TAB Bank Review: Checking, Savings and CDs
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Overall bank rating
- Savings
- Checking
- CD rates
- Banking experience
- Overdraft fees
4.0
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
TAB Bank has its roots in the trucking industry, but anyone can apply for its rewards spending and competitive savings accounts. The spending account has a unique feature that rewards purchases with stock. There are no monthly fees on its basic accounts.
Best for: Customers who are looking for high-yield savings options or rewards debit cards with stock perks, or both, and who don't mind an account that doesn't allow overdrafts.
Pros
- Offers spending accounts with stock rewards.
- No monthly fees for basic accounts.
- Competitive savings rates.
Cons
- No fee-free ATM network and no ATM reimbursements.
- Spending account requires a linked brokerage account.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe TAB Bank high-yield online savings account earns a competitive interest rate. There is no account balance cap for annual percentage yield earnings. There's also no minimum required to open the account and no monthly fees.
» Want to see other top savings rates? Check out our list of the best high-interest online savings accounts
Checking
Member FDIC
3.5
/5 NerdWallet ratingRather than offering a traditional checking account, TAB Bank offers a debit card that earns rewards with eligible purchases. There are two types of debit cards: TAB Flow and TAB Flow+. TAB Flow, the basic option, offers 0.50% in stock rewards for eligible purchases from six major brands, including Amazon and Walmart. When you apply for a debit card, you’ll also need to apply for a brokerage account with the institution that partners with TAB Bank. With eligible purchases, debit card holders can receive stock rewards from selected merchants as well as an exchange-traded fund, or ETF.
There's no minimum balance requirement and no monthly fee for Tab Flow. TAB Flow+ earns a higher reward, but it also charges a $5 monthly membership fee. The premium option wasn't rated for this review.
Though TAB Flow and TAB Flow+ give customers a chance to earn rewards, these accounts do not earn interest. In addition, while deposits in TAB Bank are FDIC-insured, the stock rewards, which are in the form of fractional shares, are not FDIC-insured because they're investments. (Read more about fractional shares.)
You can fund the account by setting up direct deposit, transferring funds from another bank account or using mobile check deposit.
CD
Member FDIC
4.5
/5 NerdWallet ratingTAB Bank offers CDs for term lengths ranging from six months 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.
» Want to compare CD rates? See our list of best CD rates for the month
Banking experience
3.5
NerdWallet ratingTAB Bank’s accounts are online, 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
4.0
NerdWallet ratingIf 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 but then charge a fee.
How does TAB Bank compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Online Savings Account Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
