TIAA Bank is an online bank savings accounts, checking accounts, money market accounts, and CDs.
TIAA; Alyssa Powell/Business Insider
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The bottom line: TIAA Basic Savings Account pays solid interest rates, and it’s probably the best fit for people who can maintain $5,000 balances for unlimited ATM fee reimbursements.
Overall bank rating
FeatureInsider rating (out of 5)Savings4Checking4CD4Money market account4.25Trustworthiness4Total4
Pros and cons
ProsCons
Competitive interest rates
No monthly fees
Money market account comes with a debit card and paper checks
Debit card includes extended warranty protection, pricing protection, and return protection
Some online banks offer more competitive rates on savings accounts and CDsHigh minimum opening deposit on checking account
TIAA Basic Savings Account
The TIAA Basic Savings Account is a decent savings tool. You can open an account with a $25 deposit.
You’ll earn 0.65% APY on your savings balance. While this is significantly higher than the average savings rate of FDIC National Deposit Savings Rates, you can still find better rates with other online banks’ high-yield savings accounts.
TIAA Bank Basic Checking Account
The TIAA Yield Pledge Checking Account is a worthwhile option if you want to earn interest on your checking account balance — not all banks pay interest on checking accounts.
TIAA’s debit card also comes with some unique benefits: extended warranty protection, price protection, and return protection.
Extended warranty protection could add up to an extra year warranty to an eligible product you buy with the card. With price protection, TIAA reimburses up to $250 if you buy something, then find the same item for cheaper within 60 days. With return protection, TIAA refunds up to $250 if you want to return an item within 90 days of buying it, but the merchant won’t accept returns.
TIAA Basic Certificate of Deposit
TIAA offers fixed-rate CDs with terms ranging from three months to five years. Its rates are competitive with other online banks, but you can find slightly higher rates elsewhere.
The sore spot for a TIAA Basic CD is the early withdrawal penalty. Its penalty for withdrawing funds before the CD matures can be harsh, particularly for longer-term CDs. But if you feel confident you won’t need to withdraw money early, then TIAA could be a good fit.
TIAA Yield Pledge® Money Market Account
The TIAA Yield Pledge Money Market Account is a pretty strong account. You’ll receive a debit card and paper checks, which make it easy to access your money. You’ll receive unlimited out-of-network ATM reimbursements if your balance is at least $5,000, and $15 per month in refunds for lower balances.
TIAA also doesn’t charge any monthly fees. The mandatory $500 opening deposit is lower than what many competitors require, but you can still find lower deposit requirements at some other online banks.
How TIAA Bank works
TIAA Bank is an online bank, but it does have 125 offices throughout the United States. You can use your debit card for free at 80,000 AllPoint and MoneyPasss ATMs around the United States.
You’ll receive unlimited out-of-network ATM fee reimbursements if you have at least $5,000 in the respective account. If your balance is under $15,000, you’ll still receive up to $15 per month in out-of-network ATM refunds.
The TIAA mobile app has received 4.7 out of 5 stars in the Apple store and 4.6 stars in the Google Play store.
You can call a live representative seven days per week or email customer service, but there’s no live online chat feature.
Most TIAA accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account. If you have a CDARS CD, then your account is insured for millions.
Is TIAA trustworthy?
The Better Business Bureau gives TIAA Bank an A+ rating. A strong BBB grade indicates a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.
The bank’s most recent public scandal was its firing of the CEO, Blake Wilson, in 2019. TIAA fired Wilson for violating policies, but it didn’t specify which policies. But considering the company fired a leader for unacceptable practices, you may decide you feel comfortable banking with TIAA.
TIAA Bank vs. Capital One 360 review
TIAA is an online bank, but it also has a few physical branches. We’re comparing it to two other institutions that have online operations, Capital One 360 and BrioDirect.
TIAA Bank
Capital One 360
Savings APY
0.50% APY
Savings APY
0.50% APY
Minimum deposits
$25 to $1,000
Minimum deposits
$0
TIAA Basic Savings Account
Capital One 360 Performance Savings™
TIAA Bank and Capital One 360 both have savings accounts, checking accounts, and CDs. If you want a type of CD other than the typical fixed-rate account, then you’ll probably prefer TIAA. You’ll also want to go with TIAA if you’re interested in a money market account because Capital One 360 doesn’t offer one.
You might like Capital One 360 if you don’t have much money to get started. The bank doesn’t require an opening deposit for any of its accounts, and it doesn’t charge monthly fees. However, Capital One 360 doesn’t reimburse any out-of-network ATM fees.
If you want to be able to walk into a physical branch, your choice may come down to which bank has a location closest to you.
TIAA Bank review vs. BrioDirect review
TIAA Bank
BrioDirect
Savings APY
0.50% APY
Savings APY
BrioDirect High-Yield Savings Account
Minimum deposits
$25 to $1,000
Minimum deposits
$25 to $500
TIAA Basic Savings Account
BrioDirect High-Yield Savings Account
TIAA Bank and BrioDirect both have savings and checking accounts, CDs, and money market accounts. The BrioDirect High-Yield Savings Account currently pays a higher interest rate than the TIAA Basic Savings Account. However, keep in mind rates can fluctuate.
TIAA may be worth considering if you’d like to open a checking account with free overdraft protection. BrioDirect charges a $35 overdraft fee if you have a negative balance that exceeds $5, and it doesn’t have any overdraft protection.