TAB Bank Review 2023
TAB Bank Review 2023
TAB Bank: A Reliable Option for Smart Money Management
Our team of experts has carefully analyzed TAB Bank, an online banking service, to provide you with a comprehensive review of its pros and cons. Whether you’re looking for a high-yield savings account, a checking account tailored to your profession, competitive CD rates, or a convenient money market account, TAB Bank has options to suit your needs.
TAB High-Yield Savings Account – A Solid Choice
The TAB High-Yield Savings Account stands out as one of the bank’s strongest products. Here’s why it’s worth considering:
- Offers a solid APY (Annual Percentage Yield)
- Does not charge monthly fees
- No minimum opening deposit required
With these features, you can rest assured that your savings will earn a competitive return without incurring unnecessary costs.
TAB Bank Kasasa Cash Back® Checking Account Overview
For those who prefer a checking account, TAB Bank offers the Kasasa Cash Back® Checking Account. Here’s what you need to know:
- Earn 1% cash back on debit card purchases if you meet certain requirements:
- Make at least 1 direct deposit, ACH payment or bill transaction each month
- Complete 15 debit card transactions of $5 or more
- Receive up to $15 in out-of-network ATM fee reimbursements
Truck drivers also have a specialized checking account option, TAB Chrome Checking. This account allows for easy processing of payments with EFS and Comdata checks, catering specifically to the needs of truckers.
Competitive CD Rates with Flexible Withdrawal Options
TAB Bank offers competitive rates on CDs, making it an appealing option for long-term savers. Here are some key features:
- Various CD term lengths available
- Options for receiving interest payments:
- Keep it in your CD
- Receive it by check
- Transfer it to another TAB account
- Relatively low early withdrawal penalties, especially for longer terms
While TAB offers competitive rates, it’s worth comparing them to other online banks to ensure you’re getting the best deal.
TAB Money Market Account – Lower Minimum Opening Deposit
The TAB Money Market Account stands out for its lower minimum opening deposit compared to many other banks. Additionally, this account comes with the convenience of paper checks, providing easier access to your funds compared to a traditional savings account.
However, it’s important to note that the interest rate on the TAB Money Market Account may be lower compared to rates offered by other online banks. Additionally, TAB does not issue a debit card for this account, which may be inconvenient for those who prefer card payments over paper checks.
About TAB Bank – Beyond Truck Stop Banking
Originally a banking service at truck stops, TAB Bank has expanded its services to cater to the general public while still offering products tailored to truckers. The bank has received positive reviews for its mobile app, with high ratings on both Apple and Google Play stores.
TAB Bank provides customer support Monday to Friday from 6 a.m. to 7 p.m. MT and on Saturdays from 9 a.m. to 3 p.m. MT. However, customer service is not available on Sundays, and the bank does not offer live online chat support.
One downside of banking with TAB is the absence of a free ATM network. TAB charges a $2 fee for withdrawals and a $1 fee for inquiries made at any ATM. Additionally, the ATM provider may impose additional fees.
Your deposits with TAB Bank are FDIC insured up to $250,000, or $500,000 for joint accounts, providing peace of mind for your funds.
TAB Bank’s Trustworthiness
TAB Bank bears an A- rating from the Better Business Bureau (BBB), with no notable public scandals. It’s important to note that the bank has faced government action in the past. In 2022, TAB Bank entered an Assurance of Discontinuance with the State of Iowa, involving allegations of charging Iowa residents higher than permitted maximum APRs for consumer installment loans. The bank has ceased making such loans to Iowa residents, with the possibility to resume after giving a 30-day notice and following state regulations.
Despite this incident, TAB Bank’s strong BBB rating and clear history may still make it a trustworthy option for many customers.
How TAB Bank Compares to Competitors
When comparing TAB Bank to other online banking options, two potential competitors worth considering are Ally and Discover.
TAB Bank vs. Ally
Both TAB Bank and Ally offer high-yield savings accounts with attractive features such as high rates, no monthly fees, and no minimum deposits. However, Ally’s unique “bucket system” allows customers to create separate “buckets” within one savings account for different financial goals.
Ally also offers a money market account that includes a debit card, which may be appealing for those who prefer card-based transactions.
Regarding CDs, the choice between TAB Bank and Ally depends on the desired term length, as either bank may offer the higher rate.
TAB Bank vs. Discover
One advantage TAB Bank holds over Discover is its lower minimum deposits. Discover requires at least $2,500 to open a CD or money market account, while TAB Bank only requires $1,000 and $25, respectively. This makes TAB Bank a clear choice for those who cannot afford Discover’s higher deposit requirements.
Discover, on the other hand, offers a higher rate for its money market account. When it comes to CDs, both banks offer competitive rates, but the specific term length will determine which bank offers the higher rate.
In conclusion, TAB Bank provides a range of reliable options for managing your money effectively. With its high-yield savings account, cash-back checking account, competitive CD rates, and accessible money market account, TAB Bank caters to the diverse needs of different types of savers. While it has its limitations, such as fees for using ATMs and lower interest rates on its money market account, TAB Bank’s positive reputation and commitment to customer satisfaction make it a worthwhile consideration for your banking needs.
Note: The information provided here is accurate as of the time of writing and may be subject to change. Please refer to TAB Bank’s official website for the most up-to-date information and terms.
