TAB Bank Review: Checking, Savings and CDs
TAB Bank offers rewards checking and competitive savings accounts with no monthly fees.
Overall bank rating
Savings
Checking
CD rates
Banking experience
Overdraft fees
4.0
The bottom line: TAB Bank has its roots in the trucking industry, but anyone can apply for its rewards checking and competitive savings accounts. There are no monthly fees for either, but to get the most from checking, you will need to use the account regularly.
Pros
Offers cash back checking.
No monthly fees for checking or savings.
Refunds up to $15 per month in ATM fees.
Competitive savings rates.
Cons
Debit transaction requirements for checking rewards.
No fee-free ATM network.
Full review
TAB Bank High-Yield Savings Account
4.5
NerdWallet ratingAPY
0.50%
With $0 minimum balance
The TAB Bank high yield online savings account earns a competitive interest rate starting with the first dollar deposited, and there is no account balance cap for APY earnings. There is 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.
TAB Bank Kasasa Cash Back® Checking
3.5
NerdWallet ratingMonthly Fee
$0
When monthly qualifications are met, the rewards checking account lets customers receive 1% cash back on purchases — with no cap on earnings — and refunds up to $15 a month in ATM fees (up to $5 per ATM transaction). This is a plus because TAB Bank doesn't have its own ATM network, and out-of-network ATM owners will likely charge fees.
In order to qualify for monthly perks, however, you need to make 15 debit card transactions each month, with a minimum of $5 per transaction. You also need to have at least one direct deposit, online funds transfer or bill pay transaction. TAB Bank reserves the right to disqualify transactions if they aren't considered normal — for example, they are made at the same merchant on one day, toward the end of the month. But if this is your regular checking account for everyday purchases, you probably won’t run into problems.
Even if you don’t meet the transaction requirements one month, you can try again the next. There is no monthly fee and no minimum balance required to earn the perks.
» For other highly rated options, see our list of best checking accounts.
TAB Bank CD
5.0
NerdWallet rating1-year APY
0.50%
3-year APY
0.65%
5-year APY
0.75%
Minimum Deposit
$1,000
TAB Bank offers CDs for term lengths ranging from six months to five years. Its rates are competitive compared with other financial institutions, though many financial institutions have lowered CD rates in recent months. You will need at least $1,000 to open a CD. Other banks have lower minimums, though this amount is still on the low end for online banks.
» 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
3.0
NerdWallet ratingThe Kasasa Cash Back checking account doesn't allow overdrafts. According to TAB Bank, if a customer tries to make a transaction that would send the account in the red, that transaction is declined and no fees are charged. Not having overdrafts can save customers money in the long run, but it can be an inconvenience at the time of the transaction.
Many banks let customers link a savings account that would automatically transfer money if the main account were overdrawn. But some institutions charge a fee when this service is used, typically around $10. In addition, many institutions let customers opt in to overdraft programs that would approve a transaction but would then charge the customer an overdraft fee, often $35 or more.
TAB Bank offers other checking accounts that do allow overdrafts and charge for them, but those accounts weren't considered in this rating.
TAB Bank High-Yield Savings Account
4.5
NerdWallet ratingAPY
0.50%
With $0 minimum balance
The TAB Bank high yield online savings account earns a competitive interest rate starting with the first dollar deposited, and there is no account balance cap for APY earnings. There is 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.
TAB Bank Kasasa Cash Back® Checking
3.5
NerdWallet ratingMonthly Fee
$0
When monthly qualifications are met, the rewards checking account lets customers receive 1% cash back on purchases — with no cap on earnings — and refunds up to $15 a month in ATM fees (up to $5 per ATM transaction). This is a plus because TAB Bank doesn't have its own ATM network, and out-of-network ATM owners will likely charge fees.
In order to qualify for monthly perks, however, you need to make 15 debit card transactions each month, with a minimum of $5 per transaction. You also need to have at least one direct deposit, online funds transfer or bill pay transaction. TAB Bank reserves the right to disqualify transactions if they aren't considered normal — for example, they are made at the same merchant on one day, toward the end of the month. But if this is your regular checking account for everyday purchases, you probably won’t run into problems.
Even if you don’t meet the transaction requirements one month, you can try again the next. There is no monthly fee and no minimum balance required to earn the perks.
» For other highly rated options, see our list of best checking accounts.
TAB Bank CD
5.0
NerdWallet rating1-year APY
0.50%
3-year APY
0.65%
5-year APY
0.75%
Minimum Deposit
$1,000
TAB Bank offers CDs for term lengths ranging from six months to five years. Its rates are competitive compared with other financial institutions, though many financial institutions have lowered CD rates in recent months. You will need at least $1,000 to open a CD. Other banks have lower minimums, though this amount is still on the low end for online banks.
» Want to compare CD rates? See our list of best CD rates for the month.
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.
3.0
NerdWallet ratingThe Kasasa Cash Back checking account doesn't allow overdrafts. According to TAB Bank, if a customer tries to make a transaction that would send the account in the red, that transaction is declined and no fees are charged. Not having overdrafts can save customers money in the long run, but it can be an inconvenience at the time of the transaction.
Many banks let customers link a savings account that would automatically transfer money if the main account were overdrawn. But some institutions charge a fee when this service is used, typically around $10. In addition, many institutions let customers opt in to overdraft programs that would approve a transaction but would then charge the customer an overdraft fee, often $35 or more.
TAB Bank offers other checking accounts that do allow overdrafts and charge for them, but those accounts weren't considered in this rating.
How does TAB Bank compare?
Deposits are FDIC Insured | ||
|---|---|---|
APY0.50% With $0 minimum balance | APY0.20% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING 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.
