TIAA Direct, the online banking division of TIAA-CREF, has slashed the rates of its savings and money market accounts from 1.25% APY to 1.00% APY. This rate affect existing customers. The online bank stopped accepting new customers as of July 2012.
Additionally, in mail notices to customers, TIAA Direct said that ACH withdrawals will be limited to $5,000 per day, effective Feb. 13, 2013.
Despite the rate cut, TIAA Direct is still among the leaders in savings and money market rates.