TIAA Bank review: is it trustworthy?
Read this TIAA Bank review to find out about this bank's broad ATM network and top-notch deposit accounts.
Understanding TIAA Bank: Broad ATM network and top-notch deposit accounts
In this TIAA Bank review, you will learn about this bank’s checking, savings, and CD accounts. Earn 1.70% APY on your savings, one of the best rates you will find among online banks.
With as little as $25, you can open a savings account. Plus, if you manage to keep an average daily balance of the same amount, you can waive a $5 monthly fee.
Even though you can find other savings account offers with a $0 monthly fee, $25 is a low amount for the 1.70% earnings.
- Financial products offered: Checking Account, Savings Account
- Fee: $0 for the checking account, $5 for the savings account (waivable if you keep a $25 average daily balance)
- Minimum balance: $0
How is banking with TIAA Bank?
TIAA Bank offers convenient accounts with low initial minimum requirements and no minimum ongoing requirements. Their checking account is named TIAA Bank Yield Pledge® Checking.
In order to open this account, you must meet a $100 initial minimum requirement. This account earns you 0.10% APY on your balance and offers more than 80,000 ATMs with no fees.
If you keep a balance of less than $5,000 in your TIAA Bank Yield Pledge® Checking account, the bank will reimburse up to $15 in fees from ATMs outside their network.
To open a TIAA Bank Basic Savings account, you need just $25 for an initial minimum. The account earns you 1.70% interest per year, which is above the average APY you find in big banks.
As mentioned previously, their savings account comes with a $5 monthly fee, waivable if you keep a $25 average daily balance.
And if you are into savings, you will be happy to know that TIAA Bank also offers a CD account.
The TIAA Bank Basic CD account earns 2.75% for a one-year term. This is a relevant rate. To help you put things into perspective, the national average rate for 1 year is 0.60%.
If you let the money sit there for 5 years, you will make 3.25% APY on it. This beats all savings account rates, and the initial amount for this account is $1,000.
Most banks require an initial minimum of $1,500 to $5,000, so the TIAA Bank Basic CD is a much cheaper option for you to get started.
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Significant benefits and disadvantages of TIAA Bank
Our TIAA Bank would not be complete without a comparison between the bank’s pros and cons. Have a look at the list of benefits and disadvantages we have put together below.
- Highly competitive CD rates
- Broad ATM network
- Interest bearing checking account
- Low initial minimums
- Limited branches outside of Florida
- Hard-to-assess customer service
- High overdraft fees only avoidable through a linked TIAA account or line of credit
Why should you choose TIAA Bank?
With low fees (some of which are avoidable) and low initial requirements, TIAA Bank offers convenient accounts for everyday purposes.
The accounts offer good yields on balances and are very simple and straightforward.
How to start banking with TIAA Bank
If TIAA Bank sounds like a fit for you, you might want to consider applying for an account. In the link below, we have prepared a step-by-step guide for you to do just that.
Click it, and we will show you how to do it.
About the author / Danilo Pereira
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