Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
TAB Bank is an online bank.
TAB; Alyssa Powell/Business Insider
The bottom line: TAB Bank is a good online bank for online savings and CDs. You also may like it if you’re a truck driver who wants to use a bank with products tailored to your profession.
Pros and cons
ProsConsHigh interest rates on savings account and CDsNo monthly fees on savings accountsMoney market account with paper checksOnline-only platformMonthly service fee on checking accountMust have TAB Certificate of Depositto open a CDNo debit card with money market account
Savings
The TAB High-Yield Savings Account is the bank’s strongest product. It pays a solid APY, doesn’t charge monthly fees, and doesn’t require a minimum opening deposit.
Checking
The TAB Bank 365 Checking Account is the weak link in the company. TAB doesn’t have an ATM network, so unlike with most banks, you can’t use any ATMs for free. TAB will charge a fee, and the ATM provider will likely charge a fee, too.
There’s also a $30 overdraft fee, and TAB doesn’t offer overdraft protection.
TAB also offers a checking account specifically for truckers, TAB Chrome Checking. This account lets customers process payments for truckers with EFS and Comdata checks.
There will be a rewards checking account that pays a high APY, but it’s still in development.
CD
Overall, TAB pays competitive rates on CDs. But depending on which term you choose, you may be able to find higher rates at other online banks.
The bank also gives you several options for receiving your interest. You can keep it in your CD, receive a check, or transfer the interest to another TAB account.
TAB’s early withdrawal penalties are relatively low, especially for longer terms.
Money market
On the bright side, the TAB Money Market Account requires a much lower minimum opening deposit than many banks. The account also comes with paper checks, giving you easier access to your money than with a savings account.
But the rate is lower than what you’ll find with many online banks. TAB also doesn’t send you a debit card, which could be inconvenient if you would be more likely to use a debit card than paper checks.
How TAB Bank works
TAB, or Transportation Alliance Bank, was originally a banking service at truck stops. It still has products that appeal specifically to truckers, such as the checking account for truck drivers. But overall, it’s become an online bank for the general public.
TAB’s mobile app has received positive reviews, with 4.8 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.
To contact customer support, call Monday through Friday, from 6 a.m. to 7 p.m. MT. Or call Saturdays, 9 a.m. to 3 p.m. MT. There is no customer service available on Sundays, and TAB doesn’t have a live online chat feature.
A big downside in banking with TAB is that there’s no free ATM network. When you use any ATM, TAB charges a $2 fee for a withdrawal and $1 fee for an inquiry. The ATM provider may charge a fee, too.
Your deposits are FDIC insured for $250,000, or $500,000 for joint accounts.
Is TAB trustworthy?
The Better Business Bureau gives TAB Bank an A+ rating. The BBB measures trustworthiness by looking at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices.
The bank doesn’t have any public scandals. Between the strong BBB grade and clear history, you may decide you feel comfortable banking with TAB.
TAB Bank review vs. Ally review
When it comes to high-yield savings accounts, TAB and Ally both come with high rates, no monthly fees, and no minimum deposits. You might like Ally’s bucket system, though, which lets you create separate “buckets” in one savings account, then label them for goals like “Emergency Fund” or “Vacation.”
You’ll probably prefer Ally if you’re looking for a good checking account. The Ally Interest Checking Account has overdraft protection, a large free ATM network, and reimburses up to $10 per month if an out-of-network ATM provider charges you a fee.
You also might like Ally if you want a money market account that includes a debit card.
For CDs, your choice between TAB and Ally will likely come down to which term length you want. Depending on the term, either bank could pay the higher rate.
TAB Bank review vs. Discover review
TAB’s main advantage over Discover is its lower minimum deposits. Although Discover doesn’t have mandatory deposits for checking or savings, you’ll need at least $2,500 to open a CD or money market account. TAB requires $1,000 and $25, respectively. So if you can’t afford Discover’s minimum deposits, then TAB is the clear choice.
Unlike TAB Bank 365 Checking, the Discover Cashback Debit Account doesn’t pay interest. But it does pay cash back on debit card purchases, so if you use your debit card frequently, earning cash back could be the better deal.
You’ll probably prefer Discover for a money market account, because its rate is higher. You could earn a higher CD rate with either bank — it just depends on which term length you choose.