If your business is looking for a savings account that can grow your capital while giving you full access to your funds, TAB Bank, a full-service online bank, may be a great option. It offers two business savings accounts:
- A savings account with 0.25% annual percentage yield (APY) that compounds interest daily.
- A money market account with 3.50% APY on balances up to $1 million, plus 0.25% APY on balances over $1 million, which compounds interest monthly.
Unlike most banks, TAB Bank does not have transaction limits for business savings accounts. However, neither account provides ATM cards and check-writing abilities. The minimum daily balance requirement to earn interest is $1 while the opening deposit requirement is $25.
TAB Bank deposits are Federal Deposit Insurance Corp. (FDIC)-insured for up to $250,000. It has no brick-and-mortar branches.
Pros
- Full-service online bank
- No monthly fee
- No transaction limit
Cons
- No cash deposits accepted
- No ATM card
- No physical branches
Features
- 0.25% APY for savings accounts
- 4.00% APY on balances up to $1 million (plus 0.25% in excess of $1 million) for money market accounts
- Daily compounding of interest for business savings accounts
- Monthly compounding of interest for money market accounts
- Digital banking
- Treasury management services
- Business certificates of deposit (CDs), checking, and multiple lending products available
- Partners with Autobooks for invoicing services
How TAB Bank Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | Geographic Availability | |
|---|---|---|---|---|---|
 Business Savings Bank | 0.25% | None | ATM withdrawals unavailable | $25 | All states (online only) |
 Business Savings Bank | 3.80% | None | N/A, no debit card issued | None | All states (online only) |
 Business Savings Bank | 3.85% to 4.25%, depending on balance | None | N/A, no debit card issued for savings | None | All states (online) and 1 branch in Utah |
When TAB Bank Is a Good Fit
- You are comfortable with online banking: TAB Bank has no physical branches and operates entirely online. Through its digital banking options, which include web banking and mobile banking through iOS and Android, customers can transfer money, make check deposits, and pay bills.
- You regularly make over six transactions per month: While most savings accounts limit users to six fee-free transactions per month, TAB Bank does not have a transaction limit. However, because it does not provide an ATM card, customers cannot make cash withdrawals.
- You need access to a wide range of lending products: In our roundup of the best business savings accounts, we named TAB Bank the best for interest-earning savings and business financing. It has an excellent selection of business lending products, including accounts receivable (A/R) financing, asset-based lending, equipment financing, term loans, invoice factoring, and commercial real estate (CRE) lending.
- You have a trucking business: TAB Bank offers a specialized personal checking account for truckers, which is why it’s included on our list of the best banks for trucking businesses.
When To Consider TAB Bank Alternatives
- You prefer in-person banking: TAB Bank lacks physical branches, so all banking transactions must be performed online. If you prefer in-person banking, we recommend Chase, which has more than 4,700 brick-and-mortar branches across all 48 mainland states. Our review of Chase business checking contains more information to help you decide if any of the bank’s accounts fit the bill.
- You want an ATM card for your savings account: TAB Bank’s business savings accounts do not have ATM cards. Meanwhile, the NBKC Bank money market account comes with a Business Debit Mastercard and up to $12 worth of ATM fee reimbursements per month. Read our NBKC Bank business savings review for more information.
- You want higher APY and extended FDIC insurance: Like most savings accounts, TAB Bank provides APY and FDIC insurance for balances of up to $250,000. If you want to earn higher interest and protect larger balances, consider Bluevine. Its Premier Checking account offers 4.25% for balances up to $3 million. In addition, Bluevine provides $3 million in FDIC insurance through Coastal Community Bank and other program banks. Learn more from our review of Bluevine business checking.
Check out our guide to the best business savings accounts for additional recommendations.
TAB Bank Business Savings Account Overview
TAB Bank Business Savings Account Requirements
The TAB Bank business savings account application form will ask for the following information:
- Full name
- Address
- Date of birth
- Social Security number or tax ID number (TIN)
- Company name
- Entity type
- Nature of business
- Doing-business-as (DBA) name, if applicable
- Email address
- Business and mobile number
Part of the TAB Bank business savings account requirements is submitting certain legal business documents. Our guide on how to open a business bank account provides a downloadable checklist of the documents that banks typically require.
TAB Bank Business Savings Account Features
Variable Interest Rate
Both Business Savings and Business Money Market accounts earn interest, which the bank credits to your account monthly:
- Business savings accounts offer an APY of 0.25% with daily compounded interest.
- Business money market accounts offer an APY of 3.50% on your first $1 million plus an additional 0.25% on your remaining balance. The interest is compounded monthly.
Rates are variable and may change at any moment without notice. The minimum daily balance requirement to earn interest is $1.
Digital Banking
You can access your TAB Bank account through the bank’s website or mobile app (available on both iOS and Android). Through digital banking, you can:
- Check account balances
- Search recent transactions
- Transfer money between accounts
- Pay bills
- Deposit checks remotely
On the App Store[1], the TAB Bank app has a rating of 4.7 from nearly 1,000 reviews while on Google Play[2], it has a 4.3 from around 170 reviews. Recent reviewers complained about login issues, low spending limits, and limited customer service hours.
Treasury Management
Through TAB Bank’s Treasury Management services, you gain access to a customizable dashboard that lets you manage day-to-day business operations, including payroll, merchant services, relationship management, and supply chain management.
Services under TAB Bank Treasury Management include:
- Positive pay
- Merchant services
- Online domestic and international wire transfer service
- Secure online banking
- Loan and account sweeps
- Remote deposit capture (RDC)
- Financial balance reporting
- Lockbox services and processing
- Dedicated relationship manager
- Supply chain management services
- Analyzed business checking account
- ACH origination and payroll distribution
Other TAB Bank Business Products
TAB Bank offers CDs with interest rates ranging from 4.0% to 5.27% The rates are valid as of 12/20/2023 and subject to change without notice at any time. and terms from six to 60 months. Customers can open multiple CD applications for one or more businesses. The minimum balance requirement to open an account and earn interest is $1,000.
The bank offers two business checking accounts: the interest-earning Business Checking account and the credit-earning Analyzed Business Checking. Both provide Mastercard debit cards, mobile banking, online banking, and bill pay.
- Business Checking account has an APY of 0.25%, a waivable monthly service fee of $8, and a fee-free monthly transaction limit of 100. Past the limit, a 35-cent fee applies.
- Analyzed Business Checking does not earn interest but pays an earnings credit of 0.25% and comes with a dedicated relationship manager. It has a monthly service fee of $25.
- A/R financing: Businesses can use this to secure lines of credit while using unpaid customer invoices as collateral. This effectively covers gaps in cash flow and makes up for possible late payments.
- Invoice factoring: Like A/R financing, invoice factoring solves cash flow gaps by using unpaid customer invoices as collateral for securing working capital. However, unlike A/R financing, invoice factoring provides cash instead of a line of credit.
- Asset-based lending: This bank’s asset-based lending monitors business collateral an[[d credit to underwrite asset-based loans.
- Equipment financing: Only available for trucking companies, this lets businesses secure flexible term loans for purchasing and maintaining business equipment.
- Lines of credit: Partnering with SmartBiz, TAB Bank provides small businesses with a revolving line of credit of up to $150,000.
- Term loans: By using an intuitive pre-qualification process, the bank provides flexible term loans for small and mid-sized businesses (SMBs) that may otherwise have limited access to financing options. The minimum amount a business can borrow is $30,000, while the maximum is $300,000.
- CRE loans: TAB Bank offers construction loans for experienced developers and term loans for other property types. Term loans can last up to 10 years.
The payments and accounting product suite Autobooks lets businesses send professional invoices directly to customers’ inboxes. The invoice leads customers to appropriate payment channels, which accept payments via debit card, credit card, and electronic bank transfer. Money goes directly to the business’ checking account. Businesses have access to payment histories that let them know which customers have paid and which have not and detailed reports like balance sheets and general ledgers.
TAB Bank works with more than 40 insurance providers to help businesses find the right insurance coverage. You can get an insurance quote by filling out an online form on its webpage. Business insurance is available for:
- Commercial property
- Commercial trucking
- Directors and officers (D&O)
- Errors and omissions (E&O)
- General liability
- Workers’ compensation
TAB Bank Business Savings Account Reviews From Users
There are no recent TAB Bank business savings account reviews, although TAB Bank has a 2.5 out of 5 rating on DepositAccounts[3] from around 40 reviews. Reviewers praised the customer service team for being responsive and personable. However, some complained that they never received callbacks or email replies from the bank’s representatives. Others mentioned the bank’s website was unreliable and glitchy.
Frequently Asked Questions (FAQs)
Yes, it is, with deposits insured by the FDIC up to $250,000 per depositor and ownership category.
TAB Bank is mainly an online bank that offers several banking products, which include savings, checking, money market accounts, CDs, and different types of loans.
TAB Bank initially focused on serving the trucking industry in 1998. Then, the bank extended its services to small and medium-sized businesses from various industries. At present, TAB Bank caters to the banking needs of individuals, families, and businesses nationwide through its full suite of financial products and services.
Bottom Line
TAB Bank is a decent banking option for businesses that want to grow their excess business funds and gain access to useful treasury management services and lending products. However, given the bank’s lack of physical branches and the accounts’ lack of support for cash deposits and ATM cards, it is not a good fit for cash-reliant businesses.
User review references:
[1]App Store
[2]Google Play
[3]DepositAccounts
