TAB Bank Review

TAB Bank TAB Bank High-Yield Savings Account

5.27% APY

Headquartered in Ogden, Utah, TAB Bank is an 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 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.

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

TAB Bank Overview

TAB Bank has been in business since 1998, and it employs over 200 people. The bank does not have any branch locations, so it should come as no surprise that TAB's customers access its services via its online and mobile banking platforms.

Kasasa Cash Back

Kasasa Cash Back® is a rewards checking account that is designed for customers who want to earn cash back from everyday spending. While it does not impose minimum balance requirements nor any monthly maintenance fees, account holders will have other qualification requirements to benefit from rewards. 

Qualification requirements include 15 monthly debit card purchases of a minimum of $5 each and at least one direct deposit, ACH payment or bill transaction each month to get 1% cash back on debit card purchases and refunds on ATM withdrawal fees.

TAB Chrome Checking Account

TAB Bank offers a Chrome Checking account that carries 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.

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.”

High Yield Savings Account

Similar to TAB’s checking options, the bank has a distinct savings account. The High Yield Savings account comes with a better interest rate. In fact, High Yield Savings account holders are privy to a 5.27% APY. You need to maintain at least a $0.01 daily balance to qualify for the savings rate which 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 5.27% APY regardless of how much money you’ve saved thus far. There are no monthly fees for the account. Also, online and mobile banking comes free with this savings account, giving you ample access to your money.

TAB Bank Money Market Account

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 $0.01 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)

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.

TAB Bank doesn’t have any sort of 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.

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 into 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 accounts is to visit an ATM. However, at the time of this review, TAB isn’t partnered with any major ATM networks. In other words, 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. Your interest-based earnings could be quite substantial with 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 an $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 money market account isn’t much better at 0.25%. 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 when 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.