TAB Bank Review 2023: Pros, Cons and Everything You Need To Know

TAB Bank provides various banking services, from personal checking and savings accounts to money market funds and various business credit options. The bank has various consumer banking options, but its trucker checking account is specifically designed for people in the trucking sector.

One of its major flaws is that TAB Bank provides no fee-free ATM usage. In addition to not participating in fee-free ATM networks, this bank does not run any of its own. While using an ATM not part of your bank's network, you will be subject to surcharges.

About TAB Bank

TAB Bank is an online-only financial institution founded in 1998 to serve underprivileged individuals and companies. The financial institution caters to customers with various deposit options, including checking, savings, money market, and CDs. A standard checking account and a spending account with a debit card that earns you rewards are available from TAB Bank.

The bank provides two further types of high-yield savings and money market accounts. TAB has developed a reliable suite of mobile applications for both iOS and Android. You may do everything from checking your account balance and recent transactions to making mobile check deposits using one of these services.

You can move money between your accounts using your phone if you are short on one. With TAB Bank, you may open various personal banking accounts, such as savings, checking, money market, or CDs.

You don't have to be in the trucking sector to obtain a TAB Bank account. However, the bank does specialize in serving those in the transportation industry. Consider opening an account if you think TAB might fit your banking needs and objectives well.

TAB Bank CD Accounts

You can earn more money than with any of TAB Bank's other deposit alternatives if you invest in a certificate of deposit (CD). Still, you must be prepared to let your CD mature to the end of its term before you can cash in on the gains.

There are a total of eight distinct CD choices available with TAB Bank. The periods of these CDs range from six months to sixty months. The annual percentage yield (APY) on certificates of deposit with terms of six months to sixty months ranges from 4.25% to 4.00%.

If you want to earn the quoted rates, you must keep a minimum daily amount of $1,000, and you will be subject to an interest penalty if you remove your money before the certificate of deposit matures.

TAB Checking Accounts

The best option for truckers is Chrome Checking since TAB Bank knows they have specific requirements for depositing payments, such as Comdata checks, T-Cheks, and EFS checks. A minimum deposit of $25 is required to start the account, and interest of 0.10% APY is paid on all balances.

Unfortunately, this account has a monthly service fee of $8. But, if you keep at least $1,000 in your account daily, make at least eight debit card transactions each monthly statement cycle, or receive at least $1,200 in direct deposits each monthly statement cycle, TAB Bank will waive the fee.

TAB Savings Accounts

TAB offers two types of savings accounts, similar to the bank's checking accounts. Compared to the Premium Savings Account, the interest rate on the High Yield Savings Account is higher. Although those with Premium Savings accounts earn only 0.25% APY, those with High Yield Savings accounts get 1.92% APY.

These savings rates compound daily, and both need a daily balance of at least $1. The High Return Savings Account is built on the solid foundation of requiring no initial deposit. It means that, regardless of how much money you have saved up to this point, you may receive an APY of 1.92%.

A minimum deposit of $25 is needed to create a Premium Savings account. Both accounts are free of charge each month. Thanks to the internet and mobile devices, these savings options provide free, convenient access to your money whenever and wherever you need it.

Pros:

• The complete financial institution offers a wide variety of services to both individuals and corporations
• There is no minimum balance, or only a minimal one, for many TAB Bank accounts.
• No maintenance charges are associated with the money market or the high-yield savings account.
• Modular schedules for customer service
• TAB Bank offers no starting balance requirement for the high-interest savings account. Creating a Chrome account is cheap, at about $25.

Cons:

• Fees for things like overdrafts, wire transfers, and cashier's checks are all included with many TAB Bank accounts.
• There are no physical stores to visit. Some customers prefer traditional storefronts because of the personal experience they provide. You can only access TAB Bank on the internet.

What Are The Options For Getting My Hands On My Cash?

You can only obtain cash out of your TAB account through an ATM. Unfortunately, TAB is not affiliated with any major ATM networks. In other words, cash machine withdrawals will cost you.

Moreover, you can move funds to a different account and use an ATM that is part of the same network as that account. The balance of your TAB accounts may be seen at any time via the website or your mobile device. Your current and available balances and a comprehensive record of all your transactions will be displayed here.

Conclusion:

The account options provided by TAB Bank have several benefits, such as competitive interest rates and cheap fees and minimums. However, customers who want these advantages must adhere to several conditions concerning their daily balances and account activities.

One last thing to remember is that the bank offers extremely limited fee-free ATM access. It's not an issue for consumers with alternative ways to quickly get their hands on cash. Yet, you may want to search elsewhere if you need a bank that provides instantaneous, cost-free access to your funds.