TIAA Bank, now called EverBank, offers 10 different terms on its Basic CDs, which come with competitive rates that nevertheless don’t quite reach the top of the market. The $1,000 minimum opening deposit on the Basic CD means that those just starting out may need some time before they can start saving, but more established households should have no problem meeting that hurdle.
Account details and annual percentage yields (APYs) are accurate as of December 19, 2023.
Overview of TIAA Bank CDs
TIAA Bank offers three kinds of CD accounts: Basic CDs, Bump Rate CDs and IntraFi® CDs — which is a type of jumbo CD. They do not currently offer add-on or no-penalty CDs.
The Basic CD has a $1,000 minimum opening deposit, and terms range between three months to five years, similar to most banks and credit unions.
The Bump Rate CD, which allows consumers to match current interest rates once before the CD’s maturity date, offers a 3.5-year CD term and requires a $1,500 minimum opening deposit. This is a useful option if you believe interest rates will rise after you open an account.
For consumers who want to deposit even more money in a CD, TIAA Bank offers the IntraFi CD. This CD offers FDIC insurance coverage even if your CD has millions of dollars in it.
CDs typically offer Federal Deposit Insurance Corporation (FDIC) insurance coverage up to $250,000. However, IntraFi CDs offer much greater insurance by spreading out your principal among multiple institutions. The minimum opening deposit requirement is $10,000, which is also lower than most jumbo CDs.
“CDs with higher FDIC coverage can make sense for those high-net-worth families that are parking away money for specified purposes like buying a house, [or] helping a child with a house”, said certified financial planner Erik M. Baskin.
How much can you earn with TIAA Bank CDs
Here’s what you can earn on a Basic and Bump Rate CD with a $10,000 deposit:
How TIAA Bank CD rates compare
If you’re interested in opening a CD at TIAA Bank, you’re in luck. In general, TIAA Bank CD rates are higher than the national average, but they are less than CDs from some of the best banks and credit unions.
Here’s how they compare:
How to open a TIAA Bank CD
To open a TIAA Bank CD, you have to fill out a brief online application and provide the following information:
- Name.
- Birthdate.
- Address.
- Social Security number.
- Contact information.
- Employment information.
You will also have to select which CD to open, the amount and the term. You can open multiple CDs at one time as long as you have the funds. Once you finalize the application, you will have to fund the account.
Alternatives to CDs at TIAA Bank
Checking
TIAA Bank’s Yield Pledge® Checking account offers a higher interest rate than most checking accounts, at 0.25% APY. There is no monthly maintenance fee, and you only need $100 to open the account.
If your account has at least $5,000, TIAA Bank will automatically reimburse you for out-of-network ATM fees. If you have an average daily balance of less than $5,000 you will have ATM fees reimbursed up to $15. If you’re withdrawing cash from a non-TIAA Bank account, you can potentially save money on fees.
Consumers will also receive a TIAA Bank debit card that comes with perks like extended warranty, price protection and return protection.
Savings
TIAA Bank’s Yield Pledge® Online Savings account is a high-yield savings account with a competitive interest rate. You’ll earn a 5.15% intro APY for the first year, then an ongoing 4.75% APY after. This is higher than most of their CDs and your money isn’t locked away for a set period of time (Although savings accounts APYs are variable, which means you can’t lock-in a specific rate for a specific period of time).
There is no minimum opening requirement and no monthly fees. Customers can use their TIAA Bank app to deposit checks.
Money market accounts
The Yield Pledge® Money Market account has a 4.75% intro APY for the first year, then an ongoing APY between 3.75% and 4.30%, depending on your balance. There is no opening minimum deposit requirement and no monthly account fee.
Like their other banking products, the money market account comes with a yield pledge promise, which means that TIAA Bank will review the interest rate to ensure it’s within the top 5% in the country.
About TIAA Bank
TIAA began in 1918 as the Teachers Insurance and Annuity Association providing annuities and life insurance to teachers. In 1952, they started CREF, College Retirement Equities Fund and offered a variable annuity to investors. You may remember when their name was TIAA-CREF.
Through the years, TIAA offered investing and retirement accounts for businesses and individuals. In 1995, they were named the largest pension organization in the world.
Recently, the banking portion of TIAA was sold to Everbank and will be rebranded over the course of the next year. This will likely have little impact on consumers and so far things have been business as usual.
Frequently asked questions (FAQs)
As of December 2023, CD rates at TIAA Bank are among the highest in the country for all terms. For example, their three-month Basic CD has a 4.00% APY, while the national average on a three-month CD is 1.64% APY.
While TIAA Bank is available in every state, there are only physical banking branches in the state of Florida. If you need to reach customer service and don’t live in Florida, you will have to call or send a secure message.
To open a TIAA Bank CD, you just have to be a U.S. citizen with a Social Security Number. Those living in the Virgin Islands, Puerto Rico and the Northern Mariana Islands are also eligible to open a TIAA Bank CD.
TIAA Bank does offer online banking services, so it’s easy to check your account balance, withdraw funds or view your current interest rate online.
If you prefer to bank on your phone, there is a TIAA Bank Android app with a 4.4 out of 5 rating and an iPhone app with a 4.7 out of 5 rating.
