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Financial Rates:
5.0
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Customer Service:
4.0
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Variety of Terms:
5.0
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Opening Required Amount:
5.0
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 For CD terms 12 months or less, the fee is 90 days of interest on the withdrawn amount. For CDs greater than 12 months, the fee is 180 days of interest on the withdrawn amount.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
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.
There are a total of eight CD terms available. The terms range from six-month CDs to five-year CDs.
Each of the CD terms require $1,000 to open.
New customers can deposit money through electronic transfers or mailing in a check. You can also make deposits with cash or wire transfers.
Through electronic transfers. Contact customer service for other ways to access your money in TAB Bank CD accounts.
No. You can open a TAB Bank CD without opening other accounts.
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.
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.
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.
Contact customer service to make changes during the grace period.
Contact customer service if you forget when your CD is to mature.
The grace period is ten days after the CD reaches maturity.
Yes. The rates are fixed for the life of the CD term.
Yes. You can only access the TAB checking, and savings account through the mobile app.
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.
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.
The shortest term is a six-month CD.
The longest term offered is a five-year CD.
Yes. They offer personal deposit savings, checking, and money market accounts. They offer business accounts and business lending as well.
Yes. They offer specific business accounts. Those accounts include savings, money market, and checking accounts. They offer business CDs and business lending options.
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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