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TAB Bank VS Barclays

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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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
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Competitive interest rates on most CDs
  • Good variety of CD terms
  • No required amount to open CDs
  • Encourages CD laddering

Cons:

  • CDs under 12-months have low rates
  • Limited ways to fund CDs
  • Link external account to CDs
  • Rate guarantee not offered
TAB Bank CD Review

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 For CD terms 12 months or less, the fee is 90 days of interest on the withdrawn amount. For CDs greater than 12 months, the fee is 180 days of interest on the withdrawn amount.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

Read the full TAB Bank review.

Barclays CD Review

The interest rates for Barclays CDs are competitive for most terms. For terms longer than 12-months, the rates are competitive with other online CDs. The interest rates for all CD accounts are much higher than typical bank rates. Barclays CDs interest rates are not tiered. Any balance in the CD earns the competitive interest rate.

Barclays offers a good variety of CD terms. The shortest term offered is a three-month term. The longest term is a 60-month term. Barclays offers a total of nine different CD terms. All the terms are entirely online CDs. Each CD term is available to open online.

There is not a set amount required to open Barclays CDs. Open any of the nine CD terms with any amount. There is not a set amount required to earn the most competitive interest rates. The only balance requirement is that you have enough money in your CD to earn $0.01 in interest.

Barclays encourages CD laddering. This means customers can earn the most competitive interest rates but with more flexibility. CD laddering is investing money in CDs varying in term length. Customers invest in multiple long term CDs. By doing this, one CD will mature each year. This gives customers more access to their money while earning competitive rates. The Barclays website offers a CD ladder calculator. This allows customers to see how to build a successful CD ladder.

The Barclays short term CDs do not offer competitive interest rates. The three, six, and nine-month CDs offer interest rates that are lower than other online banks. These rates are higher than typical bank CD rates of the same term. They are not competitive with other online CDs of the same term length.

Barclays only offers two ways to fund their CDs. Customers can fund the account through an electronic transfer or mailing in a check. If you plan to transfer the money electronically, you must link the CD with an external bank account. Barclays does not accept cash or money orders to deposit into CDs.

The easiest way to make electronic transfers into a Barclays CD is to link it to an external account. You can link up to three external accounts to your Barclays CDs. The linked accounts must be with another bank that is chartered in the United States. You can link accounts when you initially fund your CD or at a later date.

Barclays does not offer an interest rate guarantee. The interest rate you earn on your Barclays CD is the rate on the day you open your account. The interest rates on CDs are competitive with other online accounts. But, if the rates increase shortly after you open your account, Barclays does not increase the interest rate for your CD.

Read the full Barclays review.

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