Transportation Alliance Bank Review 2020

Published March 2020 by Libby Wells

AT A GLANCE
3.8
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Bankrate Score

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Low Minimum Deposit

No monthly fees

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Rewards Checking

TAB is a good fit for consumers who prefer to bank online and for truck drivers and fleet operators who get paid in various forms and do their banking on the go. It is not a good bank for people who like banking at a branch, as its only brick-and-mortar location is its Utah headquarters. It also has no ATM network of its own.

  • CDs
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    3.5
  • Savings
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    4.9
  • Checking
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    3.6
  • MMAs
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    3.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    NBKC Bank

    Member FDIC

    Checking account

    0.75 % APY

    $ 5

    To open

    $ 0

    To avoid fees

    Overall

    3.8

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    Bankrate Score

    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.

    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

    3.5

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    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.

    What we like

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

    • Various interest payment methods: check, transfer or compounding.

    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

    4.9

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    Bankrate Score

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

    What we like

    • Pays a very competitive APY.

    • No minimum deposit required to open an account.

    What we don't

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

    • Yields at some online-only banks are higher.

    Checking accounts

    3.6

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    The bank’s 365 Checking is an account that pays some interest and only requires a minimum deposit of $25. However, TAB Bank has no ATM network, so account holders must use other banks’ ATMs.

    Not all details about the checking account are available online; a Bankrate representative called the institution to collect more information.

    What we like

    • Low minimum deposit to open.

    • Pays some interest.

    • Well-rated mobile app.

    What we don't

    • No ATM network; must use other banks’ ATMs.

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

    Money market accounts

    3.3

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    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.

    What we like

    • Low minimum deposit to open an account.

    • No monthly maintenance fees.

    What we don't

    • $20 fee per withdrawal if you exceed six per month.

    • There are other online banks that pay higher yields.

    • You have to pay for checks.

    Bank experience

    TAB Bank is an online bank with a highly rated mobile app that lets you deposit money, pay bills or send funds to a friend or family member and get account alerts.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a freelance writer and editor with extensive experience in digital and print media. She holds a degree in journalism from the University of Kentucky. She previously worked at Bankrate.com as the copy desk chief. Before that, she covered the credit cards beat. Libby had a long career in the newspaper business in South Florida. She is a former copy editor and reporter for The Palm Beach Post in West Palm Beach and a former managing editor of the Palm Beach Daily News in Palm Beach. She also was a copy editor and assistant city editor at the Sun-Sentinel in Fort Lauderdale.