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TAB Bank review 2024: Accounts, rates, fees, and more

TAB Bank offers competitive interest rates on deposit accounts with no monthly account fees.

Ivana Pino
·Senior Writer
Updated 4 min read

TAB Bank is a Utah-based online bank that was founded in 1998 as Transportation Alliance Bank and primarily served customers in the trucking industry. Since its founding, it has expanded to serve individuals, families, and businesses across the nation.

Here’s a look at the products offered by TAB Bank:

  • TAB Spend: TAB Spend is a rewards checking account that offers customers the chance to earn interest on their checking account balance as well as cash back on their purchases. There is no monthly fee associated with this account. There is also no minimum opening deposit requirement, though you’ll need to maintain a balance of $0.01 to earn interest.

  • TAB Save: TAB’s high-yield savings account currently offers 5.27% APY with no minimum deposit required to open. There are also no monthly maintenance fees and no cap on how much of your balance can earn interest. You must maintain at least a penny in your account to obtain the disclosed APY. This account ranked among our top 10 best high-yield savings accounts available today.

  • Money Market: TAB’s money market account requires a minimum opening deposit of $25 and offers 0.25% APY. Interest is compounded daily and credited to your account each month.

  • Certificates of deposit (CDs): TAB Bank’s CDs offer rates up to 5.15% APY with a minimum opening deposit of $1,000. Terms range from 1-5 years. Interest is compounded daily and credited to your account monthly. TAB bank’s CD offerings were included in our ranking of the best CDs available today.

  • Chrome Checking: TAB Bank has served the trucking industry for decades, and its Chrome Checking account is a checking account option for truck drivers and OTR operators. This account requires a minimum of $25 to open and offers 0.10% APY.

  • TAB Insurance: TAB currently offers auto, home, renters, pet, life, disaster insurance, and more.

  • Business banking products and services: Business customers can take advantage of TAB’s suite of business products and services, which include business loans, lines of credit, checking and savings accounts, money market accounts, and more.

Here’s a closer look at the fees you may be responsible for as a TAB Bank customer:

Here are some of the major pros and cons to consider before becoming a TAB Bank customer:

Pros:

  • Checking account earns rewards: TAB Bank offers a rewards checking account that boasts a 3.50% APY in addition to 1% cashback on all purchases.

  • Competitive rates on savings account and CDs: TAB’s savings account and CDs offer more than 5% APY – well above national averages.

  • No monthly account fees: TAB does not charge any monthly fees for account maintenance.

Cons:

  • High minimum opening deposit for CDs: TAB requires a minimum deposit of $1,000 to open a new CD, which is higher than many comparable CDs on the market.

  • No physical branches: TAB does not have any physical branch locations for customers to visit, which could be a drawback for banking customers who prefer face-to-face service.

TAB Bank representatives can be reached via telephone at (800) 355-3063 from 6 a.m. to 7 p.m. (Mountain), Monday through Friday, and 9 a.m. to 3 p.m. (Mountain) on Saturday. Federal holidays are excluded. The bank also offers an online form you can submit to be contacted via phone or email.

TAB’s mailing address is: 4185 Harrison Blvd, Ogden, UT 84403.

This bank also offers banking services via its mobile app, which is available for download on both the App Store and Google Play and has a rating of 4.7 and 4.2, respectively. Customers can use the app to check account balances, search transactions, transfer funds between accounts, pay bills, deposit checks, and more.

Yes, TAB Bank is an FDIC-insured bank that insures depositors to the maximum amount allowed by law (up to $250,000 per depositor, per ownership category).

TAB Bank’s routing number is 124384657.

TAB Bank was founded in 1998.