TAB Bank Raises Rates On Nationally Available CDs

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Availability: Nationwide

Last week, Utah-based TAB Bank raised the rates on its CDs, with the 12-month (1.27% APY), 24-month (1.51% APY), and 36-month (1.64% APY) being the most competitive. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.57%$1k-TAB Bank36 Month CD
1.57%$1k-TAB Bank36 Month IRA CD (Traditional, CESA, Roth)
1.42%$1k-TAB Bank24 Month CD
1.42%$1k-TAB Bank24 Month IRA CD (Traditional, CESA, Roth)
1.22%$1k-TAB Bank12 Month CD
1.22%$1k-TAB Bank12 Month IRA CD (Traditional, CESA, Roth)
Accounts mentioned in this post. Rates as of September 28, 2016.

All three CDs are also offered as IRAs (Traditional, Roth CESA), earning the same APYs with the same funding requirements.

As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:

  • If your account has an original maturity of 12 months or less: The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of greater than 12 months: The fee we may impose will equal 180 days interest on the amount withdrawn subject to penalty.
  • Availability

    Headquartered in Ogden, Utah, TAB Bank offers its product line nationwide, although it does not have an online application.

    Opening a CD can be in person at the sole Utah branch located in Ogden, or by fax or e-mail. The CD application is available for download or can be requested by phone (800.837.4214).

    According to the CD FAQ page, “You may send in the application by fax or e-mail and fund the CD by mailing in a check with the application, by wire, or you can have us request the money from your financial institution.”

    Bank Overview

    TAB Bank (FDIC Certificate # 34781) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.78% (excellent), based on June 30, 2016 data. In the past year, TAB Bank has increased its total assets by $129.14 million, an excellent annual growth rate of 27.12% Please refer to our financial overview of TAB Bank for more details.

    Established in 1998 as the Transportation Alliance Bank, Inc., TAB Bank was originally founded to provide financial services to the trucking industry. TAB Bank has expanded to offer custom working-capital solutions to businesses from a variety of industries. TAB Bank is currently Utah’s 25th largest bank, with assets in excess of $714 million.

    How the CDs Compare

    When compared to the 155 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available nationwide, TAB Bank’s 12-month CD currently ranks fourth.

    Interest RateCD Length of TermCredit Union/Bank
    1.31% APY1-Year Yield Pledge CDEverBank
    1.30% APY1-Year CDLive Oak Bank
    1.27% APY12-Month CDTAB Bank

    When compared to the 149 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available nationwide, TAB Bank’s 24-month CD currently ranks second.

    Interest RateCD Length of TermCredit Union/Bank
    1.55% APY25-Month Special CDVeridian Credit Union
    1.51% APY24-Month CDTAB Bank
    1.50% APY24-Month Term Savings CDQuorum Federal Credit Union

    When compared to the 150 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available nationwide, TAB Bank’s 24-month CD currently ranks fourth.

    Interest RateCD Length of TermCredit Union/Bank
    1.71% APY35-Month CD SpecialUSALLIANCE Financial
    1.68% APY3-Year CDState Bank of India
    1.64% APY24-Month CDTAB Bank

    The above rates are accurate as of 9/12/2016.

    To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

    Comments
    5.25% Savings Account at Transportation Alliance Bank
    Transportation Alliance Bank (TAB) just increased the rate of its Premium Savings Account to 5.25% APY. The initial deposit requirement is only $25, and there's only a $1 minimum balance requirement to earn the full interest. According to the fee schedule (pdf) there are no monthly fees.

    The Money Market Account also had a major rate bump. The rate is just a tad lower than the savings account at 5.15% APY. The advantage of the money market account is that it has check writing privileges (up to 3 a month). It...

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    4.50% Money Market Account / 5.15% 12-Month CD at Transportation Alliance Bank
    Transportation Alliance Bank has some impressive rates on many of its accounts. The yield on both the savings and the money market account is 4.50% APY with a low $25 initial deposit and balance requirement. The Money Market Deposit Account offers check writing with the standard 3-check per month limit.

    In addition to top savings account rates, the bank has some top CD rates with a low minimum of $1K. The best is a 1-year certificate of deposit with an APY of 5.15%.

    Term APY
    60 Month...




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