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TAB Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
TAB Bank High Yield Savings Account
2.40% APY

Headquartered in Ogden, Utah, TAB Bank is a largely online- and mobile-based bank. It has a standard array of deposit account options for customers, including checking accounts, savings accounts, money market accounts and CDs.

The bank also offers individual retirement accounts and Kasasa checking and savings accounts - high-yield rewards accounts offered through a third-party financial services company. For the most part, TAB has low fees and minimums, so it should be fairly easy to open and hold onto an account.

One of the weakest points of TAB Bank’s services is its almost total lack of free ATM access. The bank does not operate or belong to a fee-free ATM network. As a result, you’ll need to pay ATM fees when you use an out-of-network ATM machine.

The lone exception to the above rule is if you are a Kasasa checking or savings account holder. In this case, you’ll receive $15 in ATM fee reimbursements per month.

TAB has a solid set of mobile apps for both Apple and Android users. Through these platforms, you can view your account's current balance and transaction history, and even initiate mobile check deposits. If you're short in one account, you can make inter-account transfers through your phone as well.

Products Offered

Product Key Details
Checking Account
  • Up to $25 minimum initial deposits
  • Low APYs
  • Waivable $8 monthly service fee
  • Special account designed for truckers available
  • Extensive mobile banking services
Savings Account
  • Great APYs
  • Low minimums
  • No monthly fees
  • Only need a $1 balance to earn interest rates
  • Interest compounds daily
Kasasa Checking & Savings Accounts
  • Best APYs at TAB Bank
  • Stringent requirements to maintain eligibility for APYs
  • Up to $15 in out-of-network ATM fee reimbursements a month
Money Market Account (MMA)
  • Low APY
  • No monthly fees
  • $25 minimum opening deposit
  • Online and mobile banking access
CDs & IRAs
  • Solid APYs
  • 6- to 60-month terms
  • $1,000 minimum deposit
  • No monthly fees
  • Both Roth and traditional IRAs available

TAB Bank Overview

TAB Bank has been in business since 1998. The bank operates just one branch location in Ogden, Utah, and employs over 200 people. Therefore it should come as no surprise that much of TAB’s customers access the bank’s services via its online and mobile banking platforms.

365 Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • $8 monthly service fee, waived if one of the following requirements are met:
    • $1,000 minimum daily balance
    • 8 debit card purchases posted to your account during the monthly statement cycle (excludes ATM transactions)
    • $1,200 in direct deposits per monthly statement cycle
Current Terms and Rates 0.10% APY on all balances

TAB Bank offers two proprietary checking accounts: the 365 Checking account and the TAB Chrome Checking account. These accounts are extremely similar, as they both carry a daily compounding 0.10% APY, a $25 minimum opening deposit and an $8 monthly service fee. You can avoid this monthly fee by maintaining a $1,000 minimum daily balance, making $1,200 in direct deposits each monthly statement cycle or completing eight debit card purchases during each monthly statement cycle, outside of ATM transactions.

So where do these accounts differ? While the 365 Checking account is a standard checking option, the TAB Chrome Checking account is specifically designed for truckers. Services that Chrome account holders can take advantage of include the ability to deposit ComData, T-chek, EFS and other types of checks unique to the trucking industry, a wider range of mobile check deposit options and extended over-the-phone customer service hours. TAB also provides equipment loans and accounts receivable financing for truckers.

To manage your TAB checking accounts, you’ll have access to the bank’s mobile and online banking platforms. From here, you can utilize mobile check deposit, online bill pay, inter-account transfers and a personal budgeting tool called “My Spending.”

Compare TAB Bank to Other Competitive Offers

High Yield Savings Account

Key Features Details
Minimum Deposit None
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fees
Current Terms and Rates 2.40% APY on all balances of $1 and up

Similar to TAB’s checking options, the bank has two distinctly different savings accounts. The High Yield Savings account comes with a better interest rate than the Premium Savings account. In fact, High Yield Savings account holders are privy to a 2.40% APY, though Premium Savings account holders get just a 0.25% APY. You need to maintain at least a $1 daily balance to qualify for each of these savings rates, and they both compound daily.

Further strengthening the structure of the High Yield Savings account is the fact that it has no minimum opening deposit. That means you can get your hands on a 2.40% APY regardless of how much money you’ve saved thus far. The Premium Savings account requires a $25 deposit to open. There are no monthly fees for either account. Also, online and mobile banking come free with both of these savings accounts, giving you ample access to your money.

Kasasa Checking & Savings Accounts

Key Features Details
Minimum Deposit None
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Kasasa Cash Checking
    • Average daily balance of up to $50,000: 4.00% APY
    • Average daily balance over $50,000: 4.00% APY to 1.50% APY
    • All balances if qualifications not met: 0.05% APY
  • Kasasa Saver
    • Average daily balance of up to $100,000: 1.50% APY
    • Average daily balance over $100,000: 1.50% APY to 0.88% APY
    • All balances if qualifications not met: 0.05% APY

The top interest rates at TAB Bank are available through its Kasasa account offerings, which are offered at TAB through a third party, Kasasa. Account holders can open either the Kasasa Cash Checking account, the Kasasa Saver account or both. If you decide to open both accounts, the rewards you earn from your checking account will be automatically transferred to the Saver account.

The Cash Checking account features a 4.00% APY on balances of $50,000 or less. Should your account surpass $50,000 in size, the portion above that amount will earn an interest rate of 0.25%. On the other hand, the Saver account boasts a 1.50% APY on balances of $100,000 or less. Any money beyond that amount will earn the same 0.25% interest rate.

To remain eligible for all of the aforementioned rates, you need to meet a few conditions. If you don’t, your APY will shrink to a minuscule 0.05%. Firstly, Kasasa account holders must post at least one direct deposit, ACH payment or bill pay transaction each monthly qualification cycle. Secondly, you must complete at least 15 debit card purchases each monthly qualification cycle. There are a number of transactions that will not count towards this 15, such as:

  • ATM-processed transactions
  • Transfers between accounts
  • Debit card purchases of less than $5
  • Debit card purchases processed by merchants and received by TAB as ATM transactions
  • Non-retail payment transactions
  • Purchases made with debit cards not issued by TAB

Perhaps the best benefit of the Kasasa accounts is the $15 worth of monthly out-of-network ATM fee reimbursements you’ll receive. So if you’re charged an ATM fee, the bank will pay you back as much as $15 per monthly qualification cycle. Additionally, online and mobile banking services like mobile check deposit and bill pay come free.

TAB Bank Money Market Account

Key Features Details
Minimum Deposit $25
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fees
Current Terms and Rates 0.25% APY on all balances of $1 and up

As an additional savings option at TAB Bank, customers can open a money market account (MMA). To open an account, you must have no less than $25 ready to deposit. Once your account is open, all you need to do is maintain a $1 daily balance, and the account’s 0.25% APY will continue to apply. There are no monthly service fees, meaning what you save will stay in your possession. If you need to make a wire transfer, an incoming wire will cost you $15 and an outgoing wire will run you $30.

TAB Bank Certificates of Deposit (CDs) & Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $1,000
Access to Your Account Online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fees
Current Terms and Rates
  • 6-month: 2.24% APY
  • 9-month: 2.30% APY
  • 12-month: 2.30% APY
  • 18-month: 2.40% APY
  • 24-month: 2.45% APY
  • 36-month: 2.50% APY
  • 48-month: 2.55% APY
  • 60-month: 2.60% APY

Certificates of deposit, or CDs, are popular savings products that afford you a higher rate of return in exchange for keeping your money deposited for a fixed period of time. At TAB Bank, customers can select from a wide assortment of terms, ranging from six months to 60 months. The bank uses an ascending interest rate structure, meaning the longer than term, the better the rate. The minimum opening deposit for all TAB CDs is $1,000.

Of course, the catch of any CD is that you must keep your money in the account for the entire term. If you fail to meet this stipulation, you run the risk of incurring a large penalty. In other words, choose your term carefully based on your personal needs.

TAB Bank’s plethora of CDs double as individual retirement accounts (IRAs). You can open a TAB IRA CD as either a traditional account or a Roth account. Which one of these is best for you will vary depending on your current and expected tax situation.

Where Can I Find TAB Bank?

The majority of TAB Bank’s services originate via its online and mobile banking platforms. It does have one branch in Utah, however. TAB’s branch address is 4185 Harrison Boulevard, Ogden, Utah.

Aside from any ATMs available at its sole branch in Utah, TAB doesn’t have an ATM network set up for its customers. Although you can technically use any ATM around the world, you’ll likely be subject to ATM fees. At the time of this review, TAB only offers ATM fee reimbursement for its Kasasa accounts.

What Can You Do Online With TAB Bank?

TAB Bank’s online and mobile services are about as robust as any bank you’ll come across. Customers are apparently satisfied with the TAB mobile app, as it has received an average rating of 4.7 stars between the Apple and Android app stores.

First and foremost, TAB’s mobile app allows you to check your accounts’ balances at any point in time. You can also view transaction histories and sort by date, amount or check number. If one account is lacking, you can instantly transfer funds between your TAB accounts.

Other practical features include mobile check deposit and online bill pay. You can schedule bill payments as you please and view recent payments you’ve made. To deposit a check remotely, simply snap a picture of the check and send it in to TAB for deposit.

How Do I Access My Money?

The only way to get your hands on a cash withdrawal directly from one of your TAB Bank accounts is to visit either an ATM or the bank’s lone branch. However, at the time of this review, TAB isn’t partnered with any major ATM networks. In other words, unless you’re a Kasasa account holder, be ready to pay up for ATM fees. Aside from this, you could transfer your money to an outside account and access an in-network ATM for this secondary account.

If you’re unsure of how much money your accounts currently have in them, just log in to your online or mobile TAB account. From here, you’ll not only be able to see your current and available balances, but detailed transaction histories as well.

How Can I Save More Money With a TAB Bank Account?

There are plenty of opportunities at TAB Bank to beat out what you’d earn with an account at most other banks. If you can manage to meet all the applicable guidelines for the Kasasa checking and savings accounts, your interest-based earnings could be quite substantial. The same goes for the High Yield Savings account and TAB CDs. These rates, on top of the daily compounding nature of them, creates a solid interest-earning environment.

Furthermore, the minimal fees at TAB Bank ensure that what you deposit stays in your pocket. The lone exception is the 365 Checking and TAB Chrome Checking accounts, which each have a $8 monthly fee. However, the waiver requirements for this fee shouldn’t be too difficult to meet.

What’s the Process For Opening an Account With TAB Bank?

Aside from TAB’s IRAs, you can open an account with the bank at any time through its website. This process will involve registering an account with the bank, as well as filling out some basic personal information. Specific information the application will ask for includes your name, address, date of birth and Social Security number. Outside of your Social, you may also be able to give your tax ID number.

The process is a bit different for anyone looking to open either a traditional or Roth IRA. For this, you’ll need to apply over the phone by calling (800) 215-7128.

What’s the Catch?

For about half of the accounts at TAB, there isn’t a ton of interest-earning potential to be had. For example, the 365 Checking and TAB Chrome Checking accounts have a weak 0.10% APY. The Premium Savings account and money market account aren’t much better at 0.25% each. So if you’re planning on joining forces with TAB, try to focus on its other, higher-yielding accounts.

Cash payments are often replaceable, as debit cards and virtual wallets are increasing in popularity. Still, there will inevitably be times where cash is a necessity. TAB Bank’s lack of a widespread, fee-free ATM network could definitely exacerbate this problem for some prospective customers.

Bottom Line

TAB Bank’s account offerings have a multitude of advantages, including some strong interest rates paired with low fees and minimums. However, customers who wish to take advantage of these perks will have to meet a number of requirements surrounding daily balances and account activity.

The other thing to keep in mind is that the bank has very limited fee-free ATM access. For customers with other means of accessing fast cash, that’s not a problem. But if you want a bank that gives you fast and free access to your cash, you may want to look elsewhere.

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