TAB Bank Business Savings Review 2023
This article is part of a larger series on Business Banking.
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).
- A money market account with 3.50% APY on balances of $1 million and less and 0.25% APY on balances over $1 million.
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 balance requirement to earn interest is $1, while the opening deposit requirement is $25.
TAB Bank has no brick-and-mortar branches. Deposits under it are Federal Deposit Insurance Corp. (FDIC)-insured for up to $250,000.
What We Like
- Full-service online bank
- No monthly fee
- No transaction limit
Drawbacks
- No cash deposits accepted
- No ATM card
- No physical branches
Features
- 0.25% APY for savings accounts
- 3.50% APY on balances of $1 million and less for money market accounts
- Digital banking
- Treasury management services
- Business certificates of deposit (CDs), checking, and 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 | |
|---|---|---|---|---|
 Business Savings Bank | 0.25% | None | ATM withdrawals unavailable | $25 |
 Business Savings Bank | 4.00% | None | None via Allpoint ATMs* | None |
 Business Savings Bank | 3.60% to 4.00%, depending on balance | None | None at MoneyPass and Allpoint ATMs; $1.50 for out-of-network* | None |
*Third-party operator fees may apply.
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.
When TAB Bank Is Not a Good Fit
- You prefer in-person banking: TAB Bank lacks physical branches, so all banking transactions must be performed online. If you prefer in-person banking, you may be better served by Chase, which has more than 4,700 brick-and-mortar branches across all 48 mainland states. Our review of Chase Business Complete Banking contains more information on Chase’s savings products.
- You want an ATM card for your savings account: TAB Bank’s business savings accounts do come with 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 to extend your FDIC insurance: Like most savings accounts, TAB Bank provides FDIC insurance for balances of $250,000 and less. If you want to protect larger balances, consider Mercury’s Treasury Account, which provides FDIC insurance of up to $5 million through managed mutual funds. Learn more in our review of Mercury business checking.
Check out our guide to the best business savings accounts for additional recommendations.
TAB Bank Business Savings Overview
TAB Bank Business Savings 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 identification number (TIN)
- Company name
- Entity type
- Nature of business
- Doing-business-as (DBA) name, if applicable
- Email address
- Mobile number
The institution may also request for 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 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%.
- Business money market accounts offer an APY of 3.50% on your first $1 million and 0.25% on your remaining balance
Rates are variable and may change at any moment without notice. The minimum 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
The mobile app comes with touch and face ID functionality to enhance security for sign-ins. Reviews for the TAB Bank app are mostly positive. It earned a rating of 4.7 on the App Store1 (based on more than 900 reviews) and 4.4 on Google Play2 (based on more than 150 reviews). However, the majority of views published within the last year have been negative. A few users complained that the app locked them out of their accounts, and others said that the app is unreliable.
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 3.90% to 4.76% (rate as of May 24, 2023) 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.
The Business Checking account has an APY of 0.25%. Meanwhile, Analyzed Business Checking does not earn interest, but it pays earnings credit at a rate of 0.25% and comes with a dedicated relationship manager.
If you’re looking for more competitive accounts, check out our guide to the best small business checking accounts.
The lending products that TAB Bank offers include A/R financing, invoice factoring, asset-based lending, equipment financing, business term loans, and commercial real estate:
- 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 and 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.
- Term loans: By using an intuitive prequalification process, the bank provides flexible term loans for small and midsized 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 $350,000.
- CRE: TAB Bank offers construction loans for experienced developers, bridge loans for senior housing 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 Business Savings User Reviews
There are no recent TAB Bank business saving reviews, although TAB Bank has a 2.5 out of 5 rating on DepositAccounts3 (based on more than 40 reviews). Reviewers praised the customer service team for being timely, friendly, and personable. However, some said that the bank’s online platforms leave much to be desired, as both the app and website are unreliable.
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:
