Advertiser Disclosure

Reviews

TIAA Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

TIAA Bank’s checking account oaptions

Yield Pledge® Checking

Offers one of the highest APYs out there, but only as an introductory rate and with a hefty minimum opening deposit.

APY

Minimum Balance Amount

1.21% (intro rate)*

None, maximum $250,000

0.25%

none

0.46%

$10,000

0.61%

$25,000

0.71%

$100,000

*Introductory rate for first time checking account holders for the first 12 months after account opening
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank offers some pretty competitive rates and minimal fees as well, but requires a $5,000 minimum balance in return. If you’re into earning some interest, this account is a step up from a basic checking account. The introductory rate offered to new account holders is pretty attractive, and after the initial 12 months, the rates are still fairly competitive, though you’ll need a higher minimum balance account to get those rates. For existing TIAA Bank customers, you’ll need to fund a new account with money from an external account in order to be eligible for the intro rate.

TIAA Bank does offer a Yield Pledge promise: That your checking account will remain in the top 5% of other competitor accounts — the 10 biggest banks in the top 10 largest banking markets — to encourage you to keep banking with them even after the introductory APY is gone.

Like other TIAA Bank checking accounts, you get access to free bill pay, mobile banking and a free Visa debit card. You also get your first 20 checks for free. Although you do get ATM fees reimbursed, using your debit card at any Allpoint (43,000 locations) or MoneyPass ATMs (around 24,000 locations) won’t incur an initial fee.

How to get TIAA Bank’s Yield Pledge checking account

Opening a checking account is possible in as little as five minutes using TIAA Bank’s online application form. You’ll need to select “Yield Pledge Checking” under the “Basic Accounts” section. You’ll then be asked to fill in your personal details such as name, citizenship status, address and employment information. TIAA Bank will also ask you to create a security code – a combination of letters and letters or a phrase – as a extra layer of security when contacting its customer service.

Once you agree to their terms and review your information, you’ll need to fund your account which can you do by online transfer, mobile deposit or via mail. Alternatively, you can also call customer service.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Basic Checking

Requires a low monthly minimum balance amount to avoid fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (free for New York residents)
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

TIAA Bank’s basic checking account is great for those who want a low cost or free option. For New York residents, there isn’t any account minimum and no monthly maintenance fee. Those living outside of the Empire state only need to meet the monthly minimum balance of $25, which is one of the lowest out there.

While the account doesn’t earn you any interest, this basic checking account doesn’t charge any ATM fees. If you can meet the $5,000 average daily balance, you could save even more because TIAA Bank reimburses all ATM fees other banks charge. Account holders also get a Visa debit card and 20 checks for free.

Otherwise, you’re looking at what the name says, a basic checking account. You could link this to a TIAA Bank savings account or line of credit for overdraft protection, and it won’t cost you a dime in transfer fees if money does get transferred.

How to get TIAA Bank’s Basic checking account

You can open a basic checking account online in as little as five minutes. Head over to their online application page and select “Basic Checking” under the heading “Basic Accounts.” Then you’ll be asked to provide your personal details such as name, address, citizenship status and employment information. You’ll also need to create a security code, which can be a phrase or a combination of number and letters that acts as an extra layer of security to verify your identity whenever you need to call TIAA Bank. Once you review your information and accept the terms and disclosures, you’ll need to fund your account. Otherwise, you can also call customer service.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

magnifying glass

How TIAA Bank’s checking accounts compare

Both checking accounts offer low fees and many free features offered by other banks. The Yield Pledge account touts one of the highest APYs out there and with its Yield Pledge promise, still offers competitive rates even if you aren’t eligible for the introductory APY. Like many of its competitors, TIAA Bank doesn’t charge ATM fees and even offers reimbursements.

Still, one of the downsides of the Yield Pledge checking account is that you need a higher minimum deposit amount. At $5,000, it’s among one of the highest compared to our list of the current best checking accounts. Since the Basic Checking account doesn’t earn any interest — while other online banks feature interest-bearing accounts and with no minimum deposits — you’re better off looking elsewhere if you want one that allows a low balance amount.

TIAA Bank’s savings account options

Basic savings account

A simple savings account with no ATM fees and refunds.

APY

Minimum Balance Amount

1.10%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

Just like the Basic checking account, the Basic Savings account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, you’re at an advantage as there isn’t a minimum opening deposit. They’re also exempt from the $5 monthly maintenance fee; Account holders in other states can get the fee waived to if they maintain a $25 average daily balance.

Because it is a savings account, there are limits on how many withdrawals you can make each month. Federal Reserve Regulation D states that account holders can make a maximum of six withdrawals per month. TIAA Bank will charge you $10 for each withdrawal beyond six each month. If you exceed the threshold for several months, TIAA may convert it to a checking account.

This account is also great for those who want overdraft protection for their TIAA Bank checking account. Since there isn’t a fee for transfers (unless you make excessive transactions), it’s a great cost effective solution.

How to get TIAA Bank’s Basic Savings account

You can complete an application form on TIAA Bank’s website in as little as five minutes. Once there, you’ll need to pick “Basic Savings” under the category “Basic Accounts.” From there, you’ll need to provide information such as your name, citizenship status, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you fill in all required information, agree to the terms and confirm all details are correct, you’ll need to fund your account. That can be done either by mailing a check, via mobile deposit or online transfer. You can also call customer service to open an account.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

magnifying glass

How TIAA Bank’s savings accounts compare

In terms of the minimum account balance, TIAA Bank has one of the lowest among other online competitors. Even the monthly maintenance fee is relatively low and it’s easily waived with a low minimum balance amount. While other competitors do offer some ATM access, many don’t offer out-of-network refunds like TIAA Bank does.

In terms of rates, though, TIAA Bank falls a bit short of its rivals. If all you’re concerned about is parking your funds somewhere and finding the best APY, then it’s a better idea to look at other banks. To find higher-paying alternatives, check out our list of the current best rates for savings accounts.

TIAA Bank’s CD rates

Basic CDs

Great rates, but features some hefty early withdrawal penalties.

Term

APY

3 month

1.90%

6 month

2.20%

9 month

2.22%

1 year

2.25%

1.5 years

2.25%

2 years

2.30%

3 years

2.35%

4 years

2.40%

5 years

2.45%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

The Basic CD is a fixed rate CD that features some pretty competitive rates and is best for those looking for an account that guarantees a rate of return over a predetermined period of time. Interest is compounded daily and credited monthly to your account. There is a choice of whether to have interest earned sent to your TIAA Bank money market or checking account, or remain in your CD account.

You’ll get a notice 20 days before your account matures to decide what to do. When the CD does mature, you’ll have a 10-day grace period in which to withdraw, add funds or renew for another term. Otherwise, your account will automatically be renewed for the same term at the current rate.

How to get TIAA Bank’s Basic CDs

Other than calling customer service, you can complete an application in as little as five minutes online. Just head over to their online application form and select “Basic CD” option under the category “Basic accounts.” Then you’ll be asked to fill in your personal details such as name, address, employment information and citizenship information. You’ll also need to create a security code – a combination of letters and numbers or a phrase – meant as a way to further verify your identity when contacting customer service.

After confirming entered information and agreeing to the terms, you’ll then fund your account either by mobile deposit, mailing a check or via online transfer.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Bump Rate CD

Offers the option to increase your APY once during your CD term.

Term

APY

3.5 years

2.60%

  • Minimum opening deposit: $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

The Bump Rate CD offers account holders the opportunity to take advantage of possible rate increases anytime before maturity. TIAA Bank touts that customers can choose when to contact them for the rate increase (if, at all, during the 3.5-year term) but it cannot guarantee you’ll receive the best rate during your term.

To receive a rate increase, it’s up to you to monitor TIAA Bank’s website for current rates. Once you decide you want to take advantage of the rate increase, you’ll need to call 1-888-882-3837 during regular business hours to do so. You can only have one Bump Rate CD at any time and request a rate increase once. Interest is compounded daily and credited monthly. There’s the option to transfer dividends to your TIAA Bank checking or money market account or kept in the CD.

When your account matures, you have a 10 day grace period where you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed at the current APY and term as long as TIAA Bank continues to offer this product.

How to get TIAA Bank’s Bump Rate CDs

You can open a Bump Rate CD by completing an application form in as little as five minutes. Once you select to open the bump rate CD, you’ll need to enter information such as name, address, citizenship information and employment details. On the form is also an area to create a security code which is meant for security purposes when you need to verify your identity if you ever need to contact customer service later on. To create a security code, you can either use a combination of letters, numbers, both letters and numbers or write a phrase.

You can fund your account by mailing a check or via mobile deposit after confirming all details and agree to their terms and disclosures.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Yield Pledge CD

Get guaranteed rate adjustments so that you’re getting the top 5% of yields of accounts nationwide.

Term

APY

3 months

2.15%

6 months

2.45%

9 months

2.47%

1 year

2.50%

1.5 years

2.50%

2 years

2.55%

2.5 years

2.55%

3 years

2.60%

4 years

2.65%

5 years

2.70%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

Although it does require a higher minimum deposit than a Basic CD, this account could be a great option if you’re after competitive rates. With TIAA Bank’s Yield Pledge program, rates for your specific CD account will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets – whenever you open, renew or roll any CD into a new Yield Pledge account.

Like the other CD products, interest is compounded daily and credited monthly, either in your CD, TIAA Bank checking or money marketing account. You’ll also get 20-days notice before account maturity, then a 10-day grace period where you can make additional deposits, withdraw your cash or renew for another term. If you do nothing your account will be automatically renewed.

How to get a TIAA Bank Yield Pledge CD

Complete an online application form in as little as five minutes to open this high yield CD. Select the product and term you want then enter in your personal details such as name, employment information and citizenship information. You’ll also need to create a security code by entering a series of numbers, letters, a combination of both or a phrase. After agreeing to the disclosures and confirming all information, you’ll need to fund your account. You can do so my mailing a check or doing so via mobile deposit.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

CDARS® Service CD

Get FDIC insurance for multi-million dollar accounts.

Term

APY

Maximum Contribution Amount

3 months

1.91%

$12.5 million

6 months

2.18%

$12.5 million

1 year

2.17%

$12.5 million

2 years

2.10%

$12.5 million

3 years

2.02%

$1 million

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY:
  • Early withdrawal penalty: Depends on length of term:
    • 13 weeks (3 months) – 90 days simple interest
    • 26 weeks (6 months) – 90 days simple interest
    • 52 weeks (1 year) – 180 days simple interest
    • 2 years – 360 days simple interest
    • 3 years – 540 days simple interest
    • 5 years – 900 days simple interest

While most of us probably won’t be depositing millions of dollars into a CD, it’s helpful to know that there is an option for those who want an FDIC-insured product above the $250,000 limit at most banks. The rates are pretty comparable to the Basic CDs, but this account is best for those who have a large chunk of cash and want a conservative investment vehicle.

Interest earned is compounded daily and credited monthly, and dividends can either be deposited into your checking or savings account. You’ll get a 20-day notice before your account matures. This type of CD won’t renew, so you’ll need to make a decision before your account matures as to where the funds should go.

This account is not as straightforward to open as the other CD accounts, so you’ll want to make sure to read the next section on how to open one.

How to get TIAA Bank’s CDARS service CDs

To open a CDARS Service CD, you’ll need to fill out an online application form. After selecting that you want to open a CDARS Service CD, you’ll need to enter your personal details such as name, address and employment information. The form will also ask you to create a security code which can be a series of numbers, letters, a combination of both or a phrase.

Once you confirm all details and agree to the disclosures, you’ll need to fund your account. How it works is that you’ll need to either send a check, make an internal account transfer or a wire transfer. There are deadlines you’ll need to meet, and each method has its own deadline. For checks, you’ll need to have check deposited by 5 p.m ET on the Friday before the account opening date, and for internal account or wire transfers, it’ll need to be completed by noon ET on the Wednesday before the account opening date.

Instead of the money being directly funded into a CDARS account, it’ll be held in a designated Yield Pledge money market account in your name until TIAA Bank officially opens the CDARS account. When that happens, the Yield Pledge money market account will be closed.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

magnifying glass

How TIAA Bank’s CD rates compare

All of TIAA Bank’s CD products offer competitive rates and a wide range of terms compared to other banks. While some of the rates are slightly lower than the top-ranked options on our list of the best CD rates, TIAA Bank offers CDs with slightly lower minimum deposits. Considering that there are also CDs that can be insured above $250,000, these CDs could be an attractive choice.

TIAA Bank’s money market accounts

Yield Pledge® money market

Minimal fees and a pretty competitive APY.

APY

Minimum Balance Amount

2.15% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.20%

$10,000-$24,999.99

1.65%

$25,000-$49,999.99

1.75%

$50,000-$99,999.99

2.00%

$100,000-$10,000,000

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The Yield Pledge money market account is a great option for those who are looking for a place to store their cash with some liquidity and a competitive rate. The introductory rate is pretty attractive considering there isn’t a minimum balance amount, but it’s only available for first-time money market account holders. After the first 12 months, the APY change may not be that big of a drop depending on how much you intend on keeping in the account.

Like the other Yield Pledge accounts, the money market accounts offer the same guarantees in that the APY will give you a yield in the top 5% of competitor accounts. Even though there aren’t any ATM fees, there is a $10 excess transaction fee if you make more than six withdrawals a month, a limit set by Federal Reserve Regulation D. If you continue to exceed the limit, your account may be converted to a checking account.

How to get TIAA Bank’s Basic money market account

To open a money market account, fill out an online application form on the bank’s website. You’ll need to indicate which account you want to open and enter in your personal information such as your name, address and employment information. There’s also a section to create a security code, meant to be an extra layer of security when verifying your identity whenever you need to contact customer service. To create the security code, you either enter in a combination of letters, numbers or create a phrase.

Once you complete the application, you can either fund the account by mobile deposit, mailing a check or through an online transfer.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

magnifying glass

How TIAA Bank’s money market accounts compare

The introductory rate is on par with the best offerings out there, including the low minimum balance amount. As for the ongoing APYs, they’re still pretty decent, though they’re not nearly as mighty as some of the competitors on our list of the current best money market account rates. You’re also looking at higher minimum balance amounts to get higher APYs for TIAA Bank’s money market accounts. If you don’t intend on keeping a lot in the account but want competitive APY rates, you could look elsewhere.

TIAA Bank’s IRA account options

IRA CD rates

Yield Pledge® IRA CD

Get the top 5% of rates offered out there.

Term

APY

3 months

2.15%

6 months

2.45%

9 months

2.47%

1 year

2.50%

1.5 years

2.55%

2 years

2.55%

2.5 years

2.55%

3 years

2.60%

4 years

2.65%

5 years

2.70%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

It could be worth it to open this IRA CD even with the higher opening minimum. With the Yield Pledge program, your rate will be in the top 5% of competitor CDs – the 10 largest banks in the 10 biggest banking markets. All interest earned is compounded daily and credited every month to your account.

TIAA Bank will remind you 20 days before your account matures and you’ll have a 10-day grace period in which to decide what to do. Because this is an IRA account, you may be subject to IRS penalties if you withdraw the funds before age 59.5, so make sure to do your research before making any decisions. If you do nothing, your CD will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Basic IRA CD

Offers competitive rates with a low opening deposit amount.

Term

APY

3 month

1.90%

6 month

2.20%

9 month

2.22%

1 year

2.25%

1.5 years

2.25%

2 years

2.30%

3 years

2.35%

4 years

2.40%

5 years

2.45%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of CD
    • 3 months – 22 days simple interest
    • 6 months – 45 days simple interest
    • 9 months – 68 days simple interest
    • 1 year – 91 days simple interest
    • 1.5 years – 136 days simple interest
    • 2 years – 182 days simple interest
    • 2.5 years – 228 days simple interest
    • 3 years – 273 days simple interest
    • 4 years – 365 days simple interest
    • 5 years – 456 days simple interest

This IRA CD is a great option for those who are looking for competitive rates and don’t want a high opening deposit amount. Interest is compounded daily and credited monthly. In addition to the early withdrawal penalties, you may also be subject penalties imposed by the IRS if you’re under 59.5 years old.

You’ll receive a notice 20 days before your account matures. Once it does, you’ll have a 10-day grace period in which to make a decision. Otherwise, your account will automatically be renewed.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Bump Rate IRA CD

Offers a one-time rate increase.

Term

APY

3.5 years

2.60%

  • Minimum opening deposit:  $1,500
  • Minimum balance amount to earn APY: $1,500
  • Early withdrawal penalty: 318 days simple interest

Account holders have a chance to get a possible one-time rate increase if the APY goes up before your account matures. You’ll need to keep an eye on the rates and request the increase by calling 1-888-882-3837. Any interest you earn is compounded daily and credited into your account monthly.

You have a 10-day grace period upon account maturity and you can either close the account, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed if TIAA Bank continues to offer this CD.

How to get TIAA Banks’s IRA CDs

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

magnifying glass

How TIAA Bank’s IRA CD rates compare

All of TIAA Bank’s IRA CD rates are on par with some of the best offerings out there. However, some of the minimum opening deposit amounts are slightly higher compared to some of the IRA CDs on our list of the best IRA CD rates. Keep in mind the highest rates for competitors are for longer terms, so do your homework if you intend on open a CD for a short time, you can stick with TIAA Bank or do more comparison shopping.

IRA savings account

Offers a low opening deposit.

APY

Minimum Balance Amount

1.10%

none

  • Minimum opening deposit: $25, none for Rhode Island residents
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (can be waived), free for Rhode Island residents
  • ATM fee: None
  • ATM fee refund: Up to $15 each month. For those who keep an average daily balance of at least $5,000, you’ll get unlimited ATM refunds
  • Overdraft fee: None

The Basic savings IRA account offers a low minimum deposit and monthly maintenance fee. If you’re a Rhode Island resident, there is no minimum opening deposit nor the monthly maintenance fee. For other residents, as long as you maintain the low $25 average daily balance, you can get the fee waived.

Keep in mind that IRA accounts may be subject to limitations or penalties, especially if you’re under 59.5 years old. You’ll need to do your due diligence to ensure if you do make withdrawals, you know exactly what you’re getting into.

How to get TIAA Bank’s Basic savings IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

IRA money market account

Higher rates than the IRA savings account and with no monthly fees.

APY

Minimum Balance Amount

2.15% (First 12 months)

Up to $250,000

1.10%

$0-$9,999.99

1.20%

$10,000-$24,999.99

1.65%

$25,000-$49,999.99

1.75%

$50,000-$99,999.99

2.00%

$100,000-$10,000,000

  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $15 each month. Account holders with a minimum average daily balance of $5,000 or more will get unlimited ATM fee reimbursements.
  • Overdraft fee: None

The money market account is a better option compared to the savings account, as long as you’re able to meet the minimum opening deposit amount. You’re still looking a higher APY than the IRA savings account even after the introductory rate is over. In addition, you get the Yield Pledge guarantee, which promises that you’ll get the top 5% of yields of competitor accounts.

How to get TIAA Bank’s money market IRA

To open a savings IRA account, you’ll need to call their customer service line during their business hours.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

Overall review of TIAA Bank’s banking products

TIAA Bank’s products offer pretty attractive rates and low minimum opening deposits, making it accessible to many customers. Most of their products do not have ATM or monthly maintenance fees which can help account holders save some of their hard earned cash.

While there are higher rates out there, not all offer the same perks as TIAA Bank does when it comes to ATM fees and refunds. If you intend on making a lot of ATM transactions, TIAA Bank’s banking products are a great choice. Even if not, their rates are worth sticking around for.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

Advertiser Disclosure

Reviews

How to Request a Credit Limit Increase With Chase

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

Advertiser Disclosure

Reviews

Review of Edward Jones CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

LEARN MORE Secured

on Edward Jones’s secure website

Member FDIC

magnifying glass

How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here