TAB Bank Reviews

TAB Bank is a good option for individuals and businesses looking for high-yield financial products. Since it’s an online-only bank, users who prefer in-person banking may not find TAB to be a good fit.

TAB Bank offers an online application portal. One interesting highlight we found during the application process was the ability to apply for multiple products at once. This not only saves you time but can streamline your efforts if you know you want to apply for more than one account.

Be aware, however, that the application portal has some restrictions in terms of combining products. For example, when applying for a certificate of deposit (CD), you won’t be able to add other products to your application. See the portal for more inclusions and restrictions.

As for the application itself, you will be required to fill in four pages of information, beginning with product selection. From there, you will enter your personal information, including:

• Full name
• Email address
• Phone number
• Date of birth 
• Citizenship
• Social Security number

The last two pages are a confirmation of your information and the agreements and disclosures.

TAB Bank offers several different financial products.

Certificates of deposit

TAB Bank offers eight different CD terms, but all feature above-average annual percent yields (APYs). First, you will need a $1,000 deposit to open a CD account (which is on the higher end for online-only banks). Still, it’s not the highest you’ll see on the market, which can easily reach into the tens of thousands. Terms for TAB CDs can go as low as six months or as high as five years, depending on your personal needs.

You also have the option to build a CD ladder — a savings strategy where you buy several CDs that have staggered maturities — to receive the highest interest accumulation. There are no monthly fees, but if you choose to withdraw your funds before the CD maturity date, there is a penalty. These penalty fees tend to be a percentage of the earnings, depending on the balance and term length.

Checking accounts

There are two main checking account options: TAB Spend accounts and Chrome Checking.

With the interest-bearing TAB Spend account, you can earn up to 3.50% APY on your balance, which is compounded daily. There’s also a cashback option that offers 1% cash back on any debit card transaction you make. There are no minimums to open and no monthly maintenance fees, and you can open both accounts simultaneously if you prefer.

On the other hand, TAB Bank does mention the option to earn interest and cash back with only one checking account. In this instance, the money you spend earns 1% cash back, and the money you leave in the account earns 3.50% APY. This is an excellent alternative to traditional banks, which either don’t have interest options or make you choose one or the other. With TAB Spend accounts, you earn when you save and when you spend.

Chrome Checking is built specifically for truck drivers. It has an APY of 0.10% that compounds daily, a $25 minimum to open and multiple benefits that are geared toward users on the move.

Savings accounts

TAB offers a savings account option with a generous 5.27% APY on all balances. This savings account, known as TAB Save, features no minimum deposit, no minimum opening balance and no monthly maintenance fee. There are also no tiers to limit your earnings; there’s a flat rate across all balances with no cap.

Money market accounts

The money market account offered by TAB is somewhat plain in comparison with the TAB Spend and TAB Save accounts. First, there is a minimum deposit of $25 to open the account. As of publishing, the interest rate is 0.25%, which is low compared with rates for other high-interest accounts. What it does have is the versatility of a checking account with debit card access.

As of publishing, TAB Bank’s CD and money market accounts have the following interest rates.

TAB Bank doesn’t have a large number of fees, but there are a few worth noting for specific accounts.

Money market

• Cashier’s checks: $15
• Stop payment: $25
• Outgoing wire: $30
• Copy of records: $5
• Paper statements $5

TAB Chrome Checking account

• Monthly fee: $8 (can be waived)
• Paper statements: $5
• ATM fees: $1 to $4 per transaction

TAB Save

• Cashier’s checks: $15
• Stop payment: $25
• Outgoing wire: $30
• Copy of records: $5