TIAA Direct Syncs CD Rates With EverBank Following Acquisition


Deal Summary: 12-months CD, 1.45% APY; 18-months CD, 1.52% APY; 24-months CD, 1.70% APY; $1k minimum deposit.

Availability: Nationwide (internet bank)

TIAA Direct has substantially raised the rates on all its CDs, with increases ranging from 37 to 76 bps. Of those CDs, the 12-months CD (1.45% APY), 18-months CD (1.52% APY), and 24-months CD (1.70% APY) are the most competitive. The minimum opening deposit is $1k, with no stated balance cap. Note: While three balance tiers ($1k, $100k, and $250k) are listed on TIAA’s website, the APYs are currently the same for all tiers.

1.70*%--TIAA Direct24 Months CD
1.52*%--TIAA Direct18 Months CD
1.45*%--TIAA Direct12 Months CD
Accounts mentioned in this post. Rates as of June 28, 2017.

These new APYs mirror the CD rates offered by EverBank, which was recently acquired by TIAA Direct.

As stated on the CD FAQs page, the Early Withdrawal Penalty reads as follows:

If your CD has a term of one year or less, the penalty is equal to 90 days of interest on the amount of principal withdrawn.

If your CD has a term of more than one year up to and including three years, the penalty is equal to 180 days of interest on the amount of principal withdrawn.


Headquartered in St. Louis, Missouri, TIAA Direct is the banking component and a brand of TIAA-CREF Trust Company, a Fortune 100 financial services company.

Opening a TIAA Direct CD must be done online. Funding a new CD can be done by wire transfer from an outside bank, by check, or transfer of funds from an existing TIAA Direct account.

As DA reader, thowelllll, pointed out in a Forum Post, TIAA Direct has completed its acquisition of EverBank. This acquisition will result in a rebrand, “TIAA, FSB, but for the immediate future, the Bank will continue to use the TIAA Direct and EverBank brands.”

Bank Overview

TIAA Direct has an overall health grade of "A+" at, with a Texas ratio of 0.23% (excellent) based on March 31, 2017 data. In the past year, TIAA Direct has increased its total non-brokered deposits by $1.83 billion, an excellent annual growth rate of 120.21%. Please refer to our financial overview of TIAA Direct (FDIC Certificate # 34723) for more details.

Teachers Insurance and Annuity Association (TIAA) was founded in 1918 by the Carnegie Foundation, establishing a fully-funded system of pensions for college professors. Nearly 100 years later, TIAA Direct has acquired EverBank, significantly expanding TIAA Direct’s product line and services. A press release dated June 12, 2017 states,

TIAA, a leading financial services provider, announced today the successful completion of its acquisition of EverBank Financial Corp (NYSE: EVER) and its wholly owned subsidiary EverBank. The transaction was originally announced August 8, 2016.

The acquisition significantly expands TIAA’s existing retail banking and lending products and complements the company’s full suite of retirement, investment and advisory services. It also adds a broad range of business banking services that will allow TIAA to continue to meet the evolving needs of its more than 15,000 institutional clients.

How the CDs Compare

When compared to the 203 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationwide, TIAA Direct's 12-Month CD APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
1.50% APY12-Month CertificateConnexus Credit Union
1.47% APY12-Month CDFirst Internet Bank
1.45% APY12-Months CDTIAA Direct

When compared to the 146 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationwide, TIAA Direct's 18-Month CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
1.60% APY15-Month Special CDVeridian Credit Union
1.56% APY18-Month CDFirst Internet Bank
1.52% APY18-Months CDTIAA Direct

When compared to the 196 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationwide, TIAA Direct's 24-Month CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
1.80% APY25-Month Special CDVeridian Credit Union
1.75% APY2-Year CDKS State Bank
1.70% APY24-Months CDTIAA Direct

These rates are accurate as of 6/26/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: St. Louis CD rates, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

TIAA Direct Offers $250 Bonus For New High Yield Savings Account
Availability: Nationwide (internet bank)

Now through December 5, 2016, TIAA Direct is offering a $250 bonus when opening a new High Yield Savings account with a minimum deposit of $15k.


  • Open a new High Yield Savings account, using promo code S106MB250*.
  • Minimum $15k funded within ten days of account opening.
  • Maintain a $15k minimum daily balance for 90 days.

*While this promotion was targeted via email, CSR stated that if I had the promo code and did not have a TIAA Direct High Yield Savings account, I would qualify for the $250 savings...

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About two years ago, TIAA Direct quietly launched its internet bank to the public. Its very competitive savings and money market accounts attracted a lot of attention, and many readers opened accounts. Then in July 2012, TIAA Direct stopped accepting new customers. After 18 months, TIAA Direct has finally reopened its accounts to new customers. Anyone can now apply, but not many people may want to with its current rates.

When TIAA Direct first launched, the savings and money market accounts had a 1.25% APY on all balances. That held until...

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TIAA Direct Cuts Rates and Announces New Limits on ACH Withdrawals

After almost a year at 1.25% APY, TIAA Direct lowered the APY of its savings and money market accounts this week to 1.00%. This news only affects existing customers since TIAA Direct remains closed to new customers. There has also been additional news on TIAA Direct. Thanks to the readers who emailed me on this. Customers have received notice from TIAA Direct about changes taking effect on February 9, 2013. For savers the big change is a new $5,000 limit for ACH withdrawals initiated from within TIAA Direct. If you...

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Many DA readers who had opened an account at TIAA Direct have been waiting for TIAA Direct to allow beneficiaries. Last month I was told by my TIAA Direct contact that they are still working on it. Yesterday, a reader forwarded me a reply she recently received from a TIAA Direct CSR regarding this issue (hat tip to the reader). According to the CSR, they will start allowing beneficiaries in December 2012. Below is an excerpt of this reply:

I'm not sure why this is taking so long. Customers have been...

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TIAA Direct Stops Accepting New Customers

TIAA Direct has stopped accepting new customers for its savings and money market accounts. Here is what TIAA Direct states on its website:

Thanks to DA reader Manias who mentioned this news in the comments.

I spoke with a TIAA Direct official to learn more details of this news. For those who have TIAA Direct accounts, I was told there are no immediate plans to reduce the rate, but as before, the rate is subject to change at anytime. They plan to keep the rate competitive. Apparently, the number of signups during...

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