TAB Bank Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
TAB Bank, an online-only bank, has its roots in the trucking industry, but anyone can apply for its certificates of deposit, rewards checking and savings accounts. There are no monthly fees on its basic accounts. Its savings account has a competitive annual percentage yield and its checking account is unique for offering both high interest and cash back rewards.
No monthly fees.
Competitive rates.
No branch access.
No overdraft program.
I like TAB Bank’s competitive rate. I just wish my APY were easier to find online or in the mobile app. I have to make a point to check my statement to confirm the rate I’m earning. The app itself has an intuitive design.
Product reviews
Savings
TAB Bank's high-yield online savings account earns a competitive interest rate and has made our best high-yield savings account list for years. There is no minimum required to open the account and no monthly fees. There are also no hoops to earn the rate — all balances above $0.01 earn the same interest.
TAB Save
Checking
TAB Bank offers a rewards checking account with no monthly fees or minimum opening requirements.
Its unique feature is offering both cash back and interest, whereas most rewards checking accounts offer one or the other. It earns a strong APY and you get 1% cash back on debit card purchases.
You’ll also get early direct deposit if you send your paychecks here, and be able to access your money through the MoneyPass ATM network nationwide.
TAB Spend
Certificates of deposit
TAB Bank offers CDs for term lengths ranging from one to five years. Its rates are competitive compared with other financial institutions. You'll need at least $1,000 to open a CD. Other banks have lower minimums.
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 4.05% | $1,000 |
| 18 months | 4.10% | $1,000 |
| 2 years | 4.15% | $1,000 |
| 3 years | 4.20% | $1,000 |
| 4 years | 4.20% | $1,000 |
| 5 years | 4.20% | $1,000 |
TAB Bank CD
Customer experience & overdraft fees
Customer experience
TAB Bank is online only, so customers don’t have neighborhood branches to visit. The bank offers highly rated mobile apps to let customers pay bills, transfer funds and make mobile deposits.
Customer service representatives are available from 6 a.m. to 7 p.m. Mountain Time on weekdays and from 9 a.m. to 3 p.m. Mountain Time on Saturdays. To compare, some online banks offer 24/7 customer service.
Overdraft fees
If a customer makes a transaction that would overdraw the account, the transaction will be declined. Not having overdrafts can save customers money in the long run, which is important (there are no overdraft fees with this debit card). However, it can be inconvenient if the transaction is declined at the time of purchase.
Other banks let customers link a savings account that automatically transfers money if the main account is overdrawn. Some also have overdraft programs where they approve the transaction, generally for a fee.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.