Transportation Alliance Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.6

Bankrate Score

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Rewards Checking

Transportation Alliance Bank is mostly an online bank that offers deposit accounts for individuals and businesses, as well as commercial loans. Its mobile app is highly rated by Apple and Android users. With roots in the trucking industry, it still serves the transportation sector, as well as individual consumers.

  • CDs
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    4.7
  • Savings
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    5.0
  • Checking
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    4.6
  • MMAs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.6

    Bankrate Score

    Transportation  Alliance Bank (TAB Bank) is mostly an online bank that offers deposit accounts for individuals and businesses, as well as commercial loans. Its mobile app is highly rated by Apple and Android users. With roots in the trucking industry, it still serves the transportation sector, as well as individual consumers.

    What we like

    • Deposit accounts pay higher yields than many other banks.

    • It has a well-rated mobile app.

    • Low minimum deposit requirements.

    What we don't

    • Only one physical location.

    • No ATM network. Customers use other banks’ ATMs.

    • There are other online-only banks that pay higher yields on deposits.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    TAB bank has certificates of deposit with eight terms and APYs that beat those offered by many traditional banks and even some other online banks. The minimum deposit to open one of these CDs is $1,000.

    What we like

    • Consumers have a good choice of CD deposit term lengths.

    • You can have your interest paid via check or through a transfer.

    What we don't

    • Minimum deposit requirement isn’t high but it’s higher than some banks.

    • Higher yields can be found elsewhere.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    TAB Bank offers a high-yield savings account that pays a competitive APY and has easy terms for opening and maintaining the account.

    The high-yield savings account only requires a daily balance of $1 and doesn’t require a minimum opening deposit.

    You don’t need a minimum deposit to open the high-yield savings account.

    What we like

    • The high-yield savings account pays a very competitive APY.

    • There isn’t a minimum deposit required to open a high-yield savings account.

    • You only have to maintain a $1 daily balance in the high-yield savings account.

    • The high-yield savings account doesn’t have a monthly maintenance fee.

    What we don't

    • Monthly fee of $5 if you want a paper statement.

    • Yields at some online-only banks are higher.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    The Rewards checking account doesn’t require a minimum opening deposit. The account also doesn’t require a minimum daily balance. But those looking for a competitive cash back percentage on debit card purchases will need to make at least 15 debit card purchases, of at least $5 each, per statement cycle, and have a direct deposit or automated clearing house (ACH) into the account.

    Note: TAB no longer offers Kasasa Cash. However, its website says that a checking account that will let you earn “a really high rate” is coming soon.

    What we like

    • Low minimum deposit to open.

    • There isn’t a cap on cash back earnings on debit card purchases with the Rewards

    • TAB Bank Mobile app is a well-rated mobile app, especially on iOS.

    What we don't

    • TAB Bank doesn’t have an ATM network so you’ll need to use other banks’ ATMs.

    • There are other online banks that offer a higher APY.

    • You need to really work for the competitive cash back.

    Money market accounts

    3.9

    Bankrate Score

    Requirements to open a money market account at TAB banks are not strenuous. You only need to deposit $25 to open the account. However, you can find higher yields elsewhere.

    The money market account lets you write checks. That can come in handy in certain situations.

    But like at most banks, writing more than six checks during a monthly statement cycle will cost you. At TAB Bank this fee is $20 for every check after your sixth one in a month.

    What we like

    • Low minimum deposit to open an account.

    • No monthly maintenance fees.

    • The Money Market has check-writing privileges.

    What we don't

    • There’s a $20 fee per withdrawal if you exceed six per month.

    • There are other online banks that pay higher yields.

    Bank experience

    TAB Bank is an online bank with a highly rated mobile app on iOS that lets you deposit money, pay bills or send funds to a friend or family member and get account alerts. The app receives a pretty good rating on Google Play as well.

    The bank is best suited for consumers who are comfortable with online and mobile banking.

    About Transportation Alliance Bank

    Founded in 1998, Transportation Alliance Bank, or TAB Bank, started out as a banking service located inside truck stops. It still handles the specific banking needs of truck drivers and fleet operators, but the bank’s products have expanded to also serve individual consumers. Utah-based TAB is primarily an online bank.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth