TIAA Bank Ups 1-Year Yield Pledge® CD (2.61% APY)

POSTED ON BY

Deal Summary: 1-year Yield Pledge® CD, 2.61% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

It’s been more than a year since I wrote about TIAA, either as the former TIAA Direct or the current TIAA Bank. Written after the acquisition of EverBank, my June 2017 blog post noted that TIAA Direct and EverBank rates had begun to mirror each other, even though the two banks were operating separately.

Over the weekend, the newly minted TIAA Bank raised the rates on a few of its Yield Pledge® CDs, including the 1-year Yield Pledge® CD (2.61% APY). The minimum deposit is $5k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.65%$5k-TIAA Bank1 Year Yield Pledge CD
Rates as of September 24, 2018.

To review all the TIAA Bank’s CDs, please refer to our TIAA Bank CD rate table.

”Yield Pledge®” is not just a branding tool. According to the Yield Pledge® CD page,

We promise that the yield on your account at the time you open, renew, or roll your expiring CD into a new Yield Pledge® CD will be in the Top 5% of Competitive Accounts based on Bankrate Monitor National Index survey data from that week.

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If your CD has a term of one year or less, the penalty is equal to 90 days of interest on the amount of principal withdrawn.

Thanks to DA readers, leemd and Saver5, for their Forum posts about TIAA Bank’s recent rate increases.

Availability

Opening a Yield Pledge® CD must be done online. Funding can be done by wire transfer from an outside bank, by check, or through a transfer of funds from an existing TIAA Bank account.

IRA, Trust, or Custodial accounts cannot be opened online, but “dedicated account opening support” for those type of accounts is available by calling 855.291.1840.

Bank Overview

Headquartered in Jacksonville, Florida, TIAA Bank debuted in June 2018, a year after TIAA acquired EverBank, a well-known pioneer in digital banking. Immediately following the 2017 acquisition, TIAA Direct and EverBank operated as separate brands with separate products, although a rebrand was promised for the future. While the Bank’s new name clearly features “TIAA”, EverBank’s presence is seen in “Yield Pledge®” attached to several products.

TIAA Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.09% (excellent) based on June 30, 2018 data. In the past year, TIAA Bank has increased its total non-brokered deposits by $2.04 billion, an excellent annual growth rate of 10.74%. Please refer to our financial overview of TIAA Bank (FDIC Certificate # 34775) 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. In June 2017, TIAA Direct acquired EverBank, becoming TIAA Bank and offering a significantly expanded product line and services. TIAA Bank is currently the 49th largest bank in the country, with assets in excess of $34 billion and more than 709,000 customer accounts.

How the Yield Pledge® CD Compares

When compared to the 212 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, TIAA Bank's 1-year Yield Pledge® CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
2.75% APY12-Month CD SpecialUSALLIANCE Financial
2.65% APY13-Month CDSynchrony Bank
2.63% APY12-Month Online Promo CDM.Y. Safra Bank
2.61% APY1-Year Yield Pledge® CDTIAA Bank

These rates are accurate as of 9/18/2017.

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

Related Pages: 1-year CD rates, nationwide deals, Internet banks

Comments
Marcos
Marcos   |     |   Comment #1
Just closed longstanding (former) Everbank account.

Should have done this long ago! Held on, to give the acquiring bank a chance to improve the following, but no go:

1. Continuing uncompetitive rates, despite the "Pledge"

2. Way higher than market EWP's (15 months for 5-year CD)

3. Restrictions on ACH transfers

4. IRA's: distribution procedures extremely cumbersome, including RMD's, and including crediting of proceeds.

5. Trust accounts: for a trust account that you would open, your eventual successor trustee would face uncommonly difficult bureaucratic hurdles imposed by the bank in performing their duties
TIAA Direct's CD Rates Upped To Competitive Levels
Deal Summary: 18-months CD, 1.66% APY; 24-months CD, 1.81% APY; 36-months CD, 2.00% APY; $1k minimum deposit.

Availability: Nationwide (internet bank)

Within 24 hours of each other, TIAA Direct and the newly acquired EverBank raised rates on all their CDs, adding between 6 and 15 bps. More importantly, TIAA Direct and EverBank’s rates now mirror each other.

Of all the CDs in the product line(s), the 18-months CD (1.66% APY), 24-months CD (1.81% APY), and 36-months CD (2.00% APY) are the most competitive. The minimum opening deposit is...

Continue Reading
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,...

Continue Reading
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.

Requirements

  • 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...

Continue Reading
TIAA Direct Finally Accepting New Customers But Rates Are Disappointing

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...

Continue Reading
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...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.