High Yield Savings

With no monthly fee, it’s a great way to start saving.

$0no monthly
maintenance fee

$0no minimum
balance

$25minimum opening
deposit

What you get

  • Low minimum opening deposit of $25
  • No monthly maintenance fee or minimum balance
  • Transfers between TIAA Direct and your accounts at other banks
  • The security of FDIC insurance

Today's Rates

High Yield Savings Rates
If your balance is:Interest rate:APY*
$0 - $9,999.990.40%0.40%
$10,000-$24,999.990.40%0.40%
$25,000-$49,999.990.40%0.40%
$50,000+0.40%0.40%


*Annual Percentage Yield

What you can do

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Questions?

    How much of my deposits are insured?

    The standard amount of FDIC insurance is at least $250,000 per depositor at each insured bank. However, if you deposit money into different ownership categories—such as single and joint accounts— your deposits in each are insured separately. As a result, it’s possible for you to have deposits exceeding $250,000 in one bank and still be fully insured by the FDIC.

    For example, let’s say that Sam and Sue have $1 million deposited at TIAA Direct. To make sure that the entire amount is FDIC-insured, they could each open a single account and deposit $250,000. Sam and Sue could also open a joint account and deposit a total of $500,000; as co-owners, they would each own half of the balance, or $250,000. The table below shows how doing this would fully insure your $1 million in deposits.

    AccountOwnerBalanceSam's ShareSue's ShareTotal FDIC Insurance
    SingleSam$250,000$250,000$0$250,000
    SingleSue$250,000$0$250,000$250,000
    JointSam & Sue$500,000$250,000$250,000$500,000
    TOTAL$1,000,000$500,000$500,000$1,000,000
    Understanding FDIC Insurance Example Table

    FYI: To calculate your coverage, use the FDIC’s Electronic Deposit Insurance Estimator .

    FYI: Deposits you have in one FDIC-insured bank are insured separately from your deposits in another insured bank. For example, if you have a savings account at TIAA Direct and a Certificate of Deposit at another bank, your deposits at each are insured separately for at least $250,000.

  • How much of my deposits are insured?
  • What’s required to open an account?

    To apply for an account, you must:

    • Be a U.S. citizen or permanent resident and at least 18 years old;
    • Have a Social Security number plus a driver’s license, U.S. passport or other government-issued ID; and
    • Provide the account and routing numbers of the account you want to use to fund your new TIAA Direct® account. You can find these numbers on a check or deposit slip. See the sample check below.

    paper check

    Note: If the account you’re using to fund your new TIAA Direct account doesn’t feature check writing, please call your other bank to obtain the routing and account numbers.

    FYI: If you’re a U.S. citizen living abroad, you can open an account as long as you have a permanent U.S. address.

  • What’s required to open an account?
  • What’s a routing number?

    It’s a 9-digit number that the American Bankers Association (ABA) assigns to U.S. banks, and it’s used for routing transfers and other transactions. A bank’s routing number is always in the lower left corner of a check. See the sample check below.

    paper check

    Note: If the account you’re using to fund your new TIAA Direct account doesn’t feature check writing, please call your other bank to obtain the routing and account numbers.

    FYI: The routing number for TIAA Direct is 081086700.

  • What’s a routing number?
  • How can I make a deposit?

    There are several easy ways to make a deposit to your account.

    To make a deposit to your Interest Checking, High Yield Savings or Money Market Account, you can use any method below. (If you’re making your initial deposit, please note that the minimum is $25 for each new account.)

    Transfer money online

    • To transfer money from another TIAA Direct deposit account you have with us—such as Interest Checking, High Yield Savings or a Money Market Account — log in to your accounts , and then select Transfer Money.
    • To transfer money from your account at another bank, log in to your accounts at tiaadirect.com. Select the Transfer Money tab, and then choose Add Account.

    Deposit checks on your iPhone® or AndroidTM

    • If you want to deposit checks on your phone, you must have an Interest Checking, Money Market or High Yield Savings account and meet other qualifications based on your account history. To see if you qualify, call 855-842-2372.

    Mail a check. To mail your deposit by check, use the deposit slip (and prepaid envelope) in the Welcome Kit we sent after you opened your account or complete a blank deposit slip (PDF).

    • Make sure the check is payable to you. (Cash will NOT be accepted.)
    • Endorse the back of the check and write “For Deposit Only.”
    • Also write the TIAA Direct account number where you want the check deposited.
    • Then send your check and completed deposit slip to:

    TIAA Direct
    PO Box 4586
    Carol Stream, IL 60197-4586

    Wire funds to your new account. To get started, call 855-842-2372.

    To make a deposit to fund your Certificate of Deposit, you can use any method below. As a reminder, the minimum deposit for a CD is $1,000.

    Mail a check. To mail your deposit by check, use the deposit slip (and prepaid envelope) in the Welcome Kit we sent after you opened your account or complete a blank deposit slip (PDF).

    • Make sure the check is payable to you. (Cash will NOT be accepted.)
    • Endorse the back of the check and write “For Deposit Only.”
    • Also write the TIAA Direct account number where you want the check deposited.
    • Then send your check and completed deposit slip to:

    TIAA Direct
    PO Box 4586
    Carol Stream, IL 60197-4586

    Transfer money online from another bank account you have with us — such as your Interest Checking, High Yield Savings, or a Money Market Account — by calling 855-842-2372.

    Wire funds to your account. To get started, call 855-842-2372.

  • How can I make a deposit?
  • What should I expect after opening an account?

    Three to five business days* after opening your account, you’ll receive your:

    • Welcome Kit. This includes important information about your account; personalized deposit slips for each account you’ve opened; a prepaid envelope (if your initial deposit will be by check); and a Signature Card (if you opened your account by phone).
    • ATM / Debit card and PIN. Your Debit MasterCard® (or ATM Card) and your PIN will be sent to you separately. Once you activate your card, you can use it to get cash at 400,000 ATMs nationwide, including 23,000 fee-free ATMs bearing the SUM® logo. (Note: If you opened a stand-alone CD, you won’t get an ATM card.)

    After funding your account, you’ll also receive a free set of starter checks, if you opened an Interest Checking or Money Market Account. If you opened a CD, you’ll get a letter confirming the term, balance, and the rate in effect when your CD was funded.

    FYI: To find nearby ATMs, use our ATM Locator .

    * Business days are Monday to Friday, excluding bank holidays.

  • What should I expect after opening an account?
  • Are there limits on the withdrawals I can make from my savings and money market accounts?

    Yes, banking regulations limit the number of certain types of withdrawals and transfers that can be made from savings and money market accounts to six per statement period. Here’s a quick rundown of what does (and does not) count toward the limit:

    Does this transaction......Contribute to the Limit?
    Are there limits on the withdrawals I can make from my accounts?
    Checks written from a TIAA Direct Money Market AccountYes
    Cash withdrawn at an ATMNo
    Transfers made at an ATM between your TIAA Direct accountsNo
    Transfers made from tiaadirect.com to another TIAA Direct deposit account, such as Interest CheckingYes
    Transfers made at tiaadirect.com to an external account you own at another financial institutionYes
    Transfers made using the TIAA Direct Mobile Banking appYes
    Transfers made by calling TIAA Direct Banking ServicesYes
    Transfers from your savings or money market account to cover overdrafts using our Overdraft Protection serviceYes
    Pre-authorized or one-time withdrawals by a third party (for example, a utility company that automatically deducts a payment from your account)Yes
  • Are there limits on the withdrawals I can make from my savings and money market accounts?