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 before the interest is credited, the accrued interest will be forfeited.
While there are no monthly service fees, there is an Excessive Withdrawal Fee of $20 for each withdrawal beyond the six allowed per month. eStatements are free, but paper statements incur a $5 fee per statement.
Funding a High Yield Savings account can be done by ACH, wire, or check, and online and mobile banking access is available.
The High Yield Savings is a fairly new product. We began tracking it last September with a 1.80% APY. In the last few years, TAB Bank has occasionally come out with a few competitive CDs. Most noteworthy in 2018 were its short-term CDs. TAB Bank’s CD rates are currently competitive, but there isn’t anything that’s noteworthy.
Headquartered in Ogden, Utah, TAB Bank has been offering its product line nationwide for several years. Since I last wrote about TAB Bank in June, an online application has been added – a definite improvement over submitting an application by phone, e-mail, or even snail-mail.
The High Yield Savings account can also be opened in person at the sole branch located on Harrison Boulevard in Ogden, Utah.
TAB Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.43% (above average), based on September 30, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $2.13 million, an above average annual growth rate of 0.74%. Please refer to our financial overview of TAB Bank (FDIC Certificate # 34781) for more details.
Currently Utah’s 23rd largest bank, Tab Bank was established in 1998 as the Transportation Alliance Bank, Inc. by parent company, Flying J Inc. Originally founded to provide financial services to the US and Canadian trucking industry, TAB Bank subsequently expanded to offer custom working-capital solutions to businesses from a variety of industries.
According to a recent Bank Director article,
Most people assume that fintech companies are out to take business away from banks, but what if the opposite is true?
What if, instead of being a threat, fintech companies actually open up new opportunities for banks?
“We came to the conclusion that we would build our strategy around how we think the market will look in two to five years, not how it behaves today,” says Curt Queyrouze, president of TAB. “What we determined was that once consumers try a digital interaction, they stay in that lane.”
How the High Yield Savings Compares
When compared to 211 savings accounts tracked by DepositAccounts.com that available nationwide and do not require a large minimum balance, TAB Bank’s High Yield Savings APY currently ranks fourth.
The above rates are accurate as of 1/21/2019.
To compare savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.