TIAA Bank: 2023 Banking Review

This full-service bank keeps up with the competition -- just be mindful of its minimum deposit requirements.

TIAA brings the best of both worlds as a full-service bank with competitive rates, a variety of accounts and the convenience of banking online and in person. 

TIAA bank logo on a smartphone screen

The bank has minimal fees and regularly keeps track of other banks' APYs to ensure it offers some of the best returns. TIAA also offers additional perks, including reimbursed out-of-network ATM fees, mobile banking and savings features to help you reach your financial goals. 

But there are some factors to consider before opening an account with this bank. First, all of TIAA's deposit accounts require a minimum deposit. And even though creating an account online is easy, you may not live close to a physical branch. TIAA has locations in 45 states, but there aren't many branches in each state. 

We recommend TIAA as an alternative to major national banks, but it has a few shortcomings worth considering as well. 

What we like

  • No monthly maintenance fees 
  • Different CD types and terms to choose from
  • Competitive APYs for deposit accounts 
  • Surcharge-free Allpoint and MoneyPass ATMs 
  • In-person and mobile banking
  • Debit card benefits, including purchase protection and extended warranties 
  • Send and receive money with Zelle
  • Set and track savings goals online 
  • 24/7 virtual customer support 

What we don't like

  • Required minimum deposits for deposit accounts (waived for Rhode Island residents)
  • Unlimited ATM reimbursements only offered if your minimum balance is over $5,000 
  • Your checking account APY depends on your daily minimum balance 
  • Not as many branches as other brick-and-mortar banks

Who is TIAA Bank suited for? 

TIAA offers competitive rates and may be a good fit if you want to grow your savings and also earn some interest on your checking account balance. You'll want to be comfortable with managing your account online, however -- unless you live near one of the bank's 133 branches located across the country. 

If you'd rather manage your money in person and don't live by a physical TIAA branch, consider another option with high APYs and branch access, like Capital One or a local credit union. If you'd rather open an account that doesn't require minimum deposits and don't mind banking online, Ally might be a good fit. 

Checking account review 

TIAA's Yield Pledge Checking account lets you earn interest on your money and has a few other benefits. It's closely comparable to Ally and Axos' checking account options

You'll get a debit card with purchase protections and extended warranties on your transactions. And you can withdraw cash at over 80,000 Allpoint and MoneyPass ATMs, surcharge-free. Plus, TIAA will reimburse you up to $15 each month for out-of-network fees. However, you won't have unlimited ATM fee reimbursements unless your TIAA deposit account average has a daily balance of over $5,000.

The APY you earn will also depend on your daily balance. As of now, all accounts have a 0.25% APY. This isn't as high as TIAA's savings or money market account APYs, but it's still a better yield than most major national banks offer on their checking accounts. 

You do need a minimum deposit of $100 to get started, and since there are no overdraft fees, your transaction will be declined if you have insufficient funds. But you can set up overdraft protection with TIAA to automatically transfer funds from a linked account to cover a transaction. 

Checking account features

APY Minimum deposit Monthly fee Overdraft fee
0.25% $100 $0 $0

Rate as of March 16, 2023.

What we like

  • Checking account APY is better than major national banks 
  • Debit card with purchase protection and extended warranty
  • Overdraft protection when you link to another account 
  • No overdraft fees 
  • No monthly maintenance fees

What we don't like 

  • $100 minimum deposit required 

Savings account review

TIAA's high-yield savings account is a no-frills account, but it can inch you closer to your savings goals with minimal fees. If you're looking for the best return on your savings, TIAA's APY cuts close to other online banks. 

There's no monthly account fee, but a minimum of $25 is required to open the account. (The deposit minimum is waived for Rhode Island residents.) You can manage your savings via the TIAA app, online or at one of its branches nationwide. We do like that you can use your TIAA debit card to withdraw and transfer money from your checking, money market and savings accounts -- a convenient feature not all savings accounts offer. Lastly, you'll have no-fee ATM access at Allpoint and MoneyPass ATMs. You'll be reimbursed up to $15 per month for out-of-network fees. 

Savings account features

APY Minimum deposit Monthly maintenance fee
3.70% $25 $0

Rate as of March 16, 2023.

What we like

  • Withdraw and transfer money with your TIAA debit card
  • Competitive APY
  • No fees at Allpoint and MoneyPass ATMs
  • No monthly maintenance fee 

What we don't like

  • $25 minimum deposit to open a savings account 
  • Deposit minimum is waived only for Rhode Island residents 

CD account review

We like that TIAA offers three types of CDs: basic, bump rate and IntraFi®, which cater to different financial needs. 

Its basic CDs have terms from three months to five years, no account fees and require a minimum $1,000 deposit. Its bump rate CD has a 3.5-year term that allows you to lock in a new rate at any point during the CD term -- a helpful feature in case rates continue to rise. Currently, the bump rate CD APY is 3.80%. However, there's a $1,500 minimum deposit. 

Lastly, its IntraFi CDs span from three months to three years and come with more insurance on your deposits beyond the $250,000 that the Federal Deposit Insurance Company covers. Coverage goes up to $8 million, depending on your CD term. This CD requires a minimum deposit of $10,000 to get started.

TIAA has early withdrawal penalties for its CDs that equal one-fourth of the total interest you would earn during the term. For example, if you withdraw from a three-year basic CD, you'll forgo approximately nine months of interest. Keep in mind that early withdrawal penalties are common for CDs unless the bank offers a no-penalty CD

CD account features

CD term APY
3-month 4.00%
6-month 4.00%
9-month 4.35%
12-month 4.65%
18-month 4.50%
2-year (or 24-month) 4.30%
2.5-year (or 30-month) 4.00%
3-year (or 36-month) 3.80%
4-year (or 48-month) 3.95%
5-year (or 60-month) 3.85%

Rates as of March 16, 2023.

What we like

  • No monthly account fee 
  • Three-month and five-year terms
  • Basic, bump rate and IntraFi® CDs available
  • Competitive APYs for all CD terms and types 

What we don't like

  • A $1,000 to $10,000 minimum deposit, depending on the CD type
  • Its bump rate CD requires a 3.5-year term 
  • Early withdrawal penalty that's one-fourth of the CD term interest

Money market account review

We like that TIAA's Yield Pledge money market account offers a competitive APY that's higher than major traditional banks. The good part is that TIAA reviews its money market's rates once a week to make sure its rates are among the top 5% of competitive accounts. If they aren't, TIAA will automatically adjust its money market rates. However, the APYs are tiered depending on your daily balance. Here's a closer look: 

Money market APYs by account balance

Balance APY
Under $10,000 1.70%
$10,000 - $24,999.99 2.45%
$25,000 - $49,999.99 2.80%
$50,000 - $99,999.99 3.20%
$100,000 and over 3.55%

Rates as of March 16, 2023

Like many other money market accounts, TIAA's account lets you deposit checks using the mobile app and comes with a debit card. You also won't have to worry about a lot of fees, including charges for overdraft transfers, deposits and debit card replacement. Like TIAA's checking account, you'll be reimbursed up to $15 per month for out-of-network ATM fees -- and if you carry a minimum $5,000 average balance, your ATM reimbursement is unlimited.

Money market account features

APY Minimum deposit Monthly maintenance fee Overdraft fee ATM fees
3.55% $500 $0 $0 $0

Rate as of March 16, 2023

What we like 

  • No monthly maintenance fees 
  • No overdraft fees 
  • No in-network ATM fees and $15 per month reimbursement for out-of-network fees 
  • Competitive APY that adjusts compared to other banks 

What we don't like

  • $500 minimum deposit 
  • You must carry a $5,000 average daily balance to qualify for unlimited out-of-network ATM fee reimbursement
  • APY depends on daily balance 

Overdraft fees

TIAA doesn't charge overdraft fees if an account has insufficient funds or overdrafts. However, transactions are usually declined if the full amount isn't available to cover a purchase. Another option is to link an account to transfer money if your account has a low balance. There's no additional charge for overdraft protection. 

Other banking products and services

Besides deposit accounts, TIAA offers these banking products that are worth considering: 

  • Brokerage accounts
  • Health savings accounts
  • IRAs
  • Mutual funds 
  • 529 Education savings plans

Banking experience 

We like that TIAA account holders can manage their accounts via the mobile app, online or in person at a local physical branch. Plus, deposit accounts have ATM access, and TIAA has an online ATM locator to help you find one nearby. 

TIAA's mobile app automatically sends push notifications for deposits, and you can keep tabs on your balances using Peek View without logging in. Other mobile banking features include bill pay, mobile check deposits, Zelle payments and transfers. You can also manage your investments using the app. According to Trustpilot, TIAA scores 3.5 out of 5 stars. 

Customer service 

Customer service hours are limited for banking assistance. You can reach TIAA on weekdays from 8 a.m. to 8 p.m. EST and Saturdays from 9 a.m. to 7 p.m. EST. The bank has separate hours and availability for investing and loan help. You can also reach out via mail or email. All contact information and frequently asked questions are on TIAA's contact page

About the bank 

TIAA was founded in 1918, and its headquarters are in Jacksonville, Florida. It's a full-service, FDIC-insured bank that is available to all states. Its physical branches are limited, but TIAA's mobile app and website let you fully manage your account online if a branch isn't nearby.