Earn More Interest on Your Emergency Fund with the TIAA Yield Pledge Money Market Account

 

Have a decent sized emergency fund already? Need a safe place to store the cash for one of the best returns on the market? Then check out the Yield Pledge® Money Market Account at TIAA Bank. 

The TIAA Yield Pledge Money Market Account is FDIC insured, has a high interest rate, and easy access to your money. 

Who is TIAA Bank?

Based in Jacksonville, Florida, TIAA Bank’s Financial Centers are all located within the state of Florida. TIAA is primarily an online bank, though. They offer investing, banking, and mortgage services. 

The first thing you notice about TIAA Bank is the type of account they’re offering. It isn’t a traditional online savings account. It’s a money market account. Why does that matter? It doesn’t really. The account is still FDIC insured. The only difference is that TIAA Bank has a bit more flexibility with how they invest your funds. This is why they have a higher return. 

What I Like About TIAA Bank’s Yield Pledge Money Market Accounts

There is a lot to like about TIAA Bank’s money market accounts. What are the best features, though?

Very Nice Introductory Rate

At the date of this review, TIAA Bank sits at the top of the list of top high-yield savings accounts, and this is due to the fantastic 2.15% guaranteed 1-year introductory APY.

One of the Highest Yielding Banks

After the initial 12 month period, it’s not like your rates drop to the floor. They still compete in the top tiers of the online interest rates. In fact, with TIAA Bank’s Yield Pledge Promise, your account’s APY will always be in the top 5% of competitive accounts. See current interest rates.

Related: The Best High Yield Savings Accounts

FDIC Insured 

As with any online bank account, I have a need for security. I need my assets to be protected. Therefore I only roll with FDIC Insured institutions, like TIAA Bank. Plus, I like that TIAA Bank has a proven track record and isn’t just throwing out rates trying to get customers

Check Writing Abilities

With your TIAA Bank account, you get checks. This would be ideal for someone saving up cash for a house down payment. You wouldn’t have to worry about a transfer to your checking account (which can take a week)

No Monthly Fees

There are no monthly maintenance fees attached to TIAA Bank’s money market accounts. 

Mobile App

TIAA has an excellent mobile app that gives you access to your money market accounts 24/7. Make deposits and transfers right from your phone from anywhere in the world. 

What I Don’t Like about TIAA Bank’s Yield Pledge Money Market Account

 TIAA has its drawbacks with its money market accounts. They have a minimum requirement of $5,000 to open the account. Not a huge hurdle for someone with an established emergency fund, but newbies should look somewhere else. They also have some restrictions on transfers you should read up on before signing up. These restrictions are typical of online banks, but still important to point out.

Who Should Open a TIAA Bank Yield Pledge Money Market Account? 

As I mentioned before, this type of account makes sense if you already have an established emergency fund and won’t need access to these funds for a while. I wouldn’t advise making this an account where you’re moving a lot of things around. Just open it up, dump the money there, and forget it till you’re ready to use it on its intended purpose. This way you can maximize your returns.

Other Offerings from TIAA Bank

Besides money market accounts, TIAA Bank also has other accounts worth checking out, like:

High Yield Checking Accounts

Like their money market accounts, TIAA Bank’s Yield Pledge Checking accounts also carry no monthly fees and offer APYs that will always be in the top 5% of competitive accounts. Also, with your checking account you will receive a debit card with purchase benefits to keep you protected. 

High Yield CDs

Currently, their one-year High Yield Pledge CD is set at a competitive 2.75% APY. Customers have several options, with terms available from three months to five years. 

The Bottom Line on TIAA Bank’s Yield Pledge Money Market Accounts

TIAA Bank’s Yield Pledge Money Market Account is a no-frills account where big savers could earn top rate interest on their money. Perfect for a large emergency fund or other big savings goal. 

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About Philip Taylor, CPA

Philip Taylor, aka "PT", is a CPA, blogger, podcaster, husband, and father of three. PT is also the founder and CEO of the personal finance industry conference and trade show, FinCon. He created this website back in 2007 to share his advice on money, hold himself accountable (while paying off over $75k in debt), and to meet others passionate about moving toward financial independence. He uses Personal Capital to track his wealth. All the content on this blog is original and created or edited by PT.