TIAA Direct Syncs CD Rates With EverBank Following Acquisition

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
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If your CD has a term of one year or less, the penalty is equal to 90 days of interest on the amount of principal withdrawn.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than one year up to and including three years, the penalty is equal to 180 days of interest on the amount of principal withdrawn.

Availability

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 DepositAccounts.com, 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 DepositAccounts.com 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 DepositAccounts.com 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 DepositAccounts.com 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

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