TAB Bank Raises Rates On Nationally Available CDs
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:
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account has an original maturity of 12 months or less: The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.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has an original maturity of greater than 12 months: The fee we may impose will equal 180 days interest on the amount withdrawn subject to penalty.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.
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.
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.
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.
