There’s a world of opportunity out there. So that you can take better advantage of it, please familiarize yourself with the information below. If you have additional questions or can’t find what you’re looking for here, give us a call at 1-800-926-4922.
Metals Select accounts are not deposit accounts; therefore, they are not FDIC insured.
With an allocated account, you purchase specific types of coins or bars of precious metal, which we can then store for you or ship to you (fees apply for storage and shipping). If we store your allocated account precious metals for you, they are in a secure vault, and you can always request that we deliver your specific type of coins or bars to you.
With an unallocated account, you do not purchase any specific coins or bars, or own any particular piece of physical metal. Instead, with each unallocated purchase, actual physical metal (in the form of bullion, coins, or bars) is added to the pool of other physical metals that other TIAA Bank unallocated account holders own and that we securely store in a vault. You may move from an unallocated account to an allocated account at any time (fabrication and storage/delivery costs will apply).
Yes, the physical metal in your unallocated account is stored by us in a secure vault. Because it is an unallocated account, the metal is part of the pool of physical metals that other TIAA Bank unallocated account holders own, meaning there is no specific coin, bar, or piece of bullion within that pool that is yours. If you would like a specific coin or bar, or would like to take delivery of physical metal, you must open an allocated account.
Yes, in order to purchase precious metals from us, you must open a World Markets portfolio.
Yes, we do buy back coins we have previously sold to you, but we are not obligated to do so. We do not buy back bullion bars. Please see the Account Terms, Disclosures and Agreements Booklet for additional details.
With both a Metals Select allocated and unallocated account, you can purchase gold, silver, platinum, and palladium.
Yes, you can lose money and a Metals Select account is not FDIC insured, nor is it principal protected. Please see the Account Terms, Disclosures and Agreement Booklet for additional information on the risks associated with Metals Select accounts.
No, however, you can use your statements and transaction confirmations to make the appropriate calculations on your own merit. We recommend consulting with your tax advisor or a tax professional about any questions you may have.
A 1099-B will be generated if you sell precious metals in your unallocated account. A 1099-B will also be generated if you sell precious metals in your allocated account if we are currently holding the metals. You can access your 1099s online. Simply log in to your account, select the World Markets tab, and then choose Electronic Documents. You can then select a portfolio and choose the Tax Documents tab.
We do not report the purchase of metals to the IRS. When you sell metals in your portfolio, a 1099-B is generated. The 1099-B reports your total sales proceeds for precious metals sales.
Currently, only American Eagles in a Metals Select allocated account are IRA-eligible. Please note that with a Metals Select IRA, we must store the coins for you.
Yes, you can take a distribution from your Metals Select IRA and take delivery of your American Eagle coins.
The Customer Exchange Rate you receive from us will generally be within 1% of the available Wholesale Rate for your selected currency and will be determined at the time of the actual trade and not necessarily at the time of request, unless you request, and we agree, to lock-in your Customer Exchange Rate, which we may decline to do in our sole discretion. For more information on the Customer Exchange Rate, please see the Account Terms, Disclosures and Agreements Booklet or call the World Markets Trade Desk at 1-800-926-4922.
The exchange rates listed on our website are for research purposes only. Neither those rates nor any exchange rates published in any newspaper, website or other publicly available source accurately reflect the exchange rate that will be available to you through TIAA Bank.
You may call our Trade Desk at 1-800-926-4922 to request a price to lock in your WorldCurrency® account exchange rate. This service may not be available in all cases. Whenever possible, we will set an exchange rate at the time you call.
Note: The locked-in exchange rate you receive may be more or less favorable than what would have occurred with a non-locked exchange rate. Please see the Account Terms, Disclosures and Agreement Booklet for more information on the Lock-In Rate.
No, we do not provide access to physical currency.
Not at this time.
You have two options:
Certain restrictions apply, including for Non-Deliverable Currencies (NDCs), which we cannot deliver to you. See our website for a list of current NDCs, which is subject to change, and our Account Terms, Disclosures and Agreements Booklet for more information regarding restrictions on NDCs.
Yes you can, including principal, due to currency price fluctuations. Foreign currency denominated instruments entail significant risk exposure to adverse movements of the foreign currency relative to the U.S. dollar, so you should only deposit money that you can afford to risk, and as part of a broadly diversified strategy.
Yes. Your foreign currency accounts are deposit accounts of TIAA Bank, a division of TIAA, FSB, that are insured by the FDIC up to standard limits. However, this does NOT mean that your principal is protected. Your funds will fluctuate in value relative to the U.S. dollar, and due to the nature and volatility of the foreign exchange market, the value may fluctuate widely. In the event TIAA, FSB fails, the FDIC will insure you within standard limits based upon the value of your funds in U.S. dollars at an exchange rate determined by the FDIC.
You can either enter your CD maturity instructions online or you may call the World Markets desk at 1-800-926-4922.
To enter your CD maturity instructions online:
There is no grace period available for WorldCurrency CDs or CD Baskets, and we must receive your CD maturity instructions at least 3 business days prior to your CD maturity date. Otherwise, your CD or CD Basket—including principal and interest (if any)—will rollover to a new CD or CD Basket with the same term. Note that all WorldCurrency CDs and CD Baskets mature on Wednesdays (or the next business day if a Wednesday is a holiday).
No; however, you can use your statements and transaction confirmations to make the appropriate calculations. We recommend consulting with your tax advisor or a tax professional about any questions you may have. We will mail a yearly 1099-INT Form to the account holder stating annual interest earned on all currency accounts, but we do not provide information on capital gains or losses.
A 1099-INT will be generated if your foreign currency or USD holdings earned interest.
You can access your 1099s online. Simply log in to your account, select the World Markets tab, and then choose Electronic Documents. You can then select a portfolio and choose the Tax Documents tab.
No, World Markets products, including WorldCurrency Access® Deposit accounts and CDs, are not considered offshore accounts.
Only interest earned on foreign currency deposits is reported to the IRS by TIAA Bank via 1099-INTs. With that said, you may still have an obligation to report gains or losses on your individual tax return. TIAA Bank World Markets does not report these figures, so you are responsible for calculating and reporting gains or losses on your foreign currency deposits. We recommend consulting with your tax advisor or a tax professional about any questions you may have.
Yes. We offer Traditional, Roth, Simple and SEP IRAs.
When MarketSafe CDs are offered, there is a collection period called the “funding period,” which takes place before the MarketSafe CDs are actually issued. During the funding period, if you apply for a MarketSafe CD and send us your deposit, those funds are placed in a MarketSafe cash account, which is an interest-bearing account. While your deposit is in the MarketSafe cash account waiting for the MarketSafe CD to be issued, your deposit earns interest. When the CD is issued, your principal deposit plus any interest earned and credited in the MarketSafe cash account during the funding period is used to open the MarketSafe CD.
No, you cannot rollover a maturing MarketSafe CD.
When a MarketSafe CD matures, the original principal and any upside payment is credited back to the cash account from which the MarketSafe CD was funded. If this funding account has been closed, the funds will be placed into an open U.S. dollar account associated with your World Markets portfolio. If no U.S. dollar account is open as of the maturity date of your MarketSafe CD, one will be opened for you and the funds deposited into this newly opened account.
No, you cannot make early withdrawals from MarketSafe CDs and you cannot close them prior to maturity. If liquidity is a concern, MarketSafe CDs may not be the most appropriate product for you.
MarketSafe CDs track indices that may fluctuate on a daily basis. However, the value of your MarketSafe CD does not change because the CD’s performance is not calculated until CD maturity, when all of the pricing values are available.
However, if you would like more information regarding the details of your MarketSafe CD, please call our Trade Desk at 1-800-926-4922.
A 1099-OID will be generated each calendar year. You can access your 1099s online. Simply log in to your account, select the World Markets tab, and then choose Electronic Documents.
Upon maturity, TIAA Bank World Markets will send a letter summarizing the return on your MarketSafe CD. At that time, you will be directed as to next steps for handling the interest that was reported on your MarketSafe CD over the duration. Please consult your tax advisor or a tax professional about any questions you may have.
Yes. We offer Traditional, Roth, Simple and SEP IRAs.
Yes, non-U.S. citizens may apply for a World Markets portfolio. However, there are geographic, risk-based, and other limitations that must be met for us to open a portfolio. For example, non-U.S. citizens must have a reasonable connection to the U.S. for us to open a portfolio for you. In addition, we currently do not open accounts for any resident of the European Union.
No, you can wire transfer, ACH transfer, or send a check in order to make a deposit for your account once it is opened. See instructions for all of our deposit
You can apply online, or call us at 1-800-926-4922 and we can help you through the process.
For new clients, our application process usually takes 2 to 3 business days. If you already have an existing World Markets portfolio, accounts are generally opened in real time.
Yes. Holders of a World Markets portfolio can log in to online banking and enter foreign currency and Metals Select® transactions at any time.
To check on the status of a specific transaction, call 1-800-926-4922.
We offer Traditional, Roth, Simple and SEP IRAs. Please note that for our Metals Select accounts only allocated accounts where we store American Eagles for you are IRA eligible.
Got your eye on a certain investment account? Get in touch with the TIAA Bank World Markets desk for friendly support, expert insights and to get your new account up and running with ease. Or, you may start your application online now.
Use our secure email form to contact an investing expert.
A World Markets specialist will be in touch soon.