TAB Bank is headquartered in Ogden and is the 24th largest bank in the state of Utah. It is also the 970th largest bank in the nation. It was established in 1998 and as of December of 2019, it had grown to 251 employees at 1 location. TAB Bank has an A+ health rating.
Related Posts
10/31 - As Rates Fall, the Appeal of High-Yield Reward Checking Grows
4/22 - TAB Bank Debuts Kasasa Cash Checking, 4.00% APY Up To $50k
1/21 - TAB Bank High Yield Savings Raised to 2.30% APY
I Stay For The Rates!!!
i opened this account 10/31/19 when orion reduced their rates. i have had zero complaints, and no problems opening the account, and no problems encountered in the past few months using the account.
i use the account as it was intended, in other words, they are now my primary bank. they arent my only bank, due to i churn bank bonuses, so i usually have 15 accounts going at one time, just for the bonuses. but for regular banking, my bills, my direct deposit, my purchases, it's exclusively tab.
if they keep the rate at 4%, i will stay indefinitely. i also really really love that i can click on each transaction and put notes in, because i forget what i bought sometimes, and looking back at transactions, i used to have to sit for hours and try to remember what i got, or try to hunt down old receipts. that's not the case with tab, you can put notes for every single transaction, and i love it!!!
the things i would improve is the percentage rate tracker, just to make sure we are on the same page, because if it's not reflected properly, i'd like to get it straightened out before the end of the month, so i make sure i get my interest, but so far, i've not had any problems getting my interest.
the only other thing i'd improve on is allowing transfers, but given the balances that a lot of us keep in there, perhaps its better that there arent transfer options on tab. i use ally to do my transfers into and out of tab, and i've had no problems whatsoever.
i highly recommend this bank, and i would recommend that you use the account as intended, or just dont open an account here. when i see comments of how to skirt the policy of making this your primary account, with just the minimum transactions and dollar amounts, it really infuriates me. im certain that is the reason orion dropped their rates.
this bank is providing an excellent rate, and you should make it your primary bank for that reason alone and stop trying to abuse the system.
Good So Far, Will Update
Opened in minutes online. Allows for very long user names and passwords. Customer service very nice and helpful. Hold time can be long. If you add a secondary user to the account, it is considered a joint account and they can't get another one. Has to be 1 primary per social# and you get only one card per account. But, someone can be authorized to call in to discuss the account. You can open an account and not keep a minimum balance without penalty. It just has to show activity. You can transfer money in and out every month to keep it active. That way, you can have extra accounts in a holding pattern for when you need them. Sometimes banks change the states they service and you can't get one later. They say that they set their own interest rates and it is not tied to the feds on the rewards checking. I will update once I start using it.
01/15/2020 Things are going well. However, they can change their rates at anytime without notice.
I think most of them are like that. At first I had long phone waits. I figured out you have to dial 800-355-3063 and choose "0". I only had to wait 2 minutes today. The reps have always been very nice and helpful. But, if they lower their rates I might move to a bank with easier requirements.
Lackluster Customer Service
Good rate, but expect loooong hold times to speak with anyone, and if the rep can't figure it out you have to wait a few days for someone to get back to you via email. Said email may or may not address your issue, and you're back to trying to reach a live person again. I put up with it only because of the competitive Kasasa rate. Also be aware that debits must be a minimum of $5. And as someone else pointed out, there is no place check to see the status of how you're doing in meeting requirements. Most Kasasa accounts have that and it's good to be able to confirm that you and the bank are on the same page, no month end surprise. They really should add that.
No Issues
I have had a Checking Account with TAB for 5 months now and I really haven't had any major issues.
Trying to get a hold of customer service can take a while and it took me about 3 weeks to get my card once I signed up but besides that, I haven't had any issues.
I see all of these negative reviews and it was kind of shocking to me because it wasn't my experience at all. I just use it as my main bank account and I easily get over 60 transactions a month. I've always received the 4% rate each month I have had it.
The app works great, easy interface and very intuitive.
I also have a savings account with them. The rate was higher but they recently lowered it but it's still a respectable 2.1%. I haven't had any problems at all with their savings account.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34781 |
| Year Established | 1998 |
| Employees | 251 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.51% |
| Return on Equity - YTD | 3.76% |
| Annual Interest Income | $66.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $827.0MM$739.4MM |
| Loans | Q4 2019vs Q4 2018 | $616.8MM$593.9MM |
| Deposits | Q4 2019vs Q4 2018 | $691.9MM$560.7MM |
| Equity Capital | Q4 2019vs Q4 2018 | $102.8MM$99.2MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $13.6MM$9.7MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $10.3MM$15.4MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$2.2MM |