High Yield Savings
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1 TIAA Direct will automatically reimburse up to $15 in ATM usage fees each statement cycle if you re charged a fee for using your TIAA Direct debit or ATM card at U.S. ATMs. This reimbursement is paid in the form of a single credit on the last day of your statement cycle. As a reminder, ATMs with Allpoint . MoneyPass and SUM logos are fee-free for TIAA Direct card holders. MoneyPass is a registered service mark of Elan Financial Services. SUM is a trademark of NYCE Payments Network, LLC.
2 Transfers and withdrawals from a High Yield Savings or Money Market account (including checks written against a Money Market account) are generally limited to a combined total of six per monthly statement cycle. Cash withdrawals and transfers to your other TIAA Direct accounts using an ATM do not count toward this limit. An Excessive Transaction Fee of $5 will be charged for each covered transfer or withdrawal that exceeds the six-transaction limit. Additionally, if you exceed this limit more than occasionally, your account will be closed and converted to an Interest Checking account. Refer to the FAQs or Deposit Account Handbook on tiaadirect.com for more information.
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*The Annual Percentage Yields (APYs) are effective as of 10/10/2016. Interest is compounded daily, based on the rate in effect at the end of the day. Fees could reduce earnings on the account. Rates are subject to change without notice, before or after your account is opened.
Any references to a national average APY in our High Yield Savings promotional materials are based on national statement savings APY surveys, most recently as of 10/12/16, courtesy of Bankrate.com. Clicking on the Bankrate.com link will open Bankrate.com in a new browser window or tab. TIAA-CREF Trust Company, FSB is not affiliated with Bankrate.com, and is not responsible for, and does not endorse, guarantee, or monitor content, availability, viewpoints, products, or services that are offered or expressed on third-party websites, such as Bankrate.com and/or its affiliated websites, other than authorized advertisements for our products and services that may be placed on such websites.END READMORE
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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.
What should I expect after opening an account?
Seven to 10 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).
- Debit or ATM Card. You ll receive a TIAA Direct debit or ATM card if you opened an Interest Checking, High Yield Savings or Money Market account. (ATM cards aren t issued for CDs.)
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 .
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 6 per statement period (e.g. Jan 1 Feb 1 or May 15 June 15). 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?