It’s no secret that people are looking for easier ways to bank. And, the reality is that you don’t even have to live in the same state as your bank in order to do business with them. One of the most unique competitors in the market today is TIAA Bank of Jacksonville, Florida. TIAA has customers all over the United States, offers one of the largest ATM networks across the country (over 80,000 locations) in addition to providing a solid blend of traditional banking services with their modern online-only banking suite of products.
That said, if you live in North Florida (or anywhere else in the U.S. for that matter) and are looking to make the switch to a new bank… why not check out TIAA to see if they may be a good match for you and your money? In this article, we’ll cover the basics of the products that they offer to help you decide…
About TIAA Bank:
Originally called the “Teachers Insurance and Annuity Association of America,” TIAA Bank was founded in 1918 by Andrew Carnegie. The original purpose of the bank was to provide pensions for teachers and professors across the United States. Since that time, TIAA has expanded to not only include teachers but a variety of consumers across America.
TIAA Bank is currently headquartered in Jacksonville, Florida and serves customers in all 50 states. The bank offers a wide variety of retail banking services and products including checking, savings, money market accounts, certificates of deposit and loans. They offer competitive APYs across their suite of banking products as well as offer 24/7 customer support.
What Types Of Accounts Does TIAA Bank Offer?
TIAA currently offers the following account options:
- TIAA Bank currently offers 2 types of checking accounts: Basic and High-Interest. Both types of checking account include monthly ATM reimbursements up to $15 on any ATMs that you may use that are considered “out of network”. But, if you maintain a balance of at least $5,000 – you’ll get all of your ATM fees reimbursed.
|TIAA Bank Checking Accounts|
|Account Type||Minimum Opening Deposit||Monthly Maintenance Fee||APY|
|Basic Checking||$25||$5, or waived with $25 minimum balance||0%|
|Yield Pledge Checking||$5,000||$0||0.40% 1 year intro, then changes to 0.12% depending on your balance.|
- There is currently only 1 savings account option at TIAA. With their Basic Savings account, you’ll be required to make just a minimum deposit of $25 and maintain a monthly balance of at least $25 moving forward in order to avoid the $5 monthly maintenance fee.
- The current APY on their savings is a competitive 0.50% and you also have the option of opening this savings account as an IRA if you want to be able to park your cash.
Certificates of Deposit (CDs)
- TIAA offers 4 categories of CDs: Basic, Yield Pledge, 3.5-year Bump CD, and CDARS Service.
- Yield Pledge CDs are no longer available as of August 2020. But if you already has a Yield Pledge account before the change, you are “grandfathered” into the program and can continue to renew.
- Terms for each type vary from 3 months to 5 years and offer no monthly account fee and are IRA eligible.
- The minimum deposit required to open a CD at TIAA Bank is $5,000.
November 2020 : Basic CDs Rates at TIAA Bank
3.5-Year Bump Rate CD
|Up to $250,000||0.60%|
Because the FDIC will only cover up to $250,000 per depositor, per bank, those that have more than $250,000 who want secure investments like FDIC insured CDs often have to put their money into several different banks. The CDARS service allows you to deposit all of your funds at ONE bank and distributes your money automatically to CDs across a network of different banks.
Money Market Accounts
- TIAA currently offers 1 type of money market account, called the Yield-Pledge Money Market account.
- There is no monthly maintenance fee associated with TIAA’s money market account – and it is IRA eligible!
- If you are wanting something similar to a savings account but with better interest rates, this might be an attractive alternative for you to consider.
- To open a money market account at TIAA Bank, you’ll need to make an initial deposit of $5,000 or more.
Here are the current Money Market rates for TIAA Bank:
November 2020 – TIAA Yield Pledge Money Market Rates
1-Year Introductory APY = 0.55%
|$100,000 – $10,000,000||0.40%|
|$50,000 – $99,999.99||0.40%|
|$25,000 – $49,999.99||0.40%|
|$10,000 – $24,999.99||0.40%|
|$0 – $9,999.99||0.40%|
- TIAA offers a “Rewards Credit Card” that has no annual fee.
- Variable purchase APRs currently range from 11.50% to 25.25%.
- TIAA will also let you choose between cashback or points as your reward for using their card.
- With their card, you’ll also have access to your FICO credit score.
- This card may be right for you if you often use your credit card for groceries and gas purchases.
|Credit Card Rewards|
|Type of Purchase||Points Program||Cash Back Program|
|Gas and Grocery||3 Points/$1 Spent||3% Cash Back Credit/$1 Spent|
|Wholesale Club||2 Points/$1 Spent||2% Cash Back Credit/$1 Spent|
|Everything Else||1 Point/$1 Spent||1% Cash Back Credit/$1 Spent|
Loans / Mortgages
- TIAA Bank has a wide variety of mortgage products including primary mortgages, equity loans and refinancing options to help meet the needs of many consumers. Although, it is important to note that the rates you’ll ultimately get depend on your individual credit rating and income, the Current Mortgage Rates at TIAA Bank are:
|30 Year Fixed||2.750%|
|15 Year Fixed||2.125%|
|30 Year Fixed Jumbo||2.875%|
|15 Year Fixed Jumbo||2.500%|
You can also use TIAA’s Loan Finder to help you decide which loan-type is right for your individual situation.
- It is rare to find an online bank with precious metal services, but TIAA Bank offers 2 types: Coins/Bars and Unallocated Metals.
- You can purchase gold, silver, platinum and palladium pieces and receive them via home delivery.
- Minimum initial purchase must be at least $7,500.
- Gold: American Buffalo, American Eagles, Australian Kangaroos, British Britannia, Canadian Maples, South African Krugerrand, Vienna Philharmonics as well as 1 oz and 10 oz bars.
- Silver: American Eagles, Australian Kangaroos, British Britannia, Canadian Maples, Five Blessings, South African Krugerrand, Vienna Philharmonics, 100 oz bars.
- Platinum: American Eagles, Canadian Maples, 1 oz bars.
- Palladium: Canadian Maples, 1 oz bars.
- TIAA has a service where you can purchase precious metals and TIAA will store them for you.
- You can either have at least $5,000 worth of metals or agree to a purchase plan of $100/month in order to utilize this service.
Note: Precious Metals are NOT FDIC insured… buy these at your own risk. Precious metals often fluctuate in price and you can lose money – but many who invest in these types of metals often find it rewarding as well.
- TIAA offers foreign currency investing through 3 account-types:
- Access Accounts: Foreign currency market access, which costs $100/month (operates similar to a savings account).
- Foreign Currency CD: $10,000 minimum deposit required and you can select a 3-12 month term.
- Foreign Currency CD (Basket): The Basket CD will allow you to invest in up to 6 foreign currencies at the same time. You’ll need $20k to open this account type and can choose a 3-6 month term.
How Can I Deposit and Withdraw Money from a TIAA Bank Account?
Here are the ways TIAA says you can deposit or obtain money from your online account:
- Direct deposits
- Online transfers
- Mobile check deposit
- Wire transfers
- Send by mail to: TIAA Bank; PO BOX 11622 Newark, NJ 07101-9940
- Use an ATM
- Online transfers
- Wire transfers
- Request a check be mailed to you
What are TIAA Bank’s Account Fees?
Here’s a list of a few important fees that TIAA Bank charges that you’ll want to know about…
|Required minimum deposit||Varies based on product type|
|Monthly account fees||$0-5 (free for NY residents, and is waive-able if you live in another state but meet balance criteria).|
|Non-sufficient funds||$30 (and you can be charged up to twice per day)|
|Returned deposited item||$10/item ($0 if Vermont or New York Resident)|
|Bill Pay Services||$0 (general scheduled payments)|
$4.95 for expedited pay
$14.95 for overnight pay
|Incoming wire||$0 (domestic and international)|
|Outgoing domestic wire||$25|
|Outgoing international wire||$35|
|Replacement debit card||$0|
|Mobile check deposit||$0|
What Are The Benefits of an Account at TIAA Bank?
- Higher than average APYs on checking, savings, CD and money market accounts.
- 24/7 customer support.
- Competitive cashback/rewards options if you open their credit card.
- Wide variety of retail banking options, including several CD options.
- Monthly fees can easily be waived if you meet minimum balance criteria (most accounts are just $25).
- Mobile app offers check deposit and bill pay.
- Access to thousands of surcharge-free ATMs.
- Competitive yields on CDs and Savings.
What Are The Disadvantages of Opening an Account with TIAA Bank?
- Limited access to physical banking locations.
- TIAA does not offer auto loans or personal loans at this time.
- If you want to access their “competitive” rates, you’ll need to have at least $5,000 in your account.
- Introductory rates only last for 1 year after you sign up.
- Higher than average overdraft fees.
- Minimum deposits for some TIAA account types are larger than average.
Additionally, while TIAA bank seems to be the total package for consumers wanting a traditional banking experience with a twist of modernization, We’d also suggest that you check out other online-only banking experiences if you are wanting to earn a higher than average return on your investment and are comfortable with banking over computer or mobile device…
As of November 2020, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- First Foundation Bank Online Savings – 0.75% APY
- Citi Accelerate – 0.70% APY
- Vio Bank – 0.66% APY
- TAB Bank – 0.65 % APY
- CIBC Bank – 0.62% APY
- Ally Bank – 0.60% APY
- American Express Personal Savings – 0.60% APY
- Citizens Access – 0.60% APY
- Discover – 0.60% APY
- Goldman Sachs – Marcus Account – 0.60% APY
- Synchrony Bank – 0.60% APY
- Barclays Bank – 0.50% APY
- Capital One 360 Performance Savings – 0.50% APY
- CIT Bank Savings Builder – 0.50% APY
- HSBC Direct – 0.50% APY
- MySavingsDirect – 0.50% APY
- TIAA Bank – 0.50% APY
Is TIAA Bank FDIC-Insured?
Yes. TIAA Bank is a FDIC member, which means that funds deposited into their accounts are insured up to the maximum allowed by law. However, it is important to note that their precious metals services are NOT FDIC insured – so buy them at your own risk.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open An Account with TIAA Bank?
Opening an account with TIAA Bank is a simple and straightforward process. You just need to be a US citizen, over the age of 18, have a social security number and a $25 initial deposit in order to sign up.
You can complete sign up online or over the phone by calling: 1-866-755-9143.
- The first step is to open your web browser to TIAABank.com
- Next, click “Open An Account”
- Select the type of account that you would like to open (such as checking, savings, CD, etc).
- Once you have selected all of the account types you’d like to open – Proceed to “start application”
- Enter in your personal details and make at least a $25 minimum deposit (required minimum deposit may vary based on account type).
- And finally — you’re all set to start using your TIAA account!
How To Access Your TIAA Bank Account:
Online: Access your account by logging in with your username and password on their website: TIAABank.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact TIAA Bank About Your Account:
- Banking: 1-888-882-3837
- Credit Cards: 1-800-738-2615
- Debit Cards: 1-888-882-3837
- Available 24/7 !
- For mortgage help – call 1-888-882-3837
- Monday through Friday 8am-9pm EST.
- Online Help Request:
- Speak or Chat with a TIAA representative via secure chat/email when you login to your TIAA account.
TIAA Bank has competitive interest rates, a solid selection of CD options and 24/7 customer support. Drawbacks include fewer branches and that you’ll need to have at least $5,000 in your account in order to access their advertised/ competitive rates.
This may be the bank for you if you want to take advantage of banking products designed for large deposits.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
TIAA – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 4.2 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 5.39
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.