TIAA Bank Review 2023

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Overall bank rating

Pros and cons

TIAA Basic Savings Account

The TIAA Basic Savings Account is a decent savings tool. You can open an account with a TIAA Basic Savings Account deposit.

TIAA Yield Pledge® 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 TIAA Yield Pledge® Money Market Account 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 MoneyPass 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.

TIAA Bank trustworthiness and BBB rating

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.

TIAA has been involved in one recent public controversy. In 2021, TIAA was required to pay $97 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC said the bank failed to disclose conflicts of interest to customers that were part of employer-sponsored retirement plans.

TIAA Bank vs. Capital One 360 review

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 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.