TAB Bank is a good online bank. Its strongest product is its high-yield savings account, which is great for no monthly service fees, but it's just short of the best high-yield savings accounts out there. You also may like it if you're a truck driver who wants to use a bank with products tailored to your profession.
TAB Bank Review Pros and Cons
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TAB Save Account Rates
no monthly service fee
4.52%
$0
- No monthly service fees
- No minimum opening deposits
- High interest rate
- Online-only bank with no physical branches
- Online-only bank with no physical branches
- Customer service available by phone from 6:00 am MT to 7:00 pm MT, Monday through Friday, and from 9:00 am MT through 3 pm MT on Saturday
- Interest compounded daily and deposited monthly
- Member FDIC
The TAB Save Account is the bank's strongest product. It doesn't charge monthly fees or require a minimum opening deposit, and it pays a great interest rate. Other online banks pay higher savings rates or have a bigger national presence, though.
TAB Spend Account Overview
no monthly service fee
3.50%
$0
- Earns interest
- No minimum opening deposit
- No monthly service fee
- No overdraft fees
- No minimum balance requirements
- Earn 1.00% cash back on TAB Spend Mastercard debit card purchases
- No physical locations
- Surcharge-free withdrawals at MoneyPass ATMs throughout the U.S.
- Minimum balance to obtain APY is $0.01
- Interest is compounded daily and deposited monthly
- Member FDIC
The TAB Spend Account is TAB's new checking account. It offers 3.50% APY as long as you maintain a minimum balance of $0.01 or more.
You can also get 1% cash-back on debit card purchases. The only transactions that do not qualify for cash back are money transfers, peer-to-peer payments and non-purchase transactions.
TAB Bank CD Rates
3.25% to 4.25%
$1,000
- Competitive APY
- Low-to-standard early withdrawal penalties
- Choose to keep accumulated interest in CD, receive a check, or transfer to another TAB account
- No terms under 6 months or over 5 years
- $1,000 minimum deposit
- Terms from 1 year to 5 years
- Early withdrawal penalties are as follows: 90 days interest for terms of 12 months or less, 180 days interest for terms over 12 months
- Interest compounds daily to maximize earnings
- FDIC insured
Overall, TAB pays solid CD rates. But depending on which term you choose, you may be able to find higher rates at other online banks.
TAB's early withdrawal penalties are relatively low, especially for longer terms.
TAB Money Market Account Review
no monthly maintenance fee
0.25%
$25
- $25 minimum opening deposit
- No monthly service fees
- Paper checks
- Low APY
- No debit card
- Comes with paper checks, but no debit card
- Must maintain $1 daily balance to earn APY
- Interest compounded daily to maximize earnings
- FDIC insured
On the bright side, the TAB Money Market Account requires a much lower minimum opening deposit than many banks. The account also comes with paper checks, giving you easier access to your money than with a savings account.
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.
In July 2024, TAB announced a new checking account called TAB Spend. This account offers interest and cash back, which isn't common for many checking accounts.
TAB's mobile app has received positive reviews, with 4.7 out of 5 stars in the Apple store, and 4.3 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.
TAB offers surcharge free withdrawals at MoneyPass ATMs. However, if you use an out-of-network ATM fees apply. 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 insured by the FDIC 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.
How TAB Bank Compares
TAB Bank vs. Ally Bank
When it comes to high-yield savings accounts, TAB and Ally Savings Account 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®
TAB's main disadvantage over Discover® Bank (Member FDIC) is its higher minimum deposits. Discover doesn't have mandatory deposits for Discover® Online Savings Account, Discover® Cashback Debit Account, Discover® Money Market Account or Discover® CDs. TAB requires $1,000 and $25, respectively for it's CD and Money Market accounts.
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.
Why You Should Trust Us: How We Reviewed TAB Bank
We rate bank accounts on a scale from one to five stars. For TAB's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For TAB's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
