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TAB Bank Review Pros and Cons
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TAB High-Yield Savings Account - Product Name Only Rates
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Read Insider's guides to the best savings accounts and the best high-yield savings accounts »
TAB Bank Kasasa Cash Back® Checking Account - Product Name Only Overview
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TAB also offers a checking account specifically for truckers, TAB Chrome Checking. This account lets customers process payments for truckers with EFS and Comdata checks.
TAB Bank CD - Product Name Only Rates
Overall, TAB pays competitive rates on CDs. But depending on which term you choose, you may be able to find higher rates at other online banks.
The bank also gives you several options for receiving your interest. You can keep it in your CD, receive a check, or transfer the interest to another TAB account.
TAB's early withdrawal penalties are relatively low, especially for longer terms.
TAB Money Market Account - Product Name Only Review
On the bright side, the
But the rate is lower than what you'll find with many online banks. TAB also doesn't send you a debit card, which could be inconvenient if you would be more likely to use a debit card than paper checks.
About TAB Bank
TAB, or Transportation Alliance Bank, was originally a banking service at truck stops. It still has products that appeal specifically to truckers, such as the checking account for truck drivers. But overall, it's become an online bank for the general public.
TAB's mobile app has received positive reviews, with 4.8 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.
To contact customer support, call Monday through Friday, from 6 a.m. to 7 p.m. MT. Or call Saturdays, 9 a.m. to 3 p.m. MT. There is no customer service available on Sundays, and TAB doesn't have a live online chat feature.
A big downside in banking with TAB is that there's no free ATM network. When you use any ATM, TAB charges a $2 fee for a withdrawal and $1 fee for an inquiry. The ATM provider may charge a fee, too.
Your deposits are FDIC insured for $250,000, or $500,000 for joint accounts.
Is TAB Trustworthy?
The Better Business Bureau gives TAB Bank an A- rating because government action has been taken against the bank. In 2022, the bank entered an Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if they provide a 30-day notice to the state and follow the state code.
The bank doesn't have any public scandals. Between the strong BBB grade and clear history, you may decide you feel comfortable banking with TAB.
How TAB Bank Compares
TAB Bank vs. Ally
When it comes to high-yield savings accounts, TAB and Ally both come with high rates, no monthly fees, and no minimum deposits. You might like Ally's bucket system, though, which lets you create separate "buckets" in one savings account, then label them for goals like "Emergency Fund" or "Vacation."
You also might like Ally if you want a money market account that includes a debit card.
For CDs, your choice between TAB and Ally will likely come down to which term length you want. Depending on the term, either bank could pay the higher rate.
TAB Bank vs. Discover Bank
TAB's main advantage over Discover Bank is its lower minimum deposits. Although Discover doesn't have mandatory deposits for checking or savings, you'll need at least $2,500 to open a Discover CD or money market account. TAB requires $1,000 and $25, respectively. So if you can't afford Discover's minimum deposits, then TAB is the clear choice.
You'll probably prefer Discover for a money market account, because its rate is higher. You could earn a higher CD rate with either bank — it just depends on which term length you choose.