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TAB Bank Review 2023: High-yield savings and CDs, but limited checking options

Illustration of the TAB Bank logo surrounded by a green and blue frame.
TAB Bank offers a variety of financial products for consumers and businesses.
Photo illustration by Fortune; Original logo by TAB Bank

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). As an FDIC member, accounts are insured up to $250,000 per depositor. 

All rates and fees are current as of January 31, 2023 and are subject to change. 

TAB Bank offerings 

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. 

Checking and savings accounts 

TAB Bank offers a custom trucker checking account, as well as a rewards checking account, a high-yield savings account, and a money market account.

Chrome checking 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.

High-yield savings account 

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

TAB Bank high-yield savings

  • APY: 4.06%
  • Minimum Deposit to open: $0
  • Monthly fees: $0
  • Outgoing wire: $30
  • Stop payment: $25

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.

Money market accounts 

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

  • APY: 0.25%
  • Minimum deposit to open: $25
  • Daily balance minimum: $0.01
  • Monthly service fee: $0
  • Incoming wire: $15
  • Outgoing wire: $30

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.

Certificates of deposit

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.

  • 6 month APY: 4.25%
  • 9 month APY: 4.25%
  • 12 month APY: 4.35%
  • 18 month APY: 4.25%
  • 24 month APY: 4.25%
  • 36 month APY: 4.00%
  • 48 month APY: 4.00%
  • 60 month APY: 4.00%
  • Early withdrawal penalty: Early withdrawals may incur a penalty.

Kasasa Cash Back Rewards

TAB Bank also offers the Kasasa Cash Back Rewards checking account which rewards your everyday spending when you use your debit card.

  • Fees: $0
  • Rewards: 1.00% cash back on debit card purchases. To qualify you must make a minimum of 15 debit card purchases each month of at least $5 each. You must also receive at least 1 direct deposit, ACH payment, or bill pay transaction during each monthly qualification cycle.
  • Minimum balance: $0

Other services TAB Bank offers 

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.

The TAB Bank platform and customer support 

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 6:00 a.m. until 7:00 p.m. MT and from 9:00 a.m. until 3:00 p.m. MT on Saturdays. The number to reach customer service is 1-800-355-3063.

Pros and cons of TAB Bank

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


  • 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.
  • 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.
  • No monthly service fees. For the money market account and high-yield savings account, there are no monthly service fees. The service fee on the Chrome checking is waived if you meet certain criteria.


  • 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.
  • 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.

Frequently asked questions

Is TAB Bank a real bank?

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.

Does TAB Bank offer any credit cards?

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

Is TAB Bank FDIC insured?

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

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