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TAB Bank is an online bank with full-service banking solutions. This Utah-based bank offers a host of bank account options including several high-yield accounts. Learn more about this online bank and its product offerings in this TAB Bank review.
Best For: No fees
Tab Bank
Rating image, 4.0 out of 5 stars.
4.0 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Tab offers competitive APYs with no monthly maintenance fees. With a variety of account types, it's a great option if you don't require physical branches.
Pros
- High APY
- No monthly maintenance fees
- Multiple account types
Cons
- Lack of physical locations
TAB Bank savings accounts review
TAB Bank's savings accounts earn higher rates than you'll find at traditional brick-and-mortar banks. As a result, they're a great place to keep an emergency fund.
High Yield Savings
TAB Bank High Yield Savings offers a competitive APY with no monthly fees. The account has no minimum deposit requirements, and you'll earn interest on all balances of $1 or more. Earnings aren't capped no matter how high the account balance.
Premium Savings
TAB Bank's other savings account offering is better than most local banks, and it has no monthly fees. Nevertheless, it doesn't offer the same earning potential as its High Yield Savings account. Plus, it requires a $1 balance or higher to earn interest. A $25 deposit is required to open a Premium Savings account through TAB Bank.
Compare savings accounts
Check out our list of the best savings accounts to see how TAB Bank High Yield Savings compares to the competition. We've included some of our top picks below.
Rates as of Oct. 12, 2021
TAB Bank CD accounts
CDs typically offer higher rates than savings accounts for leaving your money untouched for a set period. TAB Bank CD rates are competitive with online banks. Plus, their variety of term lengths provides flexibility for account holders.
TAB Bank CDs
TAB Bank CDs have eight term lengths. These range from six months up to five years. Interest on TAB Bank CDs compounds daily and is credited monthly, quarterly, or annually. Conveniently, customers can transfer the accrued interest to another account, receive a check, or leave it in the CD. Withdrawing funds from your TAB Bank CD before it reaches maturity will result in a penalty of up to 180 days interest on the amount withdrawn.
One strategy to maximize savings is to build a CD ladder. With TAB Bank, you'll need a $1,000 deposit for every CD you open. If you don't have the disposable funds necessary to build a CD ladder, you may be better off going through another online bank with lower deposit requirements.
| 6 Mo. APY | 0.50% |
|---|---|
| 1 Yr. APY | 0.60% |
| 1.5 Yr. APY | 0.65% |
| 2 Yr. APY | 0.70% |
| 3 Yr. APY | 0.75% |
| 4 Yr. APY | 0.80% |
| 5 Yr. APY | 0.85% |
Compare CD rates
TAB Bank offers competitive APYs. Still, you may find lower deposit requirements and more term options elsewhere. Take time to scope out CD rates from other online banks before you choose one.
Rates as of Sept. 16, 2021
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Marcus by Goldman Sachs High Yield CD
0.55%
0.55%
0.55%
0.55%
0.60%
$500
Yes
TAB Bank checking accounts review
TAB Bank is home to four checking accounts, including options to earn high-yield interest and cash back rewards. If you're looking for an everyday spending account, TAB Bank has options to fit most customers' needs.
Kasasa Cash Back
Kasasa Cash Back checking is a checking account that earns cash back for meeting monthly qualifications. The account has no deposit or balance requirements. TAB Bank doesn't have its own ATM network, but this checking account offers ATM fee rebates up to $15 monthly.
You'll need to meet a few conditions to earn cash back. These include 15 debit card purchases and at least one direct deposit, ACH payment, or bill pay transaction each month.
Kasasa Cash
Kasasa Cash checking is an interest-bearing checking account that earns a high-yield APY. The account features no monthly fees and no minimum deposit requirements. Customers that meet monthly requirements can qualify for two higher interest tiers depending on your account balance. Customers who don't meet requirements still earn the base APY.
Note: TAB Bank is currently not accepting new applications for Kasasa Cash checking accounts.
TAB Chrome Checking Account
TAB Chrome Checking Account is designed with truckers in mind. Since truck drivers receive various payment forms daily, the account allows deposits like Comcheks, T-cheks, and EFS checks by phone or online.
You can open a TAB Chrome Checking Account with a $25 minimum deposit. The TAB Chrome Checking Account is an interest-bearing account, earning a modest rate, but the real draw is its unique deposit structure and security for banking on the road.
365 Checking
TAB Bank 365 Checking account is also an interest-bearing account. It offers a modest APY for account holders. This account does have an $8 monthly maintenance fee, but it's waivable by meeting monthly balance and transaction requirements. Note that TAB Bank charges ATM fees for holders of 365 Checking accounts who need cash on-the-go. You need a $25 deposit to open a 365 Checking account.
Compare checking accounts
TAB Bank offers plenty of checking options, but they aren't the only online bank with attractive checking accounts. Start searching for the right checking account for you by checking out our list of the best checking accounts.
TAB Bank customer service and experience
TAB Bank has an A+ rating with the Better Business Bureau. The online bank has received some negative reviews, but not a concerning amount. This could be attributed to its smaller customer base, but overall, TAB Bank has a good reputation among its customers.
TAB Bank relationship benefits
Banks use relationship benefits to draw in new business. These often include fee waivers and higher rates. Relationship benefits are less common with online banks, which typically offer high-yield APYs to all customers and don't charge maintenance fees.
Accordingly, TAB Bank currently offers no relationship benefits to its customers.
Alternatives to TAB Bank
TAB Bank is an excellent option for full-service online banking. If it doesn't sound quite right for you, though, check out the top online banks below.
Discover Bank
Discover Bank is more than just a credit card company. If you want a savings account with no fees and high-yield APYs, consider this online bank. Discover's checking account earns cash back rewards on select debit card purchases each month. Customers also have access to 60,000+ fee-free ATMs across the country.
Capital One Bank
Capital One Bank is another credit card issuer offering online banking services. The bank's deposit accounts earn attractively high APYs. Additionally, these accounts have no monthly maintenance fees or account minimums. Capital One 360 Checking earns an APY comparable to TAB Bank, but without deposit requirements and fees. If you're looking for custodial accounts for kids and teens, Capital One offers those too.
Is TAB Bank right for you?
TAB Bank is right for you if:
- You are a truck driver with specific banking needs on the road.
- You are interested in full-service online banking.
- You want to earn cash back on debit card purchases.
About the Author
Kevin Payne is a personal finance writer specializing in credit cards, banking and student loans. He is a regular contributor to Forbes, Student Loan Planner, and FinanceBuzz. Kevin is the budget and family travel expert behind FamilyMoneyAdventure.com. He lives in Cleveland, Ohio with his wife and four kids.
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