TAB Bank Review: High Savings APY

TAB Bank is an online-only bank that offers a wide range of products and services to personal and business clients, including checking, savings, and money market accounts, certificates of deposit (CDs), business loans and lines of credit, as well as other financial solutions. 

With numerous online fintechs offering convenient, no-fee banking and top-notch savings APYs, you may be wondering how TAB Bank compares. In this review, we'll focus on TAB Bank's personal deposit products and share everything you need to know. 

What Is TAB Bank?

TAB Bank is short for Transportation Alliance Bank, Inc. The Ogden, Utah-based bank, a member of the FDIC, has been in operation since 1998 and serves individuals, families, and businesses across the U.S. It's services are available to customers across the U.S. 

What Does It Offer?

TAB offers several everything from checking and savings accounts, to money market and CDs. Here's a closer look at the key features of each: 

TAB Spend

The TAB Spend is a no-fee rewards checking account that offers a high savings APY, cash back on debit card purchases. Here's a closer look at the key features: 

• No monthly fees 
• 3.50% APY 
• 1.00% Cash Back on debit purchases 
• No minimum deposit required 
• Unlimited transactions 
• FDIC-insured up to $250,000 
• Includes a Mastercard debit card
• Apple Pay and Google Pay digital wallets 
• Surcharge-free withdrawals at MoneyPass ATMs 

This account is very competitive with the best online checking accounts on the market. Some pay slightly higher interest rates, but with the 1.00% cash back reward, this account is hard to beat. 

TAB Save 

TAB Save is TAB Bank's high-yield savings account, currently offering a very high 4.15% APY, one of the highest rates available on the market. Unlike some high-yield accounts, there is no minimum balance required to open, and no balance caps, meaning you earn high interest on every dollar you save. If you have a TAB Spend account, you can transfer funds between the two accounts for maximum convenience. 

Money Market Account

With a current APY of 0.25%, the TAB Bank Money Market account does not offer the high-yield of the TAB Save. Still, it is another option if you're looking to save in an account with a variable interest rate that invests in short-term, low-risk securities. The account is FDIC-insured and includes check-writing privileges. 

Certificates of Deposit (CDs)

If you have the flexibility to lock in your funds for a set period, you can secure a competitive yield with a TAB Bank CD.

The minimum deposit for CDs is $1,000. 

Are There Any Fees?

TAB Bank does not charge monthly maintenance fees for its personal checking, savings, and money market accounts. 

How Does TAB Bank Compare?

TAB Bank has a lot to offer, from high yields on its spending and savings accounts, cash back rewards, and no fees. But there are other options. For example, CIT Bank also offers a variety of personal banking accounts. It's Savings Connect account offers a 3.90% yield, but there is a $100 minimum deposit required.

Western Alliance Bank offers a high-yield savings account that has an APY of 4.30%. 

How Do I Open An Account?

You can open a TAB Bank account via an online application on its website. You will be required to provide your personal information, including acceptable identification, and review the various account agreements and disclosures.

Is It Safe And Secure?

As an FDIC-member institution and well established online financial institution that's been in business for over 25 years, TAB Bank should be considered safe to deal with. According to the company website, it “uses a variety of controls and programs to implement protections, including FDIC assessments, Payment Card Industry controls, the Center for Internet Security and NIST.” 

How Do I Contact TAB Bank?

TAB Bank provides separate contact numbers for its New Account and Existing Customer Support Teams:

• New Account Team: Call (800) 215-7128, Monday through Friday, 8:00 AM – 5:00 PM MT. 
• Customer Support: Call (800) 355-3063, Monday through Friday, 6 AM – 7 PM MT, Saturday, 9 AM – 3 PM MT

Is It Worth It?

TAB Bank is an excellent choice if you're looking for high yields on savings, low fees, convenient ATM access, and cash back rewards when you spend. If there's a downside, it's that it doesn't offer many options for borrowers, including credit cards, loans, or mortgages. Otherwise, you'll want to put this bank on your shortlist. 

Check out TAB Bank here >>

TAB Bank Features