TIAA Bank Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
TIAA Bank is a great choice if you’re looking for a bank that has a variety of checking options, as it offers five business checking accounts: Small Business Checking, Business Checking, Business Interest Checking, Business Analysis Checking, and a Non-Profit Checking account. All come with a free Visa debit card, a competitive yield―except for Business Checking―online and mobile banking, overdraft protection, and ATM fee reimbursements. It is considered mostly an online bank since its branches are chiefly located in Florida.
The Small Business Checking product is geared toward sole proprietors and single-owner limited liability companies (LLCs) while Non-Profit Checking is suitable for nonprofits and faith-based organizations. Its Business Checking, Business Interest Checking, and Business Analysis Checking are tailored for mid-sized and larger companies.
TIAA Bank
What We Like
- No monthly fee and required maintaining balance for Small Business Checking
- $15 ATM fee refund per month when using nonnetwork ATMs; unlimited ATM fee reimbursement for accounts with $5,000 average daily balance (ADB)
- Balances earn APY regardless of amount except for Business Checking account
What's Missing
- $1,500 account opening deposit
- Limited branches, all located in Florida
- Must maintain $5,000 ADB to waive monthly fees for business checking accounts, except Small Business Checking
Features
- Free debit card
- Mobile check deposits
- View check images and e-statements via Business Online Banking
- Competitive interest rates
- Fraud detection tools
- Overdraft protection
- ATM fee refunds
- 80,000-plus fee-free ATMs
How TIAA Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Small Business Checking | 0.10% (can vary) | N/A | Free at 80,000+ ATMs nationwide; refunds available* | $1,500 |
 Business Checking | 1.5% | $4.95/transaction via Green Dot retail locations | Free at MoneyPass locations; $2.50 for nonnetwork | None |
 Basic Business Checking | 1.01% | Fee-free via MoneyPass and Allpoint networks | Unlimited domestic ATM fee reimbursements | None |
*refunds out-of-network ATM fees up to $15 per month; unlimited reimbursement with $5,000 ADB
**Bluevine is a financial technology (fintech) platform backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership Coastal Community Bank.
When TIAA Bank Is a Good Fit
- Business owners that need flexible checking account options: TIAA Bank offers a variety of checking accounts that allow you to switch to higher-tier products as your business grows.
- Businesses that can meet an ADB of $5,000: To waive monthly fees and earn unlimited ATM fee reimbursements, you should have at least $5,000 in your account.
- Businesses that want interest-earning checking accounts: While other banks require you to meet a qualifying balance to earn interest, TIAA Bank provides APY regardless of the balance in your checking account, except for its noninterest-drawing Business Checking product. This is also among the reasons why TIAA Bank made it to our list of best banks for nonprofits.
- Sole proprietors and single-owner LLCs looking for no monthly fees and interest-bearing checking accounts: TIAA Bank created the Small Business Checking account exclusively for sole proprietors and single-owner LLCs wanting more savings and growth for their funds.
When TIAA Bank Is Not a Good Fit
- Businesses that prefer no minimum account opening: TIAA Bank requires a steep $1,500 as a minimum opening deposit. You can consider other digital banks such as Bluevine, Grasshopper Bank, Axos Bank, Lili, and Found if you want a checking account with no minimum opening deposit.
- Businesses based outside Florida seeking a traditional bank: Since TIAA Bank has branches solely located in Florida and offers mostly online banking, you may opt for banks with a strong branch presence nationwide, like Wells Fargo, Chase, and Bank of America.
- Businesses that need small business loans: TIAA Bank offers lending only to commercial clients. You can choose PNC Bank for small business financing options.
See more options in our guide to the best small business checking accounts.
TIAA Bank Business Checking Overview
TIAA Bank Business Checking Requirements
To open a business checking account, you can visit the TIAA Bank website and fill out an online application form or call a bank specialist to assist you. You’ll need to provide your name, residential address, email address, mobile phone number, Social Security number, date of birth, government-issued ID information, and business information. You can fax the required documents or send them through the mail.
Before opening an account, see our guide on how to open a business bank account. It has a free downloadable checklist of required documents.
TIAA Bank Business Checking Features
TIAA Bank’s business checking accounts offer APY, except for its Business Checking product, ATM fee reimbursements, a Visa debit card, and mobile and online banking.
Small Business Checking
Designed for sole-proprietors and single-owner LLCs, Small Business Checking yields APY at 0.10% currently for all balances. There are no monthly fees associated with it, but a deposit of $1,500 is required to open this account. If your monthly ADB reaches $5,000, TIAA Bank refunds all ATM fees charged by other banks. If your ADB balance is below $5,000, you’ll still get reimbursed up to $15 in ATM fees each month.
Business Checking
For businesses wanting additional free transactions, Business Checking entitles you to 200 free transactions and 10 free online bill payments every month. Beyond the transaction limit, a 25-cent fee applies per item. For each additional bill payment, 50 cents is also collected. A deposit of $1,500 is still required to open this account. You also need to pay a $14.95 monthly fee for this account, but this is waivable when you maintain a $5,000 ADB. This checking account doesn’t bear interest.
Non-Profit Checking
For nonprofits and faith-based organizations, Non-Profit Checking is suitable. It provides a competitive APY of 0.25% for all balances. To open this account, you need to deposit $1,500. Like Business Checking, a $14.95 monthly fee applies, but if you maintain a $5,000 ADB, it can be waived. Every month, you have 10 free online bill payments, and beyond that, 50 cents is charged per item.
Analysis Checking Solutions
Under Analysis Checking, there are two types of accounts: Business Interest Checking and Business Analysis Checking. Both require $1,500 as a minimum opening deposit. Business Interest Checking features a $0.25% APY, and the $14.95 monthly fee can be waived as long as you meet the $5,000 ADB.
For Business Analysis Checking, a 0.20% earnings credit rate is given on 90% of account balances, and you can offset fees through the earnings credit rate. A monthly fee of $18 applies to this account.
Online & Mobile Banking
TIAA Bank offers 24/7 access to all your bank accounts through its Business Online Banking platform and mobile app. Access is secure with fraud detection tools. You can view comprehensive reports, schedule one-time and recurring payments, transfer funds, and perform mobile check deposits and domestic and international wire transfers. Download TIAA Bank’s mobile banking app at App Store and Google Play.
Fee-free ATM Usage In TIAA Bank Network
With a network of more than 80,000 ATMs nationwide, you can enjoy fee-free transactions. For out-of-network ATM fees, TIAA Bank automatically reimburses you up to $15 every month. If your ADB reaches $5,000, you can benefit from unlimited ATM fee refunds. You can also use your debit card for free at Allpoint and MoneyPass ATMs.
Merchant Services
TIAA Bank’s payment processing provider is the top-rated Elavon, Inc. It offers dial-up, wireless, and internet point-of-sale (POS) terminals, including electronic check services, mobile and credit card payment processing, electronic gift cards, and electronic benefits transfers.
Other Banking Products
TIAA Bank offers money market accounts, high-yield certificates of deposit (CDs), Business IntraFi® CD for savings, and a WorldCurrency® Access Deposit Account and WorldCurrency® CDs for global financial products.
- Business money market accounts: For a minimum deposit of $1,500, you can earn as high as 0.45% APY. The $14.95 monthly fee can be waived by maintaining a $5,000 ADB.
- Business certificates of deposit: For a minimum deposit of $1,500, you can earn high APY at flexible terms of three months to five years. No monthly fee is charged.
- Business IntraFi® CD: A minimum deposit of $10,000 is required with no setup charges and no account fees. This account offers extra protection by providing access to FDIC insurance coverage on millions of deposits. APY is dependent on the term and funding limit.
- WorldCurrency® Access Deposit Account: A minimum deposit of $2,500 is required to earn money from your foreign currency. This is beneficial for companies with business overseas. Monthly fees may apply, and APY rates can vary.
- WorldCurrency® CDs: Single-currency CDs and CD Baskets are available with fixed APYs under three-month terms.
TIAA Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Available merchant services | Brick-and-mortar branches based only in Florida |
| High APY for Business Interest; high earnings credit rate for Business Analysis Checking | High minimum account opening deposit |
| Overdraft protection | Need to maintain ADB to waive monthly fees except for Small Business Checking |
TIAA Bank offers great business checking accounts for different businesses. Sole proprietors and single-owner LLCs can save and enjoy no monthly fees with the basic Small Business Checking account. If you prioritize a high APY rate, you can open a Business Interest Checking account and earn 0.25%. If you prefer to offset transaction fees, then the Business Analysis Checking account is more suitable with its 0.20% credit rate on 90% of your balance. All TIAA Bank business checking account holders can access merchant services and benefit from overdraft protection.
For drawbacks, TIAA Bank has physical branches only in Florida. If you’re based outside the state, you don’t have the option of in-person banking. A $1,500 minimum account opening deposit is also required, which is quite high compared to other banks. You also need to maintain up to a $5,000 average daily balance to waive the monthly fees and benefit from unlimited reimbursements when you use out-of-network ATMs.
Alternatives to TIAA Bank Business Checking
TIAA Bank provides outstanding business checking account options, but if you need a bank with no minimum opening deposit, more physical branches, and more choices for business credit cards, you can consider these three alternatives:
- Capital One is best for business owners wanting a wide selection of business credit cards. It offers six types of credit cards with a range of rewards.
- Chase is ideal for businesses that prefer in-person banking. It has branches in 48 states.
- Bluevine is great for businesses needing a free business checking account. It offers full digital banking with no minimum deposit, no monthly fee, and a high APY.
Bottom Line
TIAA Bank offers flexible checking account options. For sole proprietors and single-owner LLCs with low business volume, they can open a Small Business Checking account and take advantage of the zero monthly fees while earning interest at the same time. For businesses with greater transaction volumes and wanting more banking services, a Business Checking, Business Interest Checking, or Business Analysis Checking account will be more convenient. As long as you’re comfortable with online banking, TIAA Bank is an excellent choice.
