While its name is also part of the Downtown skyline on the 30-story TIAA Bank Center in 301 W. Bay St. the bank`s headquarters is in 501 Riverside Ave. On the St. Johns River west of downtown. In a city formerly known as the capital of the Bank of Florida, TIAA Bank is the only major bank based in Jacksonville. While TIAA Bank offers a wide range of CDs, it is important to know that each account requires a high minimum deposit. Basic CDs require the lowest amount, at 1,000 USD. Therefore, if you don`t need to deposit at least $1000 in advance, TIAA Bank is not the right choice for you. TiaA Bank is an online bank that provides comprehensive banking services to staff, as well as other financial products and services.
Fortune 100 TIAA acquired Florida-based EverBank in 2017 and renamed it TIAA Bank. One of the bank`s most popular accounts is its base CD, which still has higher interest rates than many of TIAA`s competitors. The bump rate CD also starts with a high interest rate and even offers you a single option to increase your interest rate over the life of the account when interest rates rise. While the main offer of CDARS service accounts® is higher FDIC protection, each term offers rates of about 0.20%. TIAA accounts have online and mobile access that is the norm for most online banks. Mobile cheque filing and integration with mobile payment applications help separate TIAA from some competitors, although this is becoming the norm. TIAA does business differently from traditional banks, but Scott Verlander, senior vice president and director of retail and affiliate banking, said he continued to strive to serve customers in the Jacksonville community. TIAA Bank outperforms other banks and their CD offerings with as many CD options to choose from. You can open a base CD of 1000 USD, or if you have a multi-million dollar deposit, you can use the bank`s stake in the CDARS network®. TiaA Bank also has options for people who want more variable interest rates with their bump rate and THE LIBOR CD index.
There are also few fees that are related to the current account, such as no monthly maintenance fees and no TIAA ATM fees. Assets of $5,000 or more receive unlimited refunds of bank funds for fees charged by other banks. TIAA reimburses up to $15 a month for assets of less than $5,000. If you are looking for a way to insure large sums of money with the FDIC, you can open a CDARS® account at TIAA Bank.