If you are looking for an online bank that offers a wide variety of financial products plus access to physical branches (at least for Florida residents), then you have to check this TIAA Bank review out.
TIAA Bank is one of those rare online banks that offer the convenience of a digital banking platform, at the same time, the traditional way of banking.
According to Statista, in 2018, there are 57 million mobile banking users in the United States.
In another research made during the same time by Statista as well, they’ve found that 69.3 percent of the mobile banking users in the country are Millennials, 47.9 percent belong to Generation X, while 24% are Baby Boomers.
Meanwhile, an article published by CNBC says that based on the Fidelity National Information Services (FIS), a firm that works with 50 of the largest banks in the world, there has been a 200% increase in new mobile banking registrations in early April in 2020 during the peak of the COVID-19 pandemic in the United States. Consequently, mobile banking traffic rose to 85 percent.
The rise in the number of people using mobile banking since then was non-stop, and of course, obviously, the reason behind it is that most transactions are now done online to avoid unnecessary human contact to help lessen, and ultimately, win the pandemic situation.
Now, while some consumers are okay with banking entirely online, let’s admit it, some are not – especially the older ones as they still prefer traditional banking more. Needless to say, they feel more secure banking with a conventional financial institution rather than all-online.
While there are some financial institutions that offer access to both brick-and-mortar and online, they are very few. One of these few institutions is TIAA Bank, which is formerly known as EverBank.
However, the bank’s physical branch accessibility is only limited to Florida residents. Nonetheless, the online version of it is available for most residents of the United States.
In the next few sections, we are going to tell you more about TIAA Bank. This TIAA Bank review will provide you essential information to help you gauge if this is the right bank for you or not.
To be more specific, we are going to tackle the following:
- What is TIAA Bank?
- Who is TIAA Bank best for?
- What are the products offered by TIAA Bank?
- How to do banking with TIAA Bank
- Is TIAA Bank safe?
- What to like about TIAA Bank?
- What not to like about TIAA Bank?
WHAT IS TIAA BANK?
Before we talk about the more technical stuff, let’s discuss what TIAA Bank is all about first. This way, we get to know the institution and build trust and confidence in them. After all, we are letting them keep our hard-earned money, right?
The history of TIAA Bank dates back to 2017 when TIAA, a Fortune 100 company, purchased EverBank, and then re-launched it as what it is known for today back in 2018. The bank is headquartered in Jacksonville, Florida, and has Financial Center Locations scattered throughout the state.
While most residents of the country are able to access their TIAA Bank accounts online, those living in Florida have the luxury to visit a branch.
TIAA Bank offers full-service personal banking, as well as other financial products and services, which is why we mentioned that this is ideal for those who are looking for a variety of financial products and services in one bank.
Along with several personal bank account options, TIAA Bank also offers investment solutions, home loans, as well as business and commercial banking services. Later on, we are going to tell you more about what the bank has to offer.
TIAA Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means the federal government protects all deposits up to $250,000 per depositor, per account ownership category, in case of a bank failure.
Meanwhile, before moving on, sharing with you an insightful review by Eddie Yoon. In the video below, he provided some of the best banks in the country today, which include TIAA Bank.
Know what he has to say about the bank by clicking the play button below:
WHO IS TIAA BANK BEST FOR?
As we continue with our TIAA Bank review, this time around, we are going to provide you insights on who TIAA Bank suits best.
Based on what the bank offers, in terms of products and services, TIAA Bank will surely appeal most to clients who want access to a variety of financial products and services in just one bank.
It will also be great for those who are okay with accessing their bank accounts online. As with Florida residents, it is best for those who want to have access to both conventional and online banking.
Furthermore more, clients with deep pockets who would want to take advantage of Certificate of Deposit Account Registry Service (CDARS) as well as other banking products for large deposits would also like TIAA Bank.
Additionally, TIAA Bank would fit clients who want to have access to a large ATM network as TIAA Bank account holders have ATM access to all Allpoint and MoneyPass ATMs, which is equivalent to over 80,000 ATMs nationwide. Needless to say, using these ATMs does not come with a fee.
So, if you are any of you see yourself in all of these, then, TIAA Bank is perfect for you.
WHAT ARE THE PRODUCTS OFFERED BY TIAA BANK?
Probably, this is the most important section in this TIAA Bank review. Obviously, we are going to talk about the different products that TIAA Bank offers to the public.
As mentioned, TIAA Bank is full-service banking for both personal and commercial banking.
The bank offerings include savings, checking, credit cards, loans, lines of credit, investing products, as well as retirement.
As much as we want to cover all products and services offered by the bank, in this TIAA Bank review, we are going to focus only on the bank’s deposit products — savings, checking, Certificates of Deposit, and Money Market accounts.
Let’s begin with —
TIAA Bank has only one savings account, and it’s the Basic Savings account. It’s an average-bearing account that earns 0.45% annual percentage yield (APY), this changes though so always make it a point to check the latest.
While the interest rate is lower than several other online savings accounts offered by other banks, it still is higher as compared to what traditional brick-and-mortar banks offer.
What’s nice about TIAA Bank’s Basic Savings account is that in as low as $25, you can already open an account. Of course, there are others that require lower than that, but this one’s definitely not bad at all.
While the bank charges a $5 monthly maintenance fee for this account, it can be avoided for as long as you keep a minimum balance of $25 in your account.
For this account, mobile deposits are available. More so, it can also be linked to the Basic Checking account to avoid overdraft fees.
Unlike the savings account that only comes with one option, TIAA Bank’s checking accounts have two. These are the Basic Checking and the Yield Pledge Checking.
Now, let’s dig deeper into each of these account options:
Basic Checking Account
TIAA Bank’s Basic Checking account is exactly what it sounds like. This account comes with few requirements, as well as few perks.
Just like the Basic Savings account, TIAA Bank requires a minimum initial deposit of $25 and maintains a similar balance to avoid the $5 monthly maintenance fee.
This comes with a bill pay feature, as well as a debit card that has purchase benefits like price protection, return protection, and extended warranty.
For the Basic Checking account, the bank reimburses customers for ATM fees charged by other banks. There are two tiers of reimbursements available, which are based on the account balance.
For those with balances of $5,000 and more, there are unlimited ATM fee reimbursements every month, while balances of $5,000 below receive up to $15 ATM fee reimbursements on a monthly basis.
Yield Pledge Checking Account
The Yield Pledge Checking Account is an interest-bearing checking account that comes with two distinguishing features, which are:
- an interest rate that is always among the top 5% of competitive accounts, and
- a higher-earning rate for the first year since the account was opened.
As of November 2020, Yield Pledge Checking account holders earn 0.40% APY for the first year after the account was opened, and then, 0.12% APY in succeeding years on all account balances.
To open a Yield Pledge Checking account, the bank requires a minimum initial deposit of $100.
While there are no monthly maintenance, TIAA ATM, overdraft, and debit card replacement fees, there are some account activities that could trigger a fee like $10 for cashier’s check fee and $25 for the stop payment fee.
Additional perks include balances of $5,000 and above get unlimited ATM fee reimbursements for charges from other banks, while balances with below $5,000 receive up to $15 reimbursements per month.
Certificate of Deposit Account
While TIAA Bank has limited savings and checking account offerings, it does offer multiple Certificate of Deposit account options for its clients.
TIAA Bank offers:
- Basic CDs
- Bump Rate CDs
- CDARS Services
Now, let’s take a look at each of these options:
This CD account option comes with terms of three months to five years with an APY that ranges from 0.25% to 0.70%.
To open a Basic CD account, the bank requires a minimum deposit of $1,000. The account is set up to automatically roll over with a 20-day maturity alert. Similar to most CD accounts, the bank charges a penalty should an early withdrawal is made.
Bump Rate CDs
The Bump Rate CD account requires a larger minimum deposit requirement, which is $1,500, and a maximum of $250,000.
Unlike the Basic CD account, the Bump Rate CD account has only one term option, and that is 3.5 years. For balances of up to $250,000, the APY is around 0.60%.
As the name states, customers with this account have the opportunity to bump up their interest rates. When the rates are increasing, customers are given a one-time chance to lock in their CD at a higher interest rate.
TIAA Bank’s Bump Rate CDs are eligible for IRA and as mentioned, they automatically rollover. Take note, though, that each customer can only hold one of these CDs at a time.
CDARS services are available for customers who are seeking FDIC coverage on CDs with values that run into the millions of dollars. A CDARS Service places CD deposits with multiple banks.
To avail of this product, the bank requires at least a $10,000 deposit.
Money Market Account
The last deposit product that is on TIAA Bank’s list is Money Market.
Similar to the Yield Pledge Checking account, TIAA Bank’s Money Market Account (MMA) has a high first-year APY as well. The rate will then depend on your balance after the first year.
Money Market Accounts does not charge monthly maintenance fees. However, there is a potential $10 fee for ordering a cashier’s check. Also, TIAA Bank’s MMA is IRA eligible.
To open an MMA, the bank requires a minimum deposit of $500.
HOW TO DO BANKING WITH TIAA BANK?
So, in the previous parts of our TIAA Bank review, we have discussed what the bank is all about, who is it best for, and of course, the products and services it offers.
By now, you are probably wondering already how to actually bank with TIAA.
As mentioned earlier, generally, TIAA Bank is accessible online. However, those residing in Florida, have access to physical branches across the state.
TIAA Bank mobile app is available for both iOS and Android users.
To open an account online, though, you need to visit the TIAA Bank website. Similar to most banks, on- and offline, during the application process, you will be asked to provide personal information such as your name, address, date of birth, as well as your Social Security number.
Furthermore, the bank may ask you to provide further information to help verify your identity.
Additionally, you may also call 1-888-882-3837 to know more information on how to open an account.
Online Banking Features
Apart from the ability to open an account anytime, anywhere, TIAA Bank also offers the following online banking features:
- Online Bill Pay
- Accounts Tracking
- Online Electronic Transfers
- Online Payment via Zelle
- Setting Budgets and Savings Goals
Apart from these, TIAA Bank’s mobile app feature also includes mobile check deposits.
Meanwhile, TIAA payment cards may also be integrated with other mobile payment programs such as Google Pay, Samsung Pay, and Apple Pay.
IS TIAA BANK SAFE?
TIAA is a Fortune 100 company, which means it does things best. So, when it comes to the safety and security of your TIAA Bank account, you are assured that it is being taken care of in the best way possible.
The safety and security of all bank accounts are a top priority of TIAA Bank. Thus, all accounts are protected by the bank’s wide array of safety measures such as fraud detection, encryption technology, malware protection, identity theft protection, and a lot more.
Also, as mentioned earlier, TIAA Bank is FDIC insured, which means all deposits are insured up to $250,000 per depositor, per account category, in the event of a bank failure.
WHAT TO LIKE ABOUT TIAA BANK?
Now that we have already discussed the most important things that you need to know about TIAA Bank, we have gathered and listed down what we particularly like about this online bank, and this includes:
- Wide Range of Banking Products – TIAA Bank offers a wide selection of banking products and services both for personal and commercial use. Apart from deposit accounts, it also offers investment solutions, home loans, as well as business and commercial banking services.
- Competitive APY on Yield Pledge Checking Account – Yield Pledge Checking account holders could earn up to 0.45% APY.
- Large ATM Network – TIAA Bank account holders can get access to cash at all Allpoint and MoneyPass Network ATMs, which totals to over 80,000 nationwide.
- No ATM Fee, Reimburses Charges Incurred from Other Banks – TIAA Bank does not charge ATM fees. Apart from that, it also reimburses fees incurred from other banks. Depending on your balances, reimbursement could range from $15 a month to unlimited.
- Waivable Monthly Maintenance Fee – Although TIAA charges a $5 monthly maintenance fee, this can be avoided if you maintain the required minimum balance requirement, which we have already stated earlier for both savings and checking accounts.
- Mobile Check Deposit – Another plus point for TIAA Bank is that it supports mobile check deposits.
WHAT NOT TO LIKE ABOUT TIAA BANK?
This TIAA Bank review will not be complete without listing down the things that can be improved on. Some of the things that we do not like about TIAA includes:
- Physical Branches are Limited to Florida – While the online banking platform is available for most states, physical branches of TIAA bank are only available across Florida. So, if you want an online bank with physical branch access, but you are not living in Florida, then. TIAA Bank is not for you.
- Monthly Maintenance Fee – The bank charges a $5 monthly maintenance fee for both checking and savings accounts unless the minimum balance requirement is hit.
- Limited Savings Account Option – Unfortunately, TIAA Bank only offers one savings account option.
FINAL THOUGHTS ON TIAA BANK REVIEW
TIAA Bank is an online bank that offers full-service personal banking, as well as commercial and business banking.
The bank, like any other bank, has its share of ups and downs in terms of its product offerings. At the end of the day, it will depend on you, the customer, to decide if this will work better for you or you should look for another bank.
Now, given all the information we’ve shared, do you think TIAA Bank hits off your needs and preferences in a financial institution?