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Tab Bank Business Money Market account review

Earn 0.25% APY and enjoy check-writing capabilities.

finder.com’s rating: 3.6 / 5.0

★★★★★

The Tab Bank Business Money Market account is a free savings account that lets you earn 0.25% APY on balances as low as $1. But unlike most money market accounts, it doesn’t come with an ATM card. And you’ll need to wait up to nine business days to access some deposits within the first 30 days of account opening.

0.25%

APY

$0

Fee

$25

Minimum deposit to open

Details

Annual percentage yield (APY)0.25%
Fee$0
Minimum deposit to open$25
Minimum balance to earn interest$1
Interest compoundingDaily

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Tab Bank Business Money Market account is a free savings account for small businesses that want check-writing capabilities. It also comes with a modest interest rate of 0.25% APY when you keep at least $1 in your account so your unused capital can grow until you need it.

But unlike other money market savings accounts, it doesn’t come with an ATM card. And you may experience significant delays accessing your deposits— up to nine business days — when your account is new. If an ATM card isn’t what you’re looking for but want to earn a higher rate, check out business savings accounts like Live Oak Bank Business Savings account, which earns 1.05% APY.

How do I open a Tab Bank Business Money Market account?

Sign up for a TAB Bank business savings account in seven steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Hover over Business in the menu bar, navigate to Business Banking and choose Savings and money market.
  3. Select Open Now.
  4. Verify the banking product you would like to open and hit Open now.
  5. Enter your basic business information, including phone number and email address.
  6. Answer questions about your business and submit the requested verification documents.
  7. Review and accept the account agreement and follow the prompts to submit the application.

Eligibility

Open a Tab Bank Business Money Market account for your business, when you satisfy the following conditions:

  • US-based business
  • Signer authorized to open accounts on behalf of the business
  • At least 18 years old

Required information

The application process requires the following pieces of information:

  • Full name
  • Address
  • Date of birth
  • Social Security number or tax ID number
  • Legal business documents

2 benefits of a Tab Bank Business Money Market account

Like most money market savings accounts, you’ll get access to check-writing abilities, which count against your six monthly withdrawals. It also comes with these distinct advantages:

  • No monthly fee. While you’ll need to meet the minimum deposit requirement, there are no monthly service fees.
  • Decent interest rate. TAB Bank‘s unassuming 0.25% APY is higher than some business money market accounts. And since interest is compounded daily, your savings grow faster.

5 things to look out for

Consider these drawbacks before signing up for a Tab Bank Business Money Market account:

  • Minimum opening deposit. You’ll need $25 to open a Tab Bank Business Money Market account. While it’s not the highest business savings deposit we’ve seen, you’ll find others that have no required minimum deposit.
  • No ATM card. Unlike other money market savings accounts, this one doesn’t come with an optional ATM card, so you can’t withdraw cash or make deposits at an ATM.
  • Overdraft fee. Expect to pay $30 if you overdraw your account and drop your balance below $0.
  • Account closure fee. It’ll cost you $10 if you ever decide to close your account.
  • New account rules. Specific deposits are subject to extended holds within the first 30 days of account opening. For example, some funds that include cash deposits and wire transfers may be available on the next business day, while others won’t post until nine business days later.

You might want to shop around for other business savings accounts if you want cash withdrawals and faster access to your deposits.

Compare Tab Bank Business Money Market with other savings accounts

See how other business savings accounts compare by interest and fees.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Bonus
Axos Bank Business Savings
0.20%
$5 per month
(can be waived)
$1,000
Daily
If you incorporated after June 1, 2020, you´ll get $200 to your new business bank account. Use promo code NEWBIZ200 on your application. If you are not a business use thte promo code NEWAXOSBIZ for a $100 bonus!
A business savings account with a low minimum deposit.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
0.20%
$10 per month
(can be waived)
$1,000
Daily
If you incorporated after June 1, 2020, you´ll get $200 to your new business bank account. Use promo code NEWBIZ200 on your application. If you are not a business use thte promo code NEWAXOSBIZ for a $100 bonus!
This money market savings account comes with the added benefit of check writing privileges.
NBKC Bank Business Money Market
Finder Rating: 4.1 / 5: ★★★★★
NBKC Bank Business Money Market
0.05%
$0
$0
Daily
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
Goldwater Bank Savings Plus Business
Goldwater Bank Savings Plus Business
0.45%
$25,000
Daily
Goldwater Business Savings offers to segregate business funds on deposit for different purposes and provides a convenient way to manage money based on your specific business needs
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Compare up to 4 providers

How do I deposit or withdraw my money?

Access funds in your Tab Bank Business Money Market account multiple ways:

Funding options

  • ACH transfers, including direct deposit
  • Wire transfers
  • In-person deposits
  • Mobile check deposits

Withdraw options

  • Paper checks
  • ACH transfers
  • Wire transfers

How to contact TAB Bank about my savings account?

Get in touch with TAB Bank customer service by:

  • Calling 800-355-3063 weekdays 6 a.m. to 7 p.m. MT and Saturdays 9 a.m. to 3 p.m. MT.
  • Sending an email through Tab Bank’s Contact Us page.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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