TAB Bank offers various types of accounts for consumers and businesses | Techy Kings

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TAB Bank, based in Ogden, Utah, is an online-only bank that opened in 1998 with the mission of providing banking services to underserved individuals and businesses. For individuals, the bank offers checking accounts, high-yield savings, 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 provides share rewards for using the card. As a member of the FDIC, the account is insured up to $250,000 per depositor.

All rates and fees are current as of 31 October 2022 and are subject to change.

TAB Bank Offer

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

Checking and savings accounts

TAB Bank offers a customized trucker checking account, as well as a TAB Flow account—which is a spending account with a rewards debit card. The bank also offers high yield savings accounts and money market accounts.

Chrome checking account

  • API: 0.10% APY
  • Daily balance requirements: $1
  • Minimum deposit to open: $25
  • Monthly service charge: $8; This fee is waived if one of the following criteria is met: You have a minimum daily balance of $1000; make 8 debit card purchases during the monthly statement cycle; have $1,200 in direct deposit each monthly statement cycle.
  • incoming wire: $15
  • wire out: $30
  • ATM Fee: ATM transaction—$2, balance inquiry—$1, foreign ATM—$4
  • Stop payment: $25
  • Refundable deposit: $30

Some additional fees associated with Chrome checking include a same-day ACH payment fee of $1, an overdraft protection fee of $10, and a paid overdraft item fee of $30 per item with a daily maximum of $150.

High yield savings account

TAB Bank offers high yield savings accounts that have no minimum balance requirements.

TAB Bank high yield savings

  • API: 2.66%
  • Minimum Deposit to open: $0
  • Monthly fees: $0
  • wire out: $30
  • Stop payment: $25

Some 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 account

TAB Bank’s money market account invests funds in low-risk, short-term securities to grow deposited funds.

  • API: 0.25%
  • Minimum deposit to open: $25
  • Minimum daily balance: $0.01
  • Monthly service fee: $0
  • incoming wire: $15
  • wire out: $30

Some other fees associated with this account include a $8 cashier’s check fee, a $25 stop payment fee, and a $30 returned deposit item fee.

Certificate of deposit

TAB Bank offers CDs of various durations, with maturities ranging from 6 months to 60 months, providing options for those with short-term and long-term goals. The minimum deposit for a CD is $1,000.

  • 6 month APY: 2.69%
  • 9 month APY: 3.05%
  • 12 month APY: 3.25%
  • 18 month APY: 3.30%
  • 24 month APY: 3.32%
  • 36 month APY: 3.05%
  • 48 month APY: 2.94%
  • 60 month APY: 2.84%
  • Early withdrawal penalty: Early withdrawal may incur a penalty.

TAB Flow Account

TAB Bank also offers the TAB Flow and TAB Flow+ spending accounts, which come with debit cards that give fractional share rewards when you use your card for everyday purchases.

  • Fees: There are no fees for account maintenance, overdrafts or insufficient funds
  • Reward: .5% up to 1% in fractional share rewards
  • Minimum balance: $0
  • Monthly membership fee: $0 for standard membership; $5 for Flow+ membership

Other services offered by TAB Bank

A bank focused on helping small and growing businesses, as well as individual customers, TAB Bank also offers a diverse range of business services. Some of the offerings include:

  • Accounts receivable financing: AR financing allows businesses to use outstanding invoices as collateral to open a line of credit.
  • Equipment financing: This loan is intended to provide financing for a trucking business. The money can be used to buy equipment, hire staff including drivers, and cover vehicle maintenance costs. Asset-based financing: Asset-based financing from TAB Bank allows businesses to borrow money secured by business collateral.
  • Business, savings, money market and CD reviews: TAB Bank also offers business checking, savings, money market and CDs tailored specifically for businesses.

The bank also offers other services including Autobooks, an invoice generation and tracking platform and also commercial real estate lending services.

TAB Bank platform and customer support

TAB Bank offers online banking and mobile applications. Its customer service representative can be reached by phone during business hours. A representative of the bank’s new account team can be reached by phone at 1-800-215-7128, Monday through Friday from 8 am to 5 pm mountain time. For general inquiries, representatives are available Monday through Friday from 6am to 7pm mountain time and from 9am to 3pm mountain time on Saturdays. The number to call customer service is 1-800-355-3063.

Advantages and disadvantages of TAB Bank

Here are some pros and cons to be aware of if you are considering opening an account with TAB Bank.

Pro: Minimal to no daily balance requirements. Most accounts from TAB Bank have no minimum balance requirements or very small balance requirements. For example, on a Chrome checking account, the minimum daily balance is only $1.
Pro: Minimum deposit to open an account. TAB Bank high yield savings do not require a minimum balance to open. A Chrome account requires just $25 to open.
Pro: No monthly service fees. For money market accounts, high yield savings and TAB Flow accounts, there are no monthly service fees. Service fees on Chrome reviews are waived if you meet certain criteria.
Pro: Fractional share rewards: TAB Flow Accounts offer fractional share rewards for making daily purchases.

Con: Limited checking account options. Aside from Chrome checking tailored for trucking industry workers, the bank doesn’t offer generic checking accounts.
Con: Additional fees. Most TAB Bank accounts come with a long list of various fees including overdraft fees, wire fees and cashier’s check fees.
Con: No brick and mortar locations. For some, 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 opened in 1988 and serves customers all over the country. It offers deposit accounts and provides loans.

Does TAB Bank offer any 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.

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