TIAA Bank will appeal to consumers who want a full-service online bank that also offers competitive rates.
You can find higher yields elsewhere, but the online bank is paying savers a respectable 1.10 percent APY. You’ll need $25 to open the account and will want to make sure to keep at least that much in your account on a daily basis. Otherwise, you will pay the bank a $5 monthly fee. If you live in Rhode Island, this requirement is waived.
Its checking account is also accessible: You only need $25 to open the account. Expect to pay a $5 monthly fee unless you live in New York or maintain a daily balance of $25.
TIAA’s app scores well. While other online banks earned higher marks for their mobile apps, it offers what you need, like checking your balance and paying your bills.
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