TAB Bank review: Caters to truck drivers, but pays high rates on savings and CDs for everyone
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- Transportation Alliance Bank (Member FDIC) offers some products specifically for truck drivers.
- However, you don’t need to be a trucker to utilize the bank’s services.
- The TAB High-Yield Savings Account is its strongest product, with a high APY and other perks.
- See Insider’s picks for the best checking accounts »
Updated on 3/1/2021: We updated this review with a new section on TAB Bank’s Better Business Bureau rating and reputation as a company. We’re currently adding information on trustworthiness to all of Personal Finance Insider’s reviews.
Is TAB Bank right for you?
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The bottom line: TAB Bank is a good online bank for online savings and CDs. You also may like it if you’re a truck driver who wants to use a bank with products tailored to your profession.
TAB High-Yield Savings review
TAB High-Yield Savings Account
TAB 365 Checking review
TAB 365 Checking Account
No free network
Free network, $10/month for out-of-network ATM fee refunds
TAB Bank review vs. Ally review
When it comes to high-yield savings accounts, TAB and Ally both come with high rates, no monthly fees, and no minimum deposits. You might like Ally’s bucket system, though, which lets you create separate “buckets” in one savings account, then label them for goals like “Emergency Fund” or “Vacation.”
You’ll probably prefer Ally if you’re looking for a good checking account. The Ally Interest Checking Account has overdraft protection, a large free ATM network, and reimburses up to $10 per month if an out-of-network ATM provider charges you a fee.
You also might like Ally if you want a money market account that includes a debit card.
For CDs, your choice between TAB and Ally will likely come down to which term length you want. Depending on the term, either bank could pay the higher rate.
See Insider’s full review of Ally »
TAB Bank review vs. Discover review
TAB’s main advantage over Discover is its lower minimum deposits. Although Discover doesn’t have mandatory deposits for checking or savings, you’ll need at least $2,500 to open a CD or money market account. TAB requires $1,000 and $25, respectively. So if you can’t afford Discover’s minimum deposits, then TAB is the clear choice.
Unlike TAB 365 Checking, the Discover Cashback Debit Account doesn’t pay interest. But it does pay cash back on debit card purchases, so if you use your debit card frequently, earning cash back could be the better deal.
You’ll probably prefer Discover for a money market account, because its rate is higher. You could earn a higher CD rate with either bank — it just depends on which term length you choose.
See Insider’s full review of Discover Bank »
Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.
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