TIAA Bank Basic CD

TIAA Bank Basic CD Review

TIAA Bank Basic CD are offered by TIAA Bank, a bank founded in 1918 and based in New York, NY. TIAA Bank Basic CD are available in 50 states (and Washington, DC).

Key Takeaways

• Small selection of CD account types. TIAA CD only offers bump up and traditional CDs.
• Low APY. The maximum annual percentage yield for this account is only 0.65%.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. TIAA CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of TIAA Bank Basic CD

TIAA Bank Basic CD FAQ

Are CD from TIAA Bank federally insured?

Yes, your TIAA Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does TIAA Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What rates does TIAA Bank offer on its CDs?

TIAA CD offers an APY starting at 0.20% and ranging up to 0.65%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with TIAA Bank?

TIAA CD require a minimum deposit of $1,000 to open an account.

What is the grace period for TIAA CD?

There is a 10-day grace period for TIAA CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does TIAA Bank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

TIAA Bank does not charge an early withdrawal fee.