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 FDIC-insured deposit accounts that are generally quite competitive.
TAB Bank currently offers 8 CDs (certificates of deposit) with terms ranging from 6 months to 6 years. TAB Bank’s CD rates are usually among the highest yielding offers from online banks.
TAB also offers a high yield savings account with an outstanding APY of 4.06% and a less competitive money market account with an APY of just 0.25%.
To see if this bank and their deposit accounts are right for you, continue reading our 2023 review below.
TAB Bank CD Rates + Account Details
TAB Bank offers certificates of deposits with standard terms ranging from 6 months to 5 years. All of TAB Bank’s CDs come with a minimum deposit requirement of $1,000.
To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.
That said, some of the top yields offered by online banks and credit unions with nationwide acceptance are now offering over 5.00% and 4.50% APY on those same respective terms following the Fed’s most recent rate hike.
Opening a TAB Bank CD
As with most online-only institutions, opening an account is simple and straightforward.
To start, navigate to the product page you are looking to open.
You will need to be 18 years or older to open a TAB Bank account Please have your personal information handy. Some of this information can be sucked in from other sources such as Facebook, or you can fill it out manually.
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.
Here’s what you’ll need:
- Full name
- Date of birth
- Home address
- Phone number
- Social security number
After your account is opened, you’ll need to fund it. You’ll want to have the routing number and bank account number of the bank/account you’ll be transferring funds from.
Funding Your TAB Bank CD
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 beforehand. 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.
TAB Bank High Yield Savings Account Rate + Details
TAB Bank’s high yield savings account can be opened online in minutes and is FDIC-insured up to $250,000 per depositor or $500,000 on joint accounts.
The account offers flexible terms and a low balance requirement to earn the advertised yield.
High Yield Savings Account Rate
To give the above rate some context, the current national average for a savings account and a money market account sit at just 0.33% APY and 0.44% APY, respectively, with top yields just barely hitting 5.00% APY.
Interest is compounded daily and paid out monthly.
Tab Bank’s high yield savings account comes with no maintenance fees of any kind. That said, depending on how you plan on using your account, you may encounter some fees from time to time. 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.|
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 mixed, so it’s not clear what you can most likely expect from this service and probably ranges depending on which accounts and products you open.
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 out of 5. They only earn a 1 star out of 5 on the BBB website (Better Business Bureau) however they still receive an A+ rating.
Their apps receive higher marks. For IOS, the TAB Bank app enjoys a 4.7 out of 5 star rating and for Android users it scores a 4.3 out of 5.