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Transportation Alliance Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.7

Bankrate Score

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Rewards Checking

Transportation Alliance Bank has roots in the trucking sector but has expanded to serve individual consumers.

  • CDs
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    4.7
  • Savings
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    5.0
  • Checking
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    4.7
  • MMAs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    2.85 % APY

    $ 0

    Min. balance for APY

    Bask Bank

    Member FDIC

    Savings account

    2.75 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    2.70 % APY

    $ 0

    Min. balance for APY

    Overall

    4.7

    Bankrate Score

    Transportation Alliance Bank is mostly an online bank that offers deposit accounts for individuals and businesses, as well as commercial loans.

    What we like

    • Deposit accounts pay higher yields than many other banks.

    • Its mobile app is highly rated.

    • Minimum deposit requirements are low.

    What we don't

    • TAB has only one physical location.

    • TAB has 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
    CIT Bank

    Member FDIC

    CD

    3.50 % APY

    13mo

    Term

    $ 1,000

    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 a CD is $1,000.

    What we like

    • TAB offers a variety of CD-term lengths.

    • Interest is paid via check or through a transfer.

    What we don't

    • Minimum deposit requirements are higher than some competitors.

    • Higher yields can be found elsewhere.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    2.85 % 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. A minimum deposit isn’t required to open a high-yield savings account.

    What we like

    • The high-yield savings account pays a competitive APY, has no monthly maintenance fee and requires only $1 daily balance to earn the yield.

    • No minimum deposit is required to open a high-yield savings account.

    What we don't

    • A $5 monthly fee is charged for paper statements.

    • Yields at some online-only banks are higher.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.50 % APY

    $ 0

    To open

    $ 0

    To avoid fees

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

    What we like

    • Low minimum deposit to open.

    • The Rewards account has no cap on cash-back earnings on debit card purchases.

    • The TAB Bank Mobile app gets high ratings from users, especially on iOS.

    What we don't

    • TAB Bank doesn’t have an ATM network so customers must use other banks’ ATMs.

    • Other online banks offer a higher APY.

    Money market accounts

    3.9

    Bankrate Score

    Opening a money market account at TAB Bank requires just $25, though higher yields are available at some competitors. The money market account lets you write checks, but as with most banks, writing more than six checks during a monthly statement cycle will cost you. At TAB Bank the 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 account offers check-writing privileges.

    What we don't

    • A $20 fee applies for every withdrawal beyond six in each statement cycle.

    • Other online banks pay higher yields.

    Bank experience

    TAB Bank is best suited for consumers who are comfortable with online and mobile banking. Its mobile app allows users to deposit money, pay bills, send money to friends or family and get account alerts. The app receives high ratings by Apple iOS users, though those utilizing the Android operating system are less enthusiastic.

    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. Ogden, Utah-based TAB is primarily an online bank. Its mobile app is highly rated by Apple and Android users.

    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