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TAB Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon

Pros:

  • Good variety of terms available
  • Competitive interest rates on CDs
  • Low opening required amounts
  • Early withdrawal penalties low

Cons:

  • Does not offer interest rate guarantee
  • Mobile app not for CDs
  • Offers and rates may be promotional
  • Customer service not available 24/7

What You Need to Know

There are a good variety of CD terms available with TAB Bank. The terms range from six months to five years. There are eight total CD terms offered through TAB Bank. You can open any of the TAB Bank CDs online.

Each of the CD terms available through TAB Bank offers competitive interest rates. The rates are competitive with other online CD accounts. These interest rates are much higher than typical bank rates. If you withdraw money or close your TAB Bank CD before the interest credits to your CD, you will not earn the interest.

The CDs offered through TAB Bank have low opening required amounts. Each CD term only requires $1,000 to open. You must keep a balance of $1,000 to earn interest on the CDs. Balances below this amount will not earn interest.

The penalty for withdrawing money before the maturity date for TAB Bank CDs is low. For CD terms 12 months or less, the fee is 90 days of interest on the withdrawn amount. For CDs greater than 12 months, the fee is 180 days of interest on the withdrawn amount.

TAB Bank does not offer an interest rate guarantee. The interest rates on the day you open the CD is the rate you receive through the life of the CD term. If the interest rates increase shortly after you open the CD, you will not receive a higher rate.

TAB Bank offers a mobile app. The app is for checking and savings accounts. You can make transfers between these two accounts, but not to CD accounts.

Some of the interest rates for TAB Bank CDs may be promotional. The disclaimer says the offer is good on new CDs only. Check with customer service to see what interest rates are promotional to new CDs only.

TAB Bank is an online bank. Customer service is not available 24/7. They have specific hours. You can reach customer service through phone, email, or mail. Their hours are Monday through Friday from 6 a.m. to 7 p.m. MT. They are open on Saturday from 9 a.m. to 3 p.m. MT. You can follow TAB Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Cool Things

Resource Center

The TAB Bank website offers a resource center. Here you can find a variety of articles on financial topics. Those topics cover personal and commercial banking topics. Some of the specific topics include CD laddering and creating strong business goals. How to build a budget and how to manage cash flow are other topics.

History

TAB Bank started in 1998. The bank started as a company designed to help finance truckers. Since being open, they have grown to over 200 employees. TAB Bank specializes in small-business financing.

TAB Bank is an online bank. Along with financing businesses, they offer personal and business accounts. Those accounts include savings, checking, and money market accounts. They offer personal and business CDs and small business lending options. Headquarters for TAB Bank is in Ogden, Utah. They have over $711 million in assets.

Frequently Asked Questions

Is TAB Bank FDIC insured?

Yes. TAB Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does TAB Bank offer?

There are a total of eight CD terms available. The terms range from six-month CDs to five-year CDs.

What is the required amount to open a CD with TAB Bank?

Each of the CD terms require $1,000 to open.

How do I deposit money into TAB Bank CDs?

New customers can deposit money through electronic transfers or mailing in a check. You can also make deposits with cash or wire transfers.

How do I access my money?

Through electronic transfers. Contact customer service for other ways to access your money in TAB Bank CD accounts.

Do I have to open other TAB Bank accounts before I can open a CD?

No. You can open a TAB Bank CD without opening other accounts.

Do TAB Bank CDs offer competitive interest rates?

Yes. Each of the CD terms offer competitive interest rates. The rates are competitive with other online CD accounts. They are much higher than typical bank CD rates. Some of the interest rates may be for new CD accounts only.

Can I choose how to receive my interest payments from TAB Bank CDs?

You can choose to have interest credit monthly, quarterly, or annually. If you close your account before the interest credits, you will not earn that interest.

What percentage am I charged if I withdraw money before the maturity date?

For CDs 12-months or shorter, the fee is 90 days of interest on the withdrawn amount. For CD terms longer than 12-months, the fee is 180 days of interest on the withdrawn amount.

How do I make changes during the grace period?

Contact customer service to make changes during the grace period.

How will I know my TAB Bank CD is nearing maturity?

Contact customer service if you forget when your CD is to mature.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are TAB Bank CD rates guaranteed for the entire term?

Yes. The rates are fixed for the life of the CD term.

Does TAB Bank offer mobile banking?

Yes. You can only access the TAB checking, and savings account through the mobile app.

Is TAB Bank a good bank?

TAB Bank offers a variety of accounts, including CD terms. The interest rates for CDs are competitive. Some of the rates may be promotional to new CD accounts. The amount required to open TAB CDs is low. These accounts are completely online. All of the accounts can be opened online.

Is TAB Bank secure online?

They offer security measures that comply with federal laws. Their devices have safeguards, and their buildings and files are secure. TAB Bank ensures information is confidential and secure.

What is the shortest TAB Bank CD term offered?

The shortest term is a six-month CD.

What is the longest TAB Bank CD term offered?

The longest term offered is a five-year CD.

Does TAB Bank offer accounts other than CDs?

Yes. They offer personal deposit savings, checking, and money market accounts. They offer business accounts and business lending as well.

Can I use TAB Bank CDs for my business accounts?

Yes. They offer specific business accounts. Those accounts include savings, money market, and checking accounts. They offer business CDs and business lending options.

How do I reach customer service?

Through phone, email, or mail. Customer service is available Monday through Friday from 6 a.m. to 7 p.m. MST. They are available from 9 a.m. to 3 p.m. on Saturdays. You can follow TAB Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Bank Contact Information

4185 Harrison Blvd.
Ogden, UT 84403
800-355-3063

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Favorite Rates

Sallie Mae
1 Year CD 05/16/2021
APY 0.45%
Rate 0.45%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Guaranteed Returns. FDIC-insured peace of mind.
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