Work in transportation?
If you’re looking for an innovative online-only banking experience, a high-yield savings account from TAB Bank (Transportation Alliance Bank) may be a good option for you… because right now they are offering one of the highest annual percentage yields in the market at an astounding 0.90%!
TAB Bank has been in operation since 1998 and specialize in offering service to the transportation industry. TAB Bank has, “been working relentlessly to help people build businesses, turn ideas into action, capitalize on opportunities and capture their piece of the American dream.” These days most consumers want a user-friendly saving experience that will give them a significant return on their investment… and TAB Bank certainly raises the bar to a higher standard with the no muss no fuss features that they have implemented into their banking experience.
Read more below to find out if this latest high-yield savings account might be a good fit for you.
What Is A High-Yield Savings Account From TAB Bank?
TAB Bank (Transportation Alliance Bank) is an online-only bank currently offering a high-yield savings account with an incredible 0.90% annual percentage yield (APY). There is no minimum opening deposit required and all you need to have in your account to receive the advertised APY is just $1. No maintenance fees and no balance caps either. The best news is that your money is FDIC-insured and always available to you via mobile and online banking. There is also an option to pair your savings with a checking account to be able to access your money via ATM as well. Interest in the high-yield TAB Bank savings accounts are compounded daily and paid monthly.
How Can I Deposit and Withdraw Money from A TAB Bank High-Yield Savings Account?
Here are the ways TAB Bank says you can deposit or obtain money from your online savings account:
- Direct deposits
- Online transfers
- Mobile check deposit
- Send a check via mail
- Wire transfers
- Online transfers
- Wire transfers
- Request a check be mailed to you
What are the Account Fees For A TAB Bank High-Yield Savings Account?
Here is the current fee schedule for TAB High-Yield Savings Accounts:
|Minimum Opening Deposit||$0|
|Monthly Account Maintenance Fee||$0|
|Paper Statements||$5 / statement|
|Outgoing Wire||$30 / each|
|Cashier’s Check||$15 / each|
|Stop Payment||$30 / each|
|Returned Deposit Item||$30 / each|
|Paid Overdraft or Returned Item||$30/ item ($150 max per day)|
|Account Research||$20/ hour
*1 hour minimum
What Are The Benefits of A TAB Bank High-Yield Savings Account?
- High APY (0.90% as of September 2020)
- No minimum opening deposit required
- No monthly or annual maintenance fees
- Online and mobile banking options
- No balance caps
- You only need to have $1 in the account to receive the advertised APY
- Interest is compounded daily
What Are The Disadvantages of A TAB Bank High-Yield Savings Account?
- Limited to 6 withdrawals or outgoing transfers per billing cycle
- While 0.90% is one of the highest APYs in the market today – there are still a few banks that offer higher or may have better perks.
As of September 2020, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- First Foundation Bank Online Savings – 1.00% APY
- Vio Bank – 0.91% APY
- Citi Accelerate – 0.90% APY
- TAB Bank – 0.90 % APY
- Ally Bank – 0.80% APY
- American Express Personal Savings – 0.80% APY
- CIBC Bank – 0.80% APY
- Citizens Access – 0.80% APY
- Goldman Sachs – Marcus Account – 0.80% APY
- Synchrony Bank – 0.75% APY
- Discover – 0.70% APY
- Capital One 360 Performance Savings – 0.65% APY
- CIT Bank Savings Builder – 0.65% APY
- MySavingsDirect – 0.65% APY
- Barclays Bank – 0.60% APY
- HSBC Direct – 0.50% APY
- TIAA Bank – 0.50% APY
Is A TAB High-Yield Savings Account FDIC-Insured?
Yes. TAB Bank is a FDIC member, which means that funds deposited into their high-yield savings accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A TAB Bank High-Yield Savings Account ?
Opening a TAB Bank high-yield savings account is an easy, straightforward process. You just need to be at least 18 years old with a US mailing address and social security number to sign up.
- Visit TABbank.com.
- Hover over the “Personal” tab
- Select High-Yield Savings
- Click Open Now
- You’ll be prompted to select the type of account you will want to open – which is the “High-yield savings”
- Enter your personal details
- Fund your account
How To Access Your TAB Bank High-Yield Savings Account:
Online: Access your account by logging in with your username and password on: TABbank.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact TAB Bank About your Account:
- Phone: (800) 355-3063
- Fax : (801) 624-5304
- Email: email@example.com
- Customer service hours of operation are 6 a.m. to 7 p.m. (Mountain), Monday through Friday.
- 9 a.m. to 3 p.m. (Mountain) on Saturday.
- Federal holidays are excluded.
- Physical Mailing Address: 4185 HARRISON BLVD. OGDEN, UT 84403
If you work in the transportation industry and would like to open a savings account that will give you a significant return on your investment – look no further than the high-yield savings account offered by TAB Bank. Sure, it’s not the highest APY in the market right now, but with your working background, they’ve tailored their banking products and services to your specific needs.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
TAB Bank – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 3.8 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 9.62
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.