TAB Bank High-Yield Savings account review
Earn 0.65% APY, but watch out for excessive withdrawal fees.
TAB Bank’s High-Yield Savings account offers an attractive 0.65% APY, which is one of the top competitive rates on a savings account in 2020. But customer service isn’t always available and TAB’s digital offerings leave a lot to be desired.
Minimum deposit to open
Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.
The TAB Bank High-Yield Savings account is a solid option if you’re looking for a high interest rate in today’s market. You’ll earn 0.65% and won’t need to worry about an opening deposit requirement.
But because TAB is primarily tailored for truck drivers and workers in the transportation industry, the APY and $0 opening deposit might be the only appeal for those outside the industry. For instance, truck drivers get additional deposit options if they receive checks from certain trucking payroll companies and frequent Pilot Flying J truck stops.
How do I open a TAB Bank High-Yield Savings account?
Apply for a high-yield savings account with TAB Bank in just six steps:
- Go to the provider’s site and follow the steps to apply.
- From TAB Bank’s website, select Personal then High-Yield Savings from the navigation menu.
- Select Open Now, then select Open Now again on the following page.
- Create a new login using a Google, Facebook or a LinkedIn account, or select Manual Entry.
- If you select Manual Entry, enter your name, email address, phone number, date of birth, citizenship and Social Security number.
- Enter your driver’s license details, physical address, mailing address and employment information.
- Review TAB Bank’s terms, read and accept the agreement, then link a funding source to make a deposit.
Otherwise, skip to the next step.
You need to meet the following eligibility requirements to get approved for a TAB High-Yield Savings account:
- At least 18 years of age
- US citizen or resident
Have the following information handy when you open your account:
- Valid Social Security number
- Driver’s license or state-issued ID
What are the benefits of a TAB Bank High-Yield Savings account?
TAB Bank’s savings account has no monthly fee, compounds interest daily and comes with the following perks:
- No opening deposit. There are no minimum opening deposit requirements, and you can start earning interest with as little as $1.
- High APY. With an interest rate of 0.65%, TAB offers one of the most competitive APYs in today’s market.
- Perks for truckers. TAB Bank has long-standing ties with the transportation industry. Truck drivers, in particular, can benefit from the unique funding options, such as deposits from Pilot Flying J gift cards and third-party checks from certain trucking payroll companies.
What should I look out for?
Although TAB Bank’s high-yield savings accounts have a lot to offer, there are also some serious drawbacks:
- Limited customer service. Customer service is available on weekdays from 6 a.m. to 7 p.m. MT or on Saturdays from 9 a.m. to 3 p.m. Although there’s also a chat option on the website, it’s a virtual chat assistant.
- Fees. TAB charges a few fees, but two worth noting are $15 for cashier’s checks and $20 for excessive withdrawals. For reference, most banks charge up to $10 on cashier’s checks and excessive withdrawals.
- Account closure fee. If you decide to close your account, there is a $10 fee.
If you want a savings account with fewer fees and more customer service options, you’ll want to keep looking. As always, compare your options when looking for a high-yield savings account.
Compare TAB High-Yield Savings with other savings accounts
How do I deposit or withdraw my money?
There are several ways to fund your TAB Bank High-Yield Savings account, but relatively few ways to withdraw money.
- Direct deposit. Your employer can deposit funds directly into your account.
- Mobile deposit. The TAB Bank app lets you use your smartphone’s camera to deposit checks.
- Wire transfer. Initiate a same-day wire transfer from an external account, usually for a fee.
- Automated clearing house (ACH) transfer. You can transfer money into your account from another bank for free, but the transfer usually takes two days.
- Third-party checks. If you receive paper checks from one of the trucking industry’s major payroll companies (ComCheck, T-Check, EFS Check, etc.), you can deposit the funds by calling 800-355-3063.
- Pilot Flying J gift card. If you frequent Pilot Flying J truck stops, you can purchase a gift card for up to $1,000 and deposit those funds into your account by calling 800-355-3063.
- Green Dot MoneyPak. Purchase a Green Dot MoneyPak from a participating retailer and deposit funds into your account at moneypak.com.
- Western Union. Deposit funds into your account by visiting any Western Union location.
- Mail a check. Deposit a check via the mail by using a TAB Bank deposit slip.
- Wire transfer. Wire money to an external account, but there’s a $30 fee.
- ACH transfer. Transfer funds to another bank, but it takes two days.
- TAB checking account. Open a TAB checking account and withdraw money using an ATM card, but TAB doesn’t partner with any ATM networks, so you’ll always pay a fee.
What other savings options does TAB Bank offer?
Aside from its high-yield savings account, TAB Bank has a few other options as far as saving is concerned:
- Premium Savings. Earn 0.25% APY — a lower rate than TAB’s high-yield account. You also need a minimum deposit of $25 to open, but there are no fees.
- Money Market. When you sign up for this account, TAB invests your funds in low-risk and short-term securities that deliver a 0.25% APY, but there are limits regarding how many transactions you can make each billing cycle.
- Certificate of Deposit (CD). A CD with TAB Bank requires a minimum $1,000 opening deposit, but you could earn up to 0.85% depending on the term length that you choose.