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TIAA Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 4.0 Star Icon
1.85%APY
1 Year CD

Pros:

  • Competitive interest rates
  • A wide variety of CD terms
  • Bump Rate CD
  • Yield interest rates guaranteed

Cons:

  • High opening amounts for some CDs
  • Basic CDs offer lower interest rates
  • High penalty for early withdrawal
  • Cannot make deposits after opened

What You Need to Know

The interest rates for TIAA Bank CDs are competitive. Each of the term interest rates is competitive with other online CD accounts. TIAA rates are much higher than typical bank rates. Their CD rates are not tiered. Any account balance earns competitive rates.

TIAA Bank offers a wide variety of CD terms. Their terms range from three-months to five-years. They offer the basic CD terms between these times, but they offer a nine-month term and a 30-month term as well. TIAA Bank also offers a 42-month Bump Rate term.

TIAA Bank offers on Bump Rate CD. This CD term is a 42-month term. This CD only requires $1,500 to open. If interest rates increase during the CD term, you have the option to bump up to the new interest rate. You can bump up the interest rate once during the CD term. Customers can only have one Bump Rate CD opened at a time.

TIAA guarantees their interest rates earned are in the top five percent of the most competitive accounts. Each week TIAA reviews the rates of competitors. Based on their findings they adjust their rates to make sure they are competitive with the best.

The TIAA Bank high yield CDs have a high opening required amount. Each of these CDs terms require $5,000 to open. TIAA Bank offers the option of CDARS. This is if you want to invest an amount over the FDIC insured limit of $250,000 and still be insured. To open a CDARS CD requires an opening deposit of $10,000.

TIAA Bank offers high yield and regular CDs. The regular CD account interest rates are slightly lower. They are not as competitive as the high yield interest rates. The high yield accounts earn high rates but require a higher opening amount.

The early withdrawal penalty for CDs is high. The Bump Rate CD charges 318 days of interest if you withdraw money before the maturity date. The six-month CDs require 45 days of interest. The 18-month CDs require 136 days of interest. The five-year CDs require 456 days of interest. Other early withdrawal fees vary depending on the CD term.

Once you open a TIAA CD, you cannot make deposits into the CD. The opening deposit is the only deposit allowed until the CD reaches maturity. Contact customer service to decide what happens to your CD once it reaches maturity.

Cool Things

Your Money Insights

The TIAA Bank website offers a variety of financial articles. Learn how to take extra expenses out of your life, learn about your work benefits, and retirement. Learn about the financial market, what is best for your home, and how TIAA Bank can help you reach your goals.

My Money Program

This program is offered through the Department of Financial Services. It offers educational lessons for those with developmental disabilities. The lessons can help families or caregivers of those with developmental disabilities. It offers games, how-to videos, and other resources.

History

The TIAA company started in 1918 by Andrew Carnegie. He wanted to help people have a more secure financial future. In 1998, TIAA entered the 529 college savings plan. This was a way to help parents save for their children’s education.

In 2017 TIAA Direct combined with EverBank. The name TIAA Bank came in 2018 after TIAA acquired EverBank.

Today bank headquarters are in Jacksonville, Florida. They have over 3,000 employees.

Awards and Recognition

  • “World’s Most Ethical Companies” in 2018 by Ethisphere Institute
  • Best Banks of 2018 by GOBankingRates’
  • Five-Star rating from BauerFinancial

Giving Back

TIAA joined efforts with two other organizations to help give Thanksgiving dinner. The dinners went to families in the TIAA Bank communities. In 2018, these organizations put together over 1,900 Thanksgiving meals. They delivered these meals to low-to-moderate income families. Since these organizations joined forces, they have helped more than 6,000 families.

In January of 2018, EverBank announced they would contribute $1.5 million to the Step Up for Students Scholarship Program. EverBank was a division of TIAA Bank. The donation helped fund over 200 scholarships. These organizations have given more than $14.5 million over the years. That money has contributed to more than 3,000 scholarships.

Frequently Asked Questions

Is TIAA Bank FDIC insured?

Yes. TIAA Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does TIAA Bank offer?

TIAA Bank offers CD from three-months to five-year terms. In all, TIAA offers ten regular CD terms and ten high yield CD terms. They also offer a 42-month Bump Rate term.

What is the required amount to open a CD with TIAA Bank?

Each regular CD term requires $1,000 to open. The high yield CDs require $5,000 to open. The 42-month Bump Rate CD requires $1,500 to open.

How do I deposit money into TIAA Bank CDs?

Make deposits through mobile, direct, or online deposits. You can deposit money through wire and electronic transfers or mail in a deposit. You can make deposits through a local branch location or ATMs as well.

How do I access my money?

Through electronic transfers, ATMs, or by visiting a local branch location.

Do I have to open other TIAA Bank accounts before I can open a CD?

No. You can open a CD with TIAA without opening any other account.

Do TIAA Bank CDs offer competitive interest rates?

Yes. Each of the CD terms offer competitive interest rates. The high yield CD accounts offer slightly more competitive rates. To open the high yield accounts requires a higher opening amount.

Can I choose how to receive my interest payments from TIAA Bank CDs?

Interest earned will automatically roll into the CD balance. You can choose to transfer the interest into your TIAA checking or money market account.

What percentage am I charged if I withdraw money before the maturity date?

The fee changes based on the CD terms. The fee for the six-month CD is 45 days of interest. The fee for the five-year CD is 456 days of interest.

How do I make changes during the grace period?

To make changes contact customer service.

How will I know my TIAA Bank CD is nearing maturity?

TIAA high yield CDs offer a 20-day maturity alert.

How long is the grace period between renewal?

The grace period is ten days. If changes are not made, the CD will renew for the same term as before.

Are TIAA Bank CD rates guaranteed for the entire term?

Yes. TIAA CDs offer fixed interest rates. TIAA guarantees interest rates are competitive with the top five percent of bank rates.

Does TIAA Bank offer mobile banking?

Yes. With the mobile app, you can make deposits and view account balances.

Is TIAA Bank a good bank?

TIAA offers a good variety of CD terms. They offer basic CDs and high yield CDs. The opening required amount for the basic CDs are low. The high yield terms have higher opening amounts. The interest rates on each type of CDs are competitive. The high yield accounts offer very competitive interest rates. TIAA guarantees their rates are competitive with the top five percent of interest rates.

Is TIAA Bank secure online?

TIAA offers secure account login online. They offer the free download of a malware protection program Trusteer Report. If you meet their criteria, they protect 100 percent of unauthorized funds. They cover fees for late bill payments that do not arrive by the delivery date. They also cover misdirected funds because of a TIAA mistake.

What is the shortest TIAA Bank CD term offered?

The shortest term is a three-month term. That term is available as a regular CD or a high yield CD.

What is the longest TIAA Bank CD term offered?

A five-year term is the longest CD offered through TIAA Bank. This term is available as a regular CD as well as a high yield CD.

Does TIAA Bank offer accounts other than CDs?

Yes. TIAA offers a variety of other accounts. They offer personal and business accounts. Those accounts include checking, savings, money market accounts, and credit cards.

Can I use TIAA Bank CDs for my business accounts?

Yes. TIAA Bank offers a variety of business accounts, including CDs.

How do I reach customer service?

By phone, email, or mail. You can visit a local branch location or ATM. You can follow TIAA Bank on Facebook, Twitter, Instagram, and LinkedIn.

Bank Contact Information

TIAA Bank
11 Oval Dr., Suite 107
Islandia, NY 11749
1-888-882-3837

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