TAB Bank, based in Ogden, Utah, is an online-only bank that opened in 1998 with a mission to provide banking services to underserved individuals and businesses. For individuals, the bank offers checking accounts, high-yield savings accounts, money market accounts, and certificates of deposit (CDs).
TAB Bank also offers a unique TAB Flow account, which is a spending account that comes with a debit card that offers stock rewards for using the card. As a member of the FDIC, accounts are insured up to $250,000 per depositor.
All rates and fees are in effect as of October 31, 2022 and are subject to change.
TAB Bank offers
TAB Bank offers a diverse range of financial products, including checking, savings and money market accounts for individuals, as well as several types of business accounts and loans. Although the bank offers many different financial products, its consumer checking account is tailored to those in the trucking industry, which is unlikely to be suitable for all types of customers.
Chequing accounts and savings accounts
TAB Bank offers a personalized trucker checking account, as well as the TAB Flow account, which is a spending account with a rewards debit card. The bank also offers a high yield savings account and a money market account.
Chrome Current Account
- APY: 0.10% APY
- Daily Balance Needs: $1
- Minimum deposit to open: $25
- Monthly service charge: $8; This fee is waived if any of the following criteria are met: you have a minimum daily balance of $1,000; make 8 debit card purchases during the monthly statement cycle; have $1,200 in direct deposits per monthly statement cycle.
- Incoming wire: $15
- Outgoing wire: $30
- ATM fees: ATM transaction – $2, balance inquiry – $1, foreign ATM – $4
- Stop paying: $25
- Deposit returned: $30
Some of the additional fees associated with Chrome verification include a $1 same-day ACH payment fee, a $10 overdraft protection fee, and a $30 paid overdraft fee per item with a daily maximum of 150 $.
High Yield Savings Account
TAB Bank offers a high yield savings account with no minimum balance requirement.
TAB Bank High Yield Savings
- APY: 2.66%
- Minimum deposit to open: $0
- Monthly fee: $0
- Outgoing wire: $30
- Stop paying: $25
Some of the other fees associated with this account include a $30 fee for returned deposits and a $15 fee for cashier’s checks drawn from the account. There is also a $1 fee for same-day ACH payments from the account.
Money market accounts
The TAB Bank Money Market Account invests funds in low-risk, short-term securities to grow deposited funds.
- APY: 0.25%
- Minimum deposit to open: $25
- Minimum daily balance: $0.01
- Monthly service charge: $0
- Incoming wire: $15
- Outgoing wire: $30
Some of the other fees associated with this account include an $8 cashier’s check fee, a $25 stop payment fee, and a $30 returned deposit fee.
Certificates of deposit
TAB Bank offers CDs with a variety of terms, with maturities ranging from 6 months to 60 months, providing options for those with both short and long term goals. The minimum deposit for CDs is $1,000.
- APY 6 months: 2.69%
- APY 9 months: 3.05%
- APY 12 months: 3.25%
- YY 18 months: 3.30%
- APY 24 months: 3.32%
- YY 36 months: 3.05%
- APY 48 months: 2.94%
- 60 month APY: 2.84%
- Early withdrawal penalty: Early withdrawals may result in a penalty.
TAB flow account
TAB Bank also offers the TAB Flow and TAB Flow+ spending accounts, which come with a debit card that offers fractional stock rewards when you use your card for everyday purchases.
- Costs: There are no account maintenance, overdraft or insufficient funds fees
- Awards: 0.5% up to 1% in fractional stock rewards
- The minimum balance: $0
- Monthly membership fees: $0 for standard membership; $5 for Flow+ Membership
Other services offered by TAB Bank
A bank focused on helping growing small businesses, as well as individual customers, TAB Bank also offers a diverse range of business services. Some of the offers include:
- Financing of accounts receivable: AR financing allows businesses to use unpaid invoices as collateral to open a line of credit.
- Equipment financing: These loans are intended to provide financing to trucking companies. The money can be used to purchase equipment, hire staff, including drivers, and cover vehicle maintenance costs. Asset-Based Financing: TAB Bank’s asset-based financing allows companies to borrow money that is secured by the companies’ guarantee.
- Business cheques, savings, money market and CDs: TAB Bank also offers business checks, savings, money market and CDs specifically designed for businesses.
The bank also offers other services, including Autobooks, an invoice generation and tracking platform, and commercial real estate lending services.
The TAB Bank platform and customer support
TAB Bank offers online banking services and a mobile application. Its customer service representatives can be reached by phone during business hours. Representatives of the bank’s new accounts team can be reached by phone at 1-800-215-7128, Monday through Friday, 8 a.m. to 5 p.m. Mountain Time. For general inquiries, representatives are available Monday through Friday from 6:00 a.m. to 7:00 p.m. Mountain Time and 9:00 a.m. to 3:00 p.m. Mountain Time on Saturday. The number to reach customer service is 1-800-355-3063.
Advantages and disadvantages of TAB Bank
Here are some of the pros and cons you should know if you are considering opening an account with TAB Bank.
Advantage: Minimum or no daily balance requirements. Many TAB Bank accounts have no minimum balance requirement or a very low balance requirement. For example, on Chrome checking accounts, the minimum daily balance is only $1.
Advantage: minimum deposit to open accounts. TAB Bank High Yield Savings requires no minimum opening balance. The Chrome account only requires $25 to open.
Pros: No monthly service fees. For Money Account, High Yield Savings and TAB Flow Account, there is no monthly service fee. Service charges on Chrome verification are waived if you meet certain criteria.
Pros: Fractional Rewards: The TAB Flow account offers fractional stock rewards for making daily purchases.
Disadvantage: Limited checking account options. Other than Chrome Verification tailored to employees in the trucking industry, the bank does not offer a generic checking account.
Disadvantage: Additional costs. Many TAB Bank accounts come with a long list of miscellaneous fees, including overdraft fees, wire transfer fees and cashier’s check fees.
Con: There are no brick and mortar locations. For some people, being able to visit a brick and mortar location is important. TAB Bank is completely online.
Frequently Asked Questions
Is TAB Bank a real bank?
Yes. TAB Bank is an online bank. It was opened in 1988 and serves customers across the country. It offers deposit accounts and grants loans.
Does TAB Bank offer credit cards?
Yes, the Mission Lane credit card is offered by Transportation Alliance Bank, which is TAB Bank.
Is TAB Bank FDIC insured?
Yes, all deposits with TAB Bank are FDIC insured up to $250,000.
