TAB Bank Review 2022: High-yield savings, debit card with fractional stock rewards, but limited checking options

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 (CD).

TAB Bank also offers a unique TAB Flow account, which is a spending account that comes with a debit card that provides stock rewards for using the card. As an FDIC member, accounts are insured up to $250,000 per depositor.

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

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.

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

• APY: 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 are met: You have a $1000 minimum daily balance; make 8 debit card purchases during the monthly statement cycle; have $1,200 in direct deposits per monthly statement cycle.

• Incoming wire: $15

• Outgoing wire: $30

• ATM fees: ATM transaction—$2, balance inquiry—$1, foreign ATM—$4

• Stop payment: $25

• Returned deposit: $30

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

TAB Bank offers a high-yield savings account that has no minimum balance requirements.

TAB Bank high-yield savings

Some of the 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’s also a $1 fee for same day ACH payments from the account.

The TAB Bank money market account invests funds in low-risk and short-term securities to grow deposited funds.

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

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

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

• Fees: There are no fees for account maintenance, overdrafts or insufficient funds

• Rewards: .5% up to 1% in fractional stock rewards

• Minimum balance: $0

• Monthly membership fee: $0 for standard membership; $5 for Flow+ membership

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

• Accounts receivable 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 to cover 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 and CDs: TAB Bank also offers business checking, savings, money market and CDs specifically tailored for businesses.

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

TAB Bank offers online banking and a mobile app. Its customer service representatives can be reached by phone during business hours. The bank’s new accounts team representatives can be reached via phone at 1-800-215-7128, Monday through Friday from 8 a.m. until 5 p.m. mountain time. For general inquiries, representatives are available Monday through Friday from 6 a.m. until 7 p.m. mountain time and from 9 am until 3 pm mountain time on Saturdays. The number to reach customer service is 1-800-355-3063.

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

Pro: Minimum to no daily balance requirements. Many of the accounts from TAB Bank have no minimum balance requirement or a very small balance requirement. For example, on the Chrome checking accounts, the minimum daily balance is only $1.Pro: Minimal deposit to open accounts. TAB Bank’s high-yield savings requires no minimum balance to open. The Chrome account requires just $25 to open.Pro: No monthly service fees. For the money market account, high-yield savings and the TAB Flow account, there are no monthly service fees. The service fee on the Chrome checking is waived if you meet certain criteria.Pro: Fractional stock rewards: The TAB Flow account offers fractional stock rewards for making everyday purchases.

Con: Limited checking account options. Other than the Chrome checking that is tailored for trucking industry employees, the bank does not offer a generic checking account.Con: Additional fees. Many of the TAB Bank accounts come with a long list of miscellaneous fees including overdraft fees, wire fees and cashier’s check fees.Con: There are no brick and mortar locations. For some people, being able to visit a brick and mortar location is important. TAB Bank is entirely online.

Yes. TAB Bank is an online bank. It was opened in 1988 and serves customers across the country. It offers deposit accounts and provides loans.

Yes, the Mission Lane Credit Card is offered by Transportation Alliance Bank, which is TAB Bank.

Yes, all deposits with TAB Bank are FDIC insured up to $250,000.

This story was originally featured on Fortune.com

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