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.
Minimum deposit to open
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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 0.5% APY.
How do I open a Tab Bank Business Money Market account?
Sign up for a TAB Bank business savings account in seven steps:
- Go to the provider’s site and follow the steps to apply.
- Hover over Business in the menu bar, navigate to Business Banking and choose Savings and money market.
- Select Open Now.
- Verify the banking product you would like to open and hit Open now.
- Enter your basic business information, including phone number and email address.
- Answer questions about your business and submit the requested verification documents.
- Review and accept the account agreement and follow the prompts to submit the application.
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
The application process requires the following pieces of information:
- Full name
- 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.
How do I deposit or withdraw my money?
Access funds in your Tab Bank Business Money Market account multiple ways:
- ACH transfers, including direct deposit
- Wire transfers
- In-person deposits
- Mobile check deposits
- 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.
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