TAB Bank is an online only financial institution based out of Ogden, Utah.
Known as the bank tailored to truckers, TAB Bank, or Transportation Alliance Bank, has a suite of online savings products that are generally quite competitive.
Their current rates are slightly lower than their peers, but TAB usually places near the top of the pack in terms of APY (annual percentage yield) for their high yield savings account.
Their certificate of deposit rates are on par with what you’d see at other online banks, and still beat the national average for their respective terms by a good margin.
Find out if TAB Bank’s savings products are right for you in our rundown below.
Keep in mind APYs across the board are trending downward as the FED aims to keep rates near zero through 2022.
In this post you'll learn:
TAB Bank High Yield Savings Account
TAB Bank’s high yield savings account can be opened online in minutes and is FDIC-insured up to $250,000 per depositor.
The account offers flexible terms and a low balance requirement to earn the advertised yield.
Here are the account details:
|Daily Balance||APY (Annual Percentage Yield)||Min. Deposit to Open|
Interest is compounded daily and paid out monthly.
To give the above rate some context, the current national average for savings account sits at just 0.07% APY.
A unique feature of this product is that TAB doesn’t put a cap on the amount of money you can keep in the account and earn interest. Although FDIC insurance will only cover you up to $250,000, this feature differentiates the product from others. In fact, some online banks put maximum balance caps on amounts well below the $250,000 mark (for example: Paramount Bank’s online savings account).
Tab Bank High Yield Savings Account Fee Schedule
Tab Bank’s high yield savings account comes with minimal fees. Below is the complete fee schedule.
|Return Deposit Item||$30/each|
|Paid Overdraft or Returned Item||$30/each ($150 max per day)|
|Account Research||$20/hr. 1 hour min.|
TAB Bank CD Rates
TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years.
Their CD rates are better than the current national average, but higher yields can be found through other online banking institutions as well as regional and national credit unions such as Patelco, PenFed, or Navy Federal Credit Union.
TAB Bank’s current CD rates:
All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000.
How to Open a CD or Savings Account with TAB Bank?
As with most online only institutions the opening process of either a CD, online savings account or money market account is very simple and straight forward.
To start, navigate to the product page you are looking to open.
We are choosing a 12 month CD, so we’ll get started by going to the certificate of deposit page.
The certificate of deposit page requires us to further drill down to our specific product type. Since we’re looking to open a 12 month CD, our product selection page looks like this:
From here you can click on the “open now” button once more and proceed to fill out your basic contact info. This information can be sucked in from other sources such as Facebook, or you can fill it out manually.
Other specific information the application will require are your name, address, date of birth, social security number, and potentially your tax ID.
If you’re looking to open an IRA to have your certificate of deposit placed in, then you’ll need to apply over the phone by calling (800) 215-7128.
How to Fund Your Tab Bank Account
There are 6 ways to fund your Tab Bank account:
- Direct Deposit. Contact Tab Bank to get their direct deposit notification form. You’ll then use this to notify your employer (or other source) to begin placing deposits in your new Tab Bank account automatically.
- Deposits via third party checks. ComCheck, TChek, EFS, or even Western Union®. These are considered guaranteed funds and are available within an hour. They can be done by calling their customer service department.
- Wire Transfer. You can send money from an external bank account by wire. You will have same-day access to your funds.
- ACH transfer. You can request money from an external bank account by ACH transfer, which you must set up before hand. You will have access to funds within two business days. 90 days after opening your account you can apply for TAB Bank Express ACH, which gives you access to transferred funds within one business day.
- Gift Card. You can also buy a gift card at any Pilot Flying J and call our customer service department to deposit that money into your account.
- Mail in check with deposit slip.
ACH Transfer Limits
These are not listed in Tab’s website or in the fine print, so you’ll have to get in touch with a representative to find out what these will be for you.
According to customers, the incoming and outgoing transfer limit is or at least has been $10,000. Just know that you probably won’t find out exactly what limits are until you open an account.
Tab Bank Customer Support and Customer Sentiment
If you’re struggling with online and/or mobile banking, give the bank a call at 800-355-3063.
Hours of operation are from 6 AM to 7 PM Mountain Time Monday through Friday and from 9 AM to 3 PM on Saturday. You can also send a secure message through the bank’s online platform.
Reviews on Tab Bank’s customer support are wildly mixed, so it’s not clear what you can most likely expect from this service.
Tab Bank as a whole doesn’t do especially well on customer review sites such as DepositAccounts, where the bank earned just 2.5 stars. Many people come for the rates and it seems like the majority do stay for the rates, but a lot of users have shared that the online banking interface leaves a lot to be desired.
If you’re in the market for a high yield online savings account, then TAB Bank’s high yield savings product is a fantastic option.
The account is easy to open and has no minimum deposit or balance requirements.
If you’re looking to do more everyday type banking, then you’ll want another account to supplement this one. ATM fees alone could eat away at your interest.
TAB Bank’s CD rates while lucrative in the past are only so-so today (albeit above the current national average). More lucrative APYs can be had with other FDIC insured banks.