TAB Bank Savings Account Review 2024
You may not be familiar with TAB Bank, but the institution has existed since 1998.
Standing for Transportation Alliance Bank, TAB was created with truckers and others in the transportation industry in mind. Today, its customers can come from all walks of life, and the bank offers an interest rate on savings accounts that is one of the highest in the nation.
TAB Bank Savings Account At-a-Glance
- Digital bank with headquarters in Ogden, Utah
- Offers one of the highest APYs currently available for high-yield savings
- High APY applies to all balance amounts
- No minimum deposit or balance requirements
- No monthly maintenance fees
- Accounts are managed through online and mobile banking
- No physical branches
- Deposits are insured by the FDIC
Which Banks Have the Best Savings Account Rates?
Savings rates are higher than they’ve been in 15 years, but if you’re using a traditional, big-name bank, you’re missing out on these rates.
Here are some top savings account picks for those who want to earn the highest interest on their savings.
Overall Impression
The TAB Bank high-yield savings account is refreshingly simple. There are no fees, balance caps, or minimum deposit or balance requirements. You simply deposit money and begin earning interest immediately.
What’s more, that interest comes from one of the highest savings rates currently offered. Unlike some banks that reserve their best rates for customers with large balances, TAB Bank offers everyone the same great rate. Interest starts accruing if you have a cent in your account, and there is no maximum balance requirement.
However, TAB Bank may not be the best fit if you prefer to bank in person. This is a fully online bank with no branch network. It also doesn’t provide savings customers with an ATM card.
Pros and Cons
The high-yield savings account at TAB Bank has attractive terms, but there are some drawbacks to know about. Here are the pros and cons of this account.
Pros
- Pays an impressive interest rate on balances of all sizes
- No monthly maintenance fees or other ongoing charges
- The account can be opened with any amount of money
- Money market, CD, and checking products are also available for personal customers
- Text and email alerts are offered for specific account activity
- FDIC insurance of up to $250,000 per depositor
Cons
- ATM card is not offered with a savings account
- Tab is an online bank, so no branches are available for in-person assistance
- Limited account information is available before signing up
- Customer service is not available 24/7
Compare to Other Savings Accounts
You have many good choices for a savings account nowadays. Here’s how the TAB Bank high-yield savings account compares to those offered at other institutions.
SoFi
Both SoFi and TAB Bank are digital institutions without a branch network. Neither have maintenance fees or minimum balance requirements on their savings accounts either. While the APY on TAB Bank accounts is currently higher, the SoFi rate is still highly competitive.
If you want to do all your banking in one place, SoFi offers more account options than TAB Bank. It has banking, investment, loan, credit card, and insurance products. Meanwhile, TAB Bank offers checking and savings products, insurance, business accounts, and services.
Synchrony Bank
Initially formed to help customers buy GE appliances in the 1930s, Synchrony Bank today offers both savings and credit products. Unlike TAB Bank, you won’t be able to open a checking account or buy insurance here.
Both TAB and Synchrony are fully online banks with no physical branches. Unlike TAB, Synchrony Bank offers an optional ATM card to its savings customers. Both institutions charge no monthly maintenance fees, have no minimum balance requirements, and offer competitive rates, although the rate at TAB Bank is currently higher.
Bread Savings
Bread Savings offers an APY on its high-yield savings account comparable to that of TAB Bank. Like TAB, it also doesn’t charge any monthly maintenance fees or have no physical branches. Neither offers an ATM card to savings customers.
While a savings account can be opened with any amount of money at TAB Bank, you’ll need at least $100 to open an account at Bread Savings. Plus, the institution caps your account size to $1 million per account and $10 million per customer. That won’t apply to everyone, but it’s something to remember if you have a large amount of savings.
Citi
A Citi Accelerate Savings Account might suit you if you want to bank in person. Although its physical presence is less widespread than other banks, you can find Citi branches in about a dozen states. Even if you don’t have a branch nearby, you can open and maintain an account online.
The current interest rate on a Citi Accelerate Savings Account is not as high as that offered by TAB Bank, but it is still much higher than the national average. With a Citi account, you could be charged a monthly fee unless you meet certain requirements, such as maintaining a specified minimum balance.
How TAB Bank Works
It is simple to begin earning interest with a high-yield savings account from TAB Bank.
First, you need to complete an online application form. This will ask for demographic information and details required by the government for all new bank accounts, such as proof of identification and your Social Security number or tax identification number.
To open an account, you’ll link to an external account, such as your checking account or a different savings account. From there, you can transfer money into your TAB high-yield savings account.
Once the money is deposited into your account, your balance will begin earning interest immediately, which will automatically be deposited into your account each month. When you are ready to make a withdrawal, cash can be transferred to your linked external account.
Who Is a TAB Bank Savings Account For?
Anyone can open a savings account with TAB Bank and begin earning interest, and these accounts are an especially good choice for people who are:
- Comfortable banking online or with a mobile app
- Can do without an ATM card
- Don’t want to be restricted by account minimums or maximums
- Want to earn some of the highest savings rates available right now
- Need business services such as equipment financing or asset-based lending
To that last point, remember that TAB Bank was originally founded for truckers and transportation professionals, and it continues to offer business services geared toward these individuals. If you work in the transportation industry, you may find it convenient to save money at an institution offering other products designed with you in mind.
Rating the Features
Every bank and credit union offers its own set of account features, and here’s what you can expect from TAB Bank.
User Experience
Opening an account is done online, and the process is straightforward and shouldn’t take long. However, some customers report difficulty receiving customer service when signing up. There is no option to chat with a representative, and TAB Bank only accepts calls during certain hours.
Fees
Fees are an area in which the TAB Bank high-yield savings account really shines. There are no monthly maintenance charges with this account. Generally, the only time you’ll have to pay a fee is in uncommon situations. These include requests for outgoing wire transfers, cashier’s checks, or stop payments. There is also a fee for returned items.
Rates
We are hard-pressed to find another bank paying an APY as high as TAB Bank on savings accounts right now. While you may find some money market accounts and CDs that pay more, TAB is near the top for savings account interest rates. Of course, keep in mind that rates can change at any time.
Minimum Deposit
TAB Bank also scores high because it doesn’t require a minimum deposit or balance. You can keep any amount of money you want in the account, and it will begin accruing interest immediately.
Tools, Extras
On its website, TAB Bank offers informational resources such as blog posts and webinars about various finance topics. Many will be of interest to small business owners in the transportation industry. The bank also offers some non-traditional lending products for these customers.
For personal customers, TAB Bank offers Kasasa Cash Back with its checking accounts, and everyone can use the bank to compare quotes for home and auto insurance.
Customer Support
Customer support may be one area for improvement. While many institutions offer a variety of ways to receive assistance – such as through online FAQs, chat support, and phone representatives – TAB Bank has limited options. It provides an online webform that can be completed for help, or a phone representative can be reached during daytime hours six days a week.
Access
You’ll access your TAB high-yield savings account online or via the bank’s mobile app. The company doesn’t maintain any physical branches or provide an ATM card with these accounts.
Safety and Security
TAB Bank uses end-to-end encryption, industry-standard firewalls, and other security measures to keep customer data safe. Funds deposited are insured by the FDIC for up to $250,000 per depositor.
Frequently Asked Questions (FAQs)
TAB Bank has been in business since 1998 and is a legitimate digital bank. Its name stands for Transportation Alliance Bank, and it was founded to serve truckers and others in the transportation industry. However, anyone can open an account at TAB Bank.
TAB Bank is a digital bank, also known as an online bank. It doesn’t have any physical branches. Instead, all its accounts are managed online or through its mobile app.
Yes, TAB Bank is a member of the FDIC, so all deposits are insured, up to $250,000 per depositor.
TAB Bank offers Chrome checking if you are looking for a checking account. Known as a trucker checking account, Chrome checking earns interest and accepts Comdata, T-Chek, and EFS Checks.
