TAB Bank is headquartered in Ogden and is the 24th largest bank in the state of Utah. It is also the 993rd largest bank in the nation. It was established in 1998 and as of June of 2020, it had grown to 285 employees at 1 location. TAB Bank's savings rates are 25% higher than the national average, and it boasts an A+ health rating.
Related Posts
5/30 - Kasasa Cash Discontinued July 1st
5/15 - Online Savings Massive Cut To 1.10%
4/28 - Kasasa Cash Deposit Cap Down To $25K
3/30 - TAB BANK Rate Drop..Received This Email Today
1/18 - New Checking Account
1/2 - Savings Rate Cut At TAB Bank
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
Reliable Rate, Overall Happy Experience
I've had their rewards checking account since June 2019 and it's been good so far. Their rate has remained consistent and reliable through much of the recent rate drops. They have only just recently reduced it to 3% for April going forward, but that is still far better than competitors (Orion dropped to 1%, Heritage dropped to 1.5%). They also provided several days advanced notice prior to changing their rate, which I greatly respect and appreciate. By contrast, Orion retroactively changed their rates late March for the entire month, despite saying they wouldn't.
Pros:
- Great rate for rewards checking with high max limit. I've received the higher rate every single month since opening
- No requirements to earn higher interest in the first month after account opening
- Competitive rate for savings accounts
- Good online/mobile banking (transactions show up immediately) with alerts and bill pay
- Free ATM reimbursement wherever you want (up to $15/month)
Cons:
- You must wait 90+ days after opening before you can use their external transfer services (I know I can push/pull from an external account, but that's just ridiculous)
- Low ACH transfer limits and slow speed ($3,000, really?)
- Slow customer service response times, but they're at least nice from what I've experienced
Update, Appears They Have Corrected The Error.
Not paying the 4% promised. And there are so many restrictions on the 15 transactions in a month, it is a pain even if they did hold up their end of the deal.
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.
Easy To Open, But Can't Transfer Additional $ In
Easily opened my account a few days ago. Only then did I find out when I linked my external checking account that ACH transactions are limited to a maximum of $3,000 per transaction. Then I was notified that I will need to wait 90 days until my transfer account is allowed to transfer funds into TAB! Will be closing this account next week.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34781 |
| Year Established | 1998 |
| Employees | 285 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.21% |
| Return on Equity - YTD | 1.74% |
| Annual Interest Income | $36.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $901.3MM$724.9MM |
| Loans | Q2 2020vs Q2 2019 | $725.4MM$595.7MM |
| Deposits | Q2 2020vs Q2 2019 | $679.2MM$572.8MM |
| Equity Capital | Q2 2020vs Q2 2019 | $103.8MM$102.8MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $13.8MM$11.4MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $10.7MM$21.2MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |