About TIAA Bank – A Complete Guide

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TIAA is one of the leading banking service providers in the USA. The group has come up with a banking service in the month of June 2018. The bank is named TIAA Bank and came through a conglomeration of EverBank and TIAA Direct. The new bank emerged with a promise to help clients acquire their financial goals at every phase of their lives.

Of its two counterparts, the EverBank, a leader of direct banking, was acquired by TIAA in June 2017. The nationwide customer base of the company is now uniquely served by TIAA Bank. The fringe of services offered by TIAA Bank has proved sufficient to cater to the financial well-being of these clients.

Why we should choose TIAA Bank

The services offered by TIAA Bank are adored throughout the country by those who are keen to have the fullest range of banking services. The services seem particularly fit for people who:

  • Want access to a wide network of ATMs
  • Are able to meet the minimum account balance requirements thereby enjoying the waiver of monthly fee waiving
  • Require a debit card that offers extra parks
  • Like to enjoy the variable options of CD accounts.

Offers of TIAA Bank:

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TIAA Bank offers myriad types of accounts as well as services. These include:

Basic Savings

The customer requires only $25 to open such an account. No monthly account charge will be levied if that sum is kept in the account. The account maintenance fee otherwise is $5 per month. These clauses are not applicable to the inhabitants of Rhode Island.

Checking

Like savings, checking account with TIAA Bank requires $25 to open.  It is the minimum balance requirement for maintaining the account. Else, there is a fee of $5 per month to be paid to the bank. Residents of New York are waived of such payment.

Yield Pledge Checking

The customer requires a sum of $100 to open such an account. The account enables the customer to earn interest.  For the first year, the bank offers an intro rate of 0.50%. The rates for subsequent years depend upon the ongoing APR. It is based on the account balance.

Customers get a promise from the Bank that the APY rates will remain competitive; besides, the rates will be among the top 5% of the interest rates. There is no monthly maintenance account fee. If the balance keeps lower than $5000, the customers get reimbursement of $15 per month for ATM fees in out-of-the-network.

There are special parks for a debit card that include purchase protection, return protection, and extended warranty protection.

Yield Pledge Money Market Account

To open such an account, the customer needs to deposit a sum of $500 with the bank. Like the checking account, a one-year intro APY is there that allows an interest of 1.4%.

The account is definitely worth considering, especially if the customer needs some liquidity over cash.

The tiered rates are kicked off and such kicking is entirely dependent over the account balance at the moment of reporting. It starts at 0.90% APY for balances under $10000.

Basic CD

TIAA Bank CD services start from a mere 3 months and continue up to 5 years. The customer needs a minimum of $1000 to come into the peripheral of CD accounts. The rates of interest start at 0.5 for 3 months to 1.6% for 5-year deposits.

The CDARS Service

TIAA Bank has something exclusive to offer financially affluent persons. People who want to open a myriad deposit account, enjoy the option of doing so with other banks in TIAA network. Therefore, the customer will have access to millions of USD in Federal Deposit Insurance Corporation, i.e. FDIC, as against the standard $250000 per account.

To avail such service, the customer needs to open a CD account with $10000, subject to certain limits. The lower is the tenure, higher is the maximum limit of deposits.

Services by TIAA Bank

TIAA Bank offers a variety of tools and apps that can be accessed from the Android mobile or iOS phones. The customer is able to pay bills, receive alerts for payment, and set automatic bill pay.

Moreover, they are able to create a budget and other savings goals. They can even transfer fund to family and other accounts.

Respondent Customer Service

The bank has come up with a balanced customer service cell. The service is opened round the clock throughout the year.

The customer is able to tweet to a customer support account. The service is opened from Monday through Friday from 9 a.m. to 5 p.m.  The round the clock services are specially preserved for helping in theft or forgery with debit or credit card.

Conclusion

Despite being a new entrant, TIAA Bank has been able to earn customer confidence with its professional approach. For more information about the services, contact the bank’s website.

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