When opening a checking or savings account, what are the features and benefits that you expect the most? While you’ll have to pay large initial deposits, you will find accounts with great benefits. See if TIAA Bank is right for you.
TIAA is a newly formed bank that started in June of 2018, it is the result of a combination of TIAA Direct, TIAA’s former banking division, and EverBank. They have 2 versions of every account, high yield and basic. Read further to see which one is right for you.
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Checking Account Options
The two checking accounts here are simple, but useful depending on your situation. If you’re a big spender, high yield checking is a nice place to store your money, especially with the high interest rate you’ll be getting.
This is their “simple” version of checking. It has a small opening deposit of $25 required, free online bill pay, a debit card with purchase benefits and more. You won’t accrue any interest on this account, but it’s easy to maintain and you’ll have an easy time making payments.
This account pays interest that is within the top 5% of the country. It’s almost always above 1% APY, which is amazing for a checking account. After the first year, the interest rate drops and will then depend on how big your balance is. This account requires a $5000 opening deposit.
Compare Checking Accounts
Open your Huntington 25 Checking account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $500 will be deposited in your new account within 14 days of meeting requirements.
• 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee.
• Earn Interest on Balances. 0.05% Annual Percentage Yield applies to all balance tiers.
• Free ATM Withdrawals. They’ll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner.
• Waived Monthly Maintenance Fee
• Credit score and identity monitoring at no added cost
Savings Account Options
There is a low variety of savings accounts, but the money market account has a super high interest rate, so you might consider opening an account with them.
This is the only savings account offered by this bank. It offers an ok interest rate, but it’s lower than the initial high yield rate of the checking. It requires a $25 opening deposit and the account fee can be waived with a minimum account balance.
This account always has interest rates that are in the top 5% of banks for the initial year. It is the perfect way to store your money while also getting some nice returns. It requires a $5,000 opening deposit, and after the initial year the rate drops depending on what your balance is.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.40% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
CD Account Options
These rates are a little bit lower than their high yield counter parts, but they only require a $1,000 deposit to work. Make sure you read the early withdrawal penalties in order to make sure you don’t lost out on any money.
The rates on this cd are nothing to scoff at. Also at the top 5% of the top rates in America, this account will securely hold your money while also make you the big bucks.
- 3 month 2.00% APY
- 1 year 2.75% APY
- 2 year 2.80% APY
- 3 year 2.83% APY
- 4 year 2.85% APY
- 5 year 2.95% APY
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.80% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons To Bank with TIAA
- The fees associated with the account are easily waived
- If you use a different ATM than TIAA, then TIAA will reimburse you up to $15 if you have less than $5,000 in your accounts. If you have more, the reimbursement is unlimited.
- TIAA has a large variety of CDs. There are 10 different lengths of time you can deposit your money for, and all of them offer an extremely competitive rate.
- You can use their mobile app to deposit checks.
- None of the high yield accounts have account fees associated with them.
- The TIAA mobile app makes it easy to pay bills, transfer money, and any other tasks that you might have to get done.
- With two-factor authentication, free malware protection, and text alerts, this bank offers high level security.
- You can name beneficiaries for your savings accounts.
- If your employer offers direct deposit, you can have some or all of your check deposited directly in your TIAA Bank account. This can save you the few steps that mobile deposit takes. It also helps to make your funds available as soon as your employer pays them.
- You can set up contactless payments, such as Apple Pay or Google Pay.
Reasons Not To Bank with TIAA
- High-yield checking and savings accounts typically require a high minimum deposit in order to offer the higher rates. TIAA Bank requires a minimum opening deposit of $5,000 to open a high-yield account with them. This doesn’t make it a viable option for the person just starting to save or those looking for a secondary savings account.
- You may be disappointed to learn how much your interest rates fall after the introductory period. You can see the “projected” rates after the initial year on TIAA’s website, but the rates are subject to market rates at the time of the change.
- Unless you live in Florida, you must conduct your banking online.
Contact Customer Service
Reach TIAA Customer Service at 1 (888) 882-3837. Reps are available every weekday from 8 a.m. to 10 p.m. (ET) and Saturday from 9 a.m. to 6 p.m. (ET).
How TIAA Compares
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. The advantage Regions has is that you can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
Choosing a bank that best suits your needs is a crucial decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank/credit union will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible.
If TIAA Bank has the variety and options you’re looking for, apply today and check out the latest TIAA Bank Promotions! For more options from a variety of banks, see our list of the best bank promotions!