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.
|1.71%||$1k||-||TAB Bank||9 Month CD|
|1.71%||$1k||-||TAB Bank||9 Month IRA CD (Traditional, Roth)|
|1.61%||$1k||-||TAB Bank||6 Month CD|
|1.61%||$1k||-||TAB Bank||6 Month IRA CD (Traditional, Roth)|
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 APYs with the same funding requirements.
Although the rest of TAB Bank’s CDs don’t have such striking APYs, the new rates merit inclusion in the CD Rates Summary.
|2.48%||$1k||-||TAB Bank||60 Month CD|
|2.38%||$1k||-||TAB Bank||48 Month CD|
|2.27%||$1k||-||TAB Bank||36 Month CD|
|2.17%||$1k||-||TAB Bank||24 Month CD|
|2.02%||$1k||-||TAB Bank||18 Month CD|
|1.92%||$1k||-||TAB Bank||12 Month CD|
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account has an original maturity of 12 months or less: The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.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has an original maturity of greater than 12 months: The fee we may impose will equal 180 days interest on the amount withdrawn subject to penalty.
Headquartered in Ogden, Utah, TAB Bank offers its product line nationwide, although it does not have an online application.
CDs can be opened at the sole Utah branch located in Ogden, or by submitting the CD Application via fax (801.624.5326), snail-mail, or e-mail. In addition to being available as a download, the CD application can also 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.”
TAB Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.00% (excellent), based on September 30, 2017 data. In the past year, TAB Bank increased its total non-brokered deposits by $13.46 million, an excellent annual growth rate of 4.93%. 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 $716 million.
How the CDs Compare
When compared to the 186 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available nationwide, TAB Bank’s 9- and 6-month CD APYs currently rank first and third, respectively.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.71% APY||9-Month CD||TAB Bank|
|1.65% APY||9-Month Online CD||Barclays|
|1.61% APY||6-Month CD||TAB Bank|
|1.56% APY||6-Month CD||First Internet Bank|
The above rates are accurate as of 2/1/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.