TAB Bank Review July 2024: High-yield savings, CDs, and cash back checking accounts

As a Federal Deposit Insurance Corp. (FDIC) member, accounts are insured up to $250,000 per depositor. 

All rates and fees are current as of July 2, 2024, and are subject to change. 

TAB Bank rates and products

TAB Bank offers a Kasasa Cash Back checking account where you get 1% cash back on certain debit card purchases with no daily balance or minimum deposit amount to open. The account does not earn interest because it focuses on rewards. There is no bonus for opening the account, like some competitors are offering. 

However, the bank offers a separate checking account to truckers called TAB Chrome Checking, with a 0.10% APY. 

The bank also offers a high-yield savings account, CDs, and a money market account (MMA). 

Checking accounts 

TAB Bank offers two main checking accounts: a free checking account, called Kasasa Cash Back―which doesn’t earn interest―and an interest-bearing account for truckers called TAB Chrome Checking. 

The TAB Chrome account has an $8 monthly maintenance fee. But it can be waived if you meet one of the following: keep a $1,000 daily balance, make eight debit card purchases per monthly statement that are not ATM transactions, or have $1,200 in direct deposits per monthly statement cycle. 

Savings accounts

TAB Bank offers one high-yield savings account with a 5.27% APY that’s free to open and there’s no monthly maintenance fee. 

TAB Bank savings rates compared to current top rates*

TAB Bank’s savings account yield is highly competitive and is one of the best high-yield savings account options out there right now. Compare the rates above to this list of competitors:

Money market accounts 

TAB Bank has one money market account at a 0.25% APY which is far below the rates of the best MMAs nationwide. Some of the other fees associated with this account include a cashier’s check fee of $15, a stop payment fee of $25, and an outgoing wire fee of $30.

Certificates of deposit

TAB Bank offers yields as high as -% APY on several of their CDs. It has CD options with seven different terms, from 6–60 months, and there’s a $1,000 minimum deposit requirement. 

The bank charges an early withdrawal fee if you remove the funds before the maturity date. The fee amount depends on how soon you withdraw the funds from the maturity date. 

Other services TAB Bank offers 

TAB Bank offers a diverse range of financial products including checking, savings, and money market accounts for individuals, and several types of business accounts and loans. While the bank offers many different financial products, its consumer checking account is tailored to those in the trucking industry, which is not likely to be suitable for all types of customers. 

Some of the other offerings include:

• Accounts receivable (AR) financing: AR financing allows businesses to use outstanding invoices as collateral for opening a line of credit.
• Equipment financing: These loans are aimed at providing financing for trucking businesses. The money can be used for purchasing equipment, hiring staff (including drivers), and covering the costs of maintenance for vehicles. 
• Asset-based financing: Asset-based financing from TAB Bank allows businesses to borrow money that is secured by the businesses’ collateral.
• Business checking, savings, money market accounts, and CDs: TAB Bank also offers business checking, savings, money market, and CDs specifically tailored for businesses.
• Online banking: TAB Bank is an online-only bank, which means you can only access their services virtually by desktop, phone, or through a mobile app.

TAB Bank’s platform and customer support 

TAB Bank’s customer service representatives can be reached by phone during business hours. The bank’s new accounts team representatives can be reached via phone Monday through Friday from 8 a.m. until 5 p.m. Mountain Time (MT). For general inquiries, representatives are available Monday through Friday from 6 a.m. until 7 p.m. MT and from 9 a.m. until 3 p.m. MT on Saturdays.

TAB Bank was downgraded by the FDIC in February 2023 as “needs to improve” in bank requirements set out in the Community Reinvestment Act. The downgrade was due to the bank partnering with a financial technology (fintech) company to offer personal loans, including loans to buy cars and puppies, that consumer advocates claim were at predatory interest rates. 

The bank also paid restitution to customers who were charged a loan fee when they were in a so-called EasyPay Interest Rebate Program. The fee practice stopped in late 2022. 

Compare TAB Bank alternatives

TAB Bank	Ally Bank	Everbank
Checking APY	Checking APY	Checking APY
0%	0.25%	0.45%
Checking monthly service fee	Checking monthly service fee	Checking monthly service fee
$0	$0	$0
Savings APY	Savings APY	Savings APY
5.02%	4.20%	5.05%
Savings monthly service fee	Savings monthly service fee	Savings monthly service fee
$0	$0	$0
View offer	View offer	Read review

Is TAB Bank right for you?

TAB Bank offers some competitively high APYs for its savings account and CDs if you’re looking to hold cash in a high-yielding account for a while. The free rewards-based checking is a decent way to save extra dollars as long as you meet the cash back requirements. If you’re in the transportation industry, there are more customizable products for both individuals and businesses. 

Frequently asked questions