups I am associated with let everyone know of these questionable business practices.
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!
Data as of Q1 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34775 |
| Year Established | 1998 |
| Employees | 3325 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.67% |
| Return on Equity - YTD | 6.21% |
| Annual Interest Income | $315.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $33.94B$27.77B |
| Loans | Q1 2018vs Q1 2017 | $28.52B$24.75B |
| Deposits | Q1 2018vs Q1 2017 | $23.11B$19.43B |
| Equity Capital | Q1 2018vs Q1 2017 | $3.72B$2.30B |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $145.8MM$95.2MM |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $99.9MM$160.9MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $50.5MM$32.0MM |
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.60% | - | $250k | Yield Pledge Money Market - 1st Year Intro Rate | ||
| 1.50%* | $100k* | $10m | Yield Pledge Money Market - Ongoing Rates | ||
| OTHER TIERS: 1.10% → Up to $10k | 1.15% → $10k - $25k | 1.25% → $25k - $50k | 1.35% → $50k - $100k | |||||
TIAA Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.21% | $50k | $250k | Yield Pledge Checking - 1st Year Intro Rate | ||
| 0.71%* | $100k* | $10m | Yield Pledge Checking - Ongoing Rates | ||
| OTHER TIERS: 0.25% → Up to $10k | 0.46% → $10k - $25k | 0.61% → $25k - $100k | |||||
TIAA Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.90% | $5k | - | 5 Year Yield Pledge CD | |
| 2.80% | $5k | - | 4 Year Yield Pledge CD | |
| 2.70% | $5k | - | 3 Year Yield Pledge CD | |
| 2.70% | $1.5k | $250k | 3.5 Year Bump Rate CD | |
| 2.65% | $1k | - | 5 Year CD | |
| 2.60% | $5k | - | 2.5 Year Yield Pledge CD | |
| 2.55% | $1k | - | 4 Year CD | |
| 2.50% | $5k | - | 2 Year Yield Pledge CD | |
| 2.45% | $1k | - | 3 Year CD | |
| 2.45% | $5k | - | 1.5 Year Yield Pledge CD | |
| 2.35% | $1k | - | 2.5 Year CD | |
| 2.35% | $5k | - | 1 Year Yield Pledge CD | |
| 2.25% | $1k | - | 2 Year CD | |
| 2.20% | $1k | - | 1.5 Year CD | |
| 2.12% | $10k | $1m | 3 Year CDARS | |
| 2.10% | $1k | - | 1 Year CD | |
| 2.05% | $10k | $2.5m | 2 Year CDARS | |
| 2.02% | $10k | - | 1 Year CDARS | |
| 1.93% | $5k | - | 9 Month Yield Pledge CD | |
| 1.75% | $5k | - | 6 Month Yield Pledge CD | |
| 1.68% | $1k | - | 9 Month CD | |
| 1.60% | $5k | - | 3 Month Yield Pledge CD | |
| 1.50% | $1k | - | 6 Month CD | |
| 1.48% | $10k | - | 6 Month CDARS | |
| 1.36% | $10k | - | 3 Month CDARS | |
| 1.35% | $1k | - | 3 Month CD |
TIAA Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.90% | $5k | - | 5 Year Yield Pledge IRA | |
| 2.80% | $5k | - | 4 Year Yield Pledge IRA | |
| 2.70% | $5k | - | 3 Year Yield Pledge IRA | |
| 2.70% | $1.5k | $250k | 3.5 Year Bump Rate IRA | |
| 2.65% | $1k | - | 5 Year IRA | |
| 2.60% | $5k | - | 2.5 Year Yield Pledge IRA | |
| 2.55% | $1k | - | 4 Year IRA | |
| 2.50% | $5k | - | 2 Year Yield Pledge IRA | |
| 2.45% | $5k | - | 1.5 Year Yield Pledge IRA | |
| 2.45% | $1k | - | 3 Year IRA | |
| 2.35% | $5k | - | 1 Year Yield Pledge IRA | |
| 2.35% | $1k | - | 2.5 Year IRA | |
| 2.25% | $1k | - | 2 Year IRA | |
| 2.20% | $1k | - | 1.5 Year IRA | |
| 2.10% | $1k | - | 1 Year IRA | |
| 1.93% | $5k | - | 9 Month Yield Pledge IRA | |
| 1.75% | $5k | - | 6 Month Yield Pledge IRA | |
| 1.68% | $1k | - | 9 Month IRA | |
| 1.60% | $5k | - | 3 Month Yield Pledge IRA | |
| 1.50% | $1k | - | 6 Month IRA | |
| 1.35% | $1k | - | 3 Month IRA |
TIAA Bank 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