TAB Bank review: A standout checking account and competitive rates

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TAB Bank is making waves with its unique blend of high-yield accounts, cash back rewards, and minimal fees. As more consumers seek out the convenience and benefits of digital banking, TAB Bank has emerged as a strong contender. But is this online bank the right choice for your financial needs? 

About TAB Bank 

TAB, which stands for Transportation Alliance Bank, was established in 1998 and is headquartered in Ogden, Utah. The bank has its roots in serving the transportation industry, particularly over-the-road truckers. Today, TAB Bank is a fully online bank offering personal and business banking products, including small business loans. 

As a member of the FDIC, all deposits are insured up to $250,000. The bank won the Utah Best of State Award for Best Community Bank in 2023 and 2024.

TAB Bank Accounts 

TAB Bank offers a well-rounded suite of personal bank accounts for customers nationwide. Here’s an overview.

TAB Bank checking account 

TAB Bank's Spend Checking Account offers a unique combination of benefits: a high interest rate and cash back rewards. Customers earn a competitive 3.50% APY on balances over $0.01 and 1% cash back on all debit card purchases without complex qualifying requirements. The account has no monthly fees or minimum balance requirements.

The Spend account comes with a debit card, allowing surcharge-free ATM withdrawals nationwide at over 40,000 MoneyPass ATMs. Customers also enjoy basic online bank features like mobile check deposits, bill pay, and card alerts.

TAB Bank also offers a Chrome Checking account designed for truckers. You’ll need $25 to open an account and must maintain a daily balance of $1. But you’ll get access to features like the ability to deposit Comdata checks, T-Chek, EFS, and more. 

This account has many of the same features as the Spend account, but you can’t earn cash back and will only get 0.10% APY on your money. There are also some waivable monthly fees to contend with.  

TAB Bank high-yield savings account 

TAB Bank's Save Savings Account offers a competitive APY of 5.27%, with no monthly fees or minimum balance requirements. This makes the Save account one of the best high-yield savings accounts. 

Like other high-yield savings accounts, the interest rate is variable and can change. Customers can transfer money between their Spend and Save accounts using the online banking portal or mobile app. Note that transfers from the savings account are limited to six per month.

TAB Bank CDs 

TAB Bank offers CDs with terms ranging from 12 to 60 months. The 12-month CD offers the highest APY of 5.15%, with rates decreasing for longer terms. A minimum deposit of $1,000 is required for all CD tiers. 

Rates are as follows:

• 12-month CD: 5.15% APY
• 18-month CD: 4.90% APY
• 24-month CD: 4.70% APY
• 36-month CD: 4.25% APY
• 48-month CD: 4.05% APY
• 60-month CD: 4.00% APY

TAB Bank’s CD rates are near the top of the market, with only a few competitors edging them out slightly. While they do require a $1,000 minimum deposit, it’s considered middle-of-the-road among competitors. 

CDs come with early withdrawal penalties — 180 days' interest for terms of 12 months or more. Given that the savings account offers a higher APY without the restrictions of a CD, customers should consider whether locking in the rate is worth the reduced liquidity.

TAB Bank money market account 

TAB Bank's Money Market Account offers a lower APY of 0.25% compared to the bank's other deposit accounts. However, the account does come with check-writing privileges for better access to funds. 

There’s no minimum balance requirement, but you’ll need at least $25 to open the account. Like the savings account, the money market account is subject to the six-transfers-per-month limit.

TAB Bank fees 

TAB Bank is largely a low-fee bank, with no monthly maintenance fees on most personal accounts.  The bank does charge fees for certain services, such as overdrafts and returned items ($30 each), paper statements ($5), cashier's checks, and stop payments. 

Customers can avoid most fees by maintaining a positive balance and opting for electronic statements.

One exception is the Chrome checking account, which carries a $8 monthly service fee. This fee can be waived with a $1,000 minimum balance, 8 debit card transactions, or $1,200 in monthly direct deposits. 

TAB Bank online and mobile banking experience 

While not industry-leading, TAB's digital tools are more than serviceable. As an online bank, TAB Bank offers a range of features through its mobile app and online banking platform, including:

• Bill pay
• Mobile checking deposit
• Transfers between accounts
• Card alerts
• Personalized financial tips 
• Budgeting tools
• Financial strength scores
• Links to outside bank accounts

The TAB Bank app, available on iOS and Android, has received positive ratings from users. It has a 4.2-star rating on the Google Play Store and a 4.7-star rating on the Apple App Store. The app uses fingerprint or facial recognition for secure account access.

One notable limitation is the lack of Zelle integration for peer-to-peer payments. While customers can link external accounts for transfers, they cannot currently send money directly from their TAB Bank account using Zelle.

TAB Bank customer service and account security 

Customers can reach support by phone at 800-355-3063 or email at [email protected], Monday through Friday from 6 a.m. to 7 p.m. (MST) and Saturday from 9 a.m. to 3 p.m. (MST). The bank also offers a contact form on its website.

As an FDIC member, TAB Bank provides deposit insurance up to $250,000 per customer. The bank employs industry-standard security measures, such as encryption and multi-factor authentication, to protect customer information and funds. 

Is TAB Bank right for you? 

Who should consider TAB Bank?

If you're looking for a checking or savings account with competitive rates, TAB Bank's offerings are among the best in the market. The Spend Checking account offers a 3.50% APY, while the Save Savings account provides a 5.27% APY.

TAB Bank's Spend Checking account offers a unique combination of high interest and cash back rewards. This account is worth considering if you want to earn 1% cash back on all your debit card purchases while still enjoying a high APY.

TAB Bank has minimal fees, with no monthly maintenance fees for most personal accounts. It could be a good fit if you want to avoid being nickel-and-dimed by your bank.

TAB Bank caters to customers comfortable managing their finances through a mobile app or online. If you prefer the convenience of digital banking and don't require in-person services, TAB Bank's features may appeal to you.

Who should consider other options? 

If you value the ability to visit a physical bank branch for in-person help, TAB Bank may not be the best choice. As an online bank, TAB Bank does not have any brick-and-mortar locations.

TAB Bank does not currently offer Zelle integration for peer-to-peer payments. If you frequently use Zelle to send or receive money, you may want to consider a bank that provides this service.

Lastly, while TAB Bank offers a solid range of deposit accounts, it has limited product offerings compared to some competitors. You may prefer a more holistic banking solution if you're looking for a one-stop shop for all your banking needs, including loans, credit cards, or investment accounts.

How TAB Bank stacks up 

If you've determined that TAB Bank doesn't quite meet your needs, here are some alternative online banks to consider:

TAB Bank stands out in several key areas. TAB offers the highest checking APY at 3.50% and is one of only two banks (along with Discover) to offer cash back rewards on debit card purchases.

TAB Bank's 5.27% APY on its savings account is higher than the rates offered by the other three banks. Like its competitors, TAB Bank charges no monthly fees on its checking and savings accounts.

However, there are a few areas where TAB Bank lags behind the competition. While TAB Bank offers fee-free access to over 40,000 ATMs, Capital One 360 and Discover Bank have even larger ATM networks. Plus, unlike all three competitors, TAB Bank doesn’t offer Zelle for peer-to-peer payments.

How we rated this bank 

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

• Interest rates: TAB Bank excels in offering highly competitive interest rates on its savings account, checking account, and CDs. The unique combination of a high APY and cash back on the checking account is particularly noteworthy.
• Fees: The bank's fee structure is generally favorable, with no monthly maintenance fees or minimum balance fees on most accounts.
• Requirements: Minimum deposit and balance requirements are reasonable, with no minimums for checking and savings accounts. The $1,000 minimum for CDs is standard, but some competitors offer lower minimums.
• Product mix: TAB Bank offers a solid mix of personal and business banking products, including loans.
• Customer service: While phone and email support are available, the limited hours and mixed reviews on service quality lower its overall score. 
• Digital experience: TAB Bank's digital experience is a strong point, with robust online and mobile banking features and high app ratings. 
• Access: Though TAB is an online bank without physical locations, it does offer access to a large network of fee-free ATMs. 

Frequently asked questions about TAB Bank

Bottom line 

TAB Bank is a compelling choice for customers seeking high-yield deposit accounts with minimal fees. The bank's checking account, which offers cash back rewards and a competitive interest rate, is a standout product. 

While the bank lacks features like Zelle integration, TAB Bank's offerings make it a strong contender in online banking. TAB Bank is worth considering if you're comfortable with digital banking and want to earn high interest rates and rewards.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.