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TAB Bank is an online bank.
TAB; Alyssa Powell/Business Insider
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.
Pros and cons
High interest rates on savings account and CDs
No monthly fees on savings accounts
Money market account with paper checks
Checking account that helps you earn stock when you use the debit card
Another checking account specifically for truckers
Must have TAB Certificate of Deposit to open a CD
No debit card with money market account
The TAB High-Yield Savings Account is the bank’s strongest product. It pays a solid APY, doesn’t charge monthly fees, and doesn’t require a minimum opening deposit.
With the TAB Flow account, you can earn fractional stocks in companies each time you swipe your debit card. You’ll earn a 0.50% stock reward with each eligible purchase with TAB Flow, which doesn’t charge a monthly fee. TAB Flow+ charges $5 per month, and you’ll earn a 1% stock reward with purchases. Keep in mind that to open TAB Flow or Flow+, you must also have a Bumped brokerage account.
TAB also offers a checking account specifically for truckers, TAB Chrome Checking. This account lets customers process payments for truckers with EFS and Comdata checks.
Overall, TAB pays competitive rates on CDs. But depending on which term you choose, you may be able to find higher rates at other online banks.
The bank also gives you several options for receiving your interest. You can keep it in your CD, receive a check, or transfer the interest to another TAB account.
TAB’s early withdrawal penalties are relatively low, especially for longer terms.
On the bright side, the TAB Money Market Account requires a much lower minimum opening deposit than many banks. The account also comes with paper checks, giving you easier access to your money than with a savings account.
But the rate is lower than what you’ll find with many online banks. TAB also doesn’t send you a debit card, which could be inconvenient if you would be more likely …read more
Source:: Business Insider