TAB Bank's 12-Month CD Earns 2.25% APY

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Availability: 12-month CD, 2.25 APY, $1k minimum deposit.

Availability: Nationwide through online application.

Although TAB Bank’s 12-month CD APY dropped by 44 bps in three rate decreases in the past year, its current 2.25% APY is quite competitive. In fact, it's now the highest rate that's available from an online bank. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$1k-TAB Bank12 Month CD
Rates as of November 19, 2019.

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impose will equal 90 days interest on the amount withdrawn subject to penalty.

Funding a TAB Bank CD can be done by ACH, wire transfer, or check; maturing funds can be distributed through the same three methods. The 12-month CD will automatically renew following the ten day grace period.

Kasasa Cash

TAB Bank added a Kasasa Cash Checking account in April earning 4.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. It remains the best deal for a reward checking account.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00*%-$50kTAB BankKasasa Cash Checking
OTHER TIERS: 0.25% $50k+
Rates as of November 19, 2019.

The monthly qualification requirements are fairly standard:

  • Have at least 15 debit card purchases (minimum $5)
  • Have at least one direct deposit, one ACH, or one bill pay transaction

Kasasa Cash Checking account has no monthly maintenance or opening/closing fees and there’s no minimum opening deposit requirement. Nationwide ATM fees will be reimbursed up to $15 per cycle if the monthly qualifications are met. New accounts automatically meet the qualification requirements during the account’s first statement cycle. There is a limit of one account per Social Security number.

Availability

Headquartered in Ogden, Utah, TAB Bank offers its product line nationwide. Since I last wrote about the 12-month CD in June 2018, an online application has been added – a distinct improvement over submitting an application by phone, e-mail, or even snail-mail.

CDs can also be opened at the sole Utah branch located on Harrison Boulevard in Ogden. A download of the CD Application is still available on TAB Bank’s website, though I can’t imagine it’s used very often.

Bank Overview

TAB Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 18.56% (above average), based on June 30, 2019 data. In the past year, TAB Bank increased its total non-brokered deposits by $72.58 million, an excellent annual growth rate of 24.25%. Please refer to our financial overview of TAB Bank (FDIC Certificate # 34781) for more details.

Established in 1998 as the Transportation Alliance Bank, Inc. by parent company, Flying J Inc., TAB Bank was originally founded to provide financial services to the US and Canadian trucking industry. The Bank has subsequently 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 $724 million.

How the CD Compares

When compared to 208 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available nationwide, TAB Bank’s 12-month CD APY shares the second spot with 1-year CDs offered by Quontic Bank, CommunityWide Federal Credit Union, and Wheelhouse Credit Union.

Interest RateCD Length of TermCredit Union/Bank
2.38% APY12-Month Standard CDAmerica’s Credit Union
2.25% APY12-Month CDTAB Bank
2.25% APY12-Month CDQuontic Bank

The above rates are accurate as of 11/15/2019.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Salt Lake City CD rates, 1-year CD rates, nationwide deals

Comments
TAB Bank Debuts Kasasa Cash Checking, 4.00% APY Up To $50k
Deal Summary: Kasasa Cash Checking (rewards checking account), 4.00% APY on qualifying balances up to $50k.

Availability: Nationwide through online application

Utah-based TAB Bank has recently added a Kasasa Cash Checking (Kasasa Cash) account, which earns 4.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

Monthly Qualification Requirements

  • Have at least 15 debit card purchases* (minimum $5)
  • Have at least one direct deposit, one ACH, or one bill pay transaction

*The fine print on the landing page clearly...

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TAB Bank High Yield Savings Raised to 2.30% APY
UPDATE: 1/26/2019 - Rate increased to 2.40% APY.

Availability: High Yield Savings, 2.30% APY, $2.5k minimum balance and minimum opening deposit.

Availability: Nationwide

Utah-based TAB Bank has added 28 bps to its High Yield Savings account rate, with balances of $2.5k and above now earning 2.30% APY. Balances less than $2.5k earn only 0.25% APY. The High Yield Savings account requires a minimum opening deposit of $2.5k.

Interest is compounded daily and credited on a monthly basis. If the High Yield Savings account is closed...

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TAB Bank Ups Nationally Available 12-Month CD Rate
Availability: 12-month CD (2.33% APY), 18-month CD (2.43% APY), $1k minimum deposit

Availability: Nationwide

Utah-based TAB Bank has raised its CD rates, with the 12-month CD (2.33% APY) and 18-month CD (2.43% APY) offering the best rates. Any TAB Bank CD can be opened with a $1k minimum deposit and there are no stated balance caps.

TAB Bank’s across-the-board CD rate increases in February put its short-term CDs in good standing with DA’s bi-weekly CD Rates Summary. As of yesterday, the 6-month CD (1.87% APY) and...

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TAB Bank Has Nationally Available Competitive 9-Month CD
Availability: 6-month CD (1.61% APY), 9-month CD (1.71% APY), $1k minimum deposit

Availability: Nationwide

Utah-based TAB Bank raised the rates on its CDs yesterday, with the 6-month CD (1.61% APY) and 9-month CD (1.71% APY) being the most competitive. The minimum opening deposit is $1k, with no stated balance cap.

Following the addition of 31 bps, both the 6-month and 9-month CDs are earning their highest APYs since they were added to the product line.

All of the CDs are also available as IRAs (Traditional, Roth), earning the same...

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TAB Bank Raises Rates On Nationally Available CDs
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.

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:

Availability

Headquartered in Ogden, Utah, TAB Bank offers its product line nationwide, although...

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