Welcome to the Transportation Alliance Bank(TAB Bank) Review. This blog post will take an in-depth look at this bank and its offerings. We’ll cover everything from the bank’s history to its current products and services.
Our goal is to provide you with all the information you need to make an informed decision about whether or not this bank is worth your time and money? Let’s find out!
About Transportation Alliance Bank
The Transportation Alliance Bank has been in business for over 20 years and is headquartered in Ogden, Utah. TAB is an online banking service located inside truck stops founded in 1998.
The bank offers various services to consumers and businesses, including checking and savings accounts, IRAs, and money market accounts.
The Transportation Alliance Bank also has a highly-rated mobile app that allows customers to view account information and initiate mobile check deposits.
The bank has a variety of products and services that cater to both businesses and consumers.
Let’s take a closer look at some of the most popular offerings.
1. Savings Account
Transportation Alliance Bank offers two different types of savings accounts: the Premium Savings account and the High Yield Savings account.
The Premium Savings account has an APY of 0.25%, which is lower than the APY offered by the High Yield Savings account. However, the Premium Savings account has much more reasonable terms. There are no monthly fees and the minimum balance to keep the account open is $1.
The High Yield Savings account has an APY of 0.65%. This is a highly competitive APY, and it has very simple requirements. The minimum amount to open an account is $25, and there are no monthly fees.
Both of these savings accounts are FDIC insured, which means your money is safe even in the event of a bank failure.
Features of TAB Savings Accounts
- High APY
- FDIC insured
- No monthly fees
- Low minimum balance requirements
- Online & Mobile Banking Access
- No Opening Minimum Deposits
- No balance caps
Now, Let’s look Pros and Cons of Transportation Alliance Bank
- High APY on savings account: The Transportation Alliance Bank offers a high APY(0.65%) on its savings account, which is much higher than most banks offer.
- FDIC insured: Your money is safe with Bank because it is FDIC insured.
- No monthly fees: You will not be charged monthly fees for having a savings account with this bank.
- Low minimum balance requirements: The minimum amount required to open an account is only $25, which is very low compared to other banks.
- Online & Mobile Banking Access: You can access your account online or mobile app.
- No Opening Minimum Deposits: There are no minimum deposit requirements for opening an account.
- No balance caps: There is no limit to the amount of money you can deposit in your account.
- Low APY on Premium Savings account: The APY on the Premium Savings account is only 0.25%, lower than what other banks offer.
- No Physical Branch: Transportation Alliance Bank is an online-only bank and does not have any physical branches.
Now that we’ve taken a look at the most popular products ( Saving Account) let’s look at checking account products.
2. Checking Accounts
TAB Bank offers different checking account options for customers, including rewards checking account,365 Checking account, and TAB Chrome Checking account. Let’s take a closer look at each performance.
Rewards checking account
The rewards checking account offers cashback rewards on debit card purchases. With the Kasasa Cash Back account, you will earn 1% cashback on all debit card purchases, provided you meet the following criteria during each monthly qualification cycle:
- At least 15 debit card purchases (minimum $5 each)
- and at least one direct deposit, ACH, or bill pay transaction.
365 Checking account
The 365 Checking account is a standard checking option that offers a 0.10% APY on all balances. The account has a minimum balance requirement of $25 and an $8 monthly service fee, which can be waived if you meet one of the following criteria:
- Maintain a $1,000 minimum daily balance
- Make $12 monthly direct deposits.
- Complete eight debit card purchases per monthly statement cycle (ATM transactions excluded)
TAB Chrome Checking account
You’re a truck driver who is constantly going and away from home. You need a checking account that can accept payments and offers customer service hours that fit your schedule.
Bank offers a Chrome Checking account specifically designed for professional drivers like you. This account comes with the ability to accept payments such as Comdata checks, T-check and EFS.
And this ability comes with an account that earns 0.10% APY and only requires a $25 minimum to open the account. So whether you’re on the road or in your hometown, TAB Bank has you covered.
Pros of TAB Bank’s Checking Accounts.
- Low minimum deposit to open an account: You can open a checking account with TAB for as little as $25.
- No monthly fees: You will not be charged monthly payments for a checking account with this bank.
- Interest-bearing checking accounts: All of TAB Checing Accounts offer an APY, which is higher than most banks offer.
- No physical branches: Transportation Alliance Bank is an online-only bank with no physical branches.
- TAB doesn’t have an ATM network: If you need to withdraw cash, you will need to find an ATM in the Allpoint or MoneyPass networks.
3. Certificate of Deposit
You are looking for a certificate of deposit, but you don’t know what to look for or which one is best.
Transportation Alliance Bank offers a wide variety of CD term lengths, ranging from 6 months to 60 months.
Each of the term lengths earns interest throughout the term, but if you need to withdraw funds before maturity, this may lead to penalties. The minimum deposit required is $1000 to open a CD account with TAB .
Here are the Pros and Cons of Transportation Alliance Bank:
- Variety of CD Lengths
- Interest earned throughout the term
- No monthly maintenance fees
- Interest is paid via check or through a transfer.
- Early withdrawal penalties may apply
- Yields might be higher in another bank
Overall, Transportation Alliance Bank is a good choice for a certificate of deposit products. They offer a variety of terms and rates to meet your needs, plus the interest is paid out in full when the CD matures.
However, if you need to make an early withdrawal, some penalties may be involved. Still, this bank is worth considering for your certificate of deposit needs.
4. Money Market Account
Money market accounts are a type of savings account that offers a higher interest rate than a standard savings account. With a money market account, you may also write checks and withdraw funds without penalty.
Transportation Alliance Bank offers a money market account that pays 0.25% APY on deposited funds. The minimum deposit is $25, and there are no monthly fees. Transactions are limited to six per month unless you have a checking account with TAB
But the downside is TAB does not issue Debit Card with their MMA account, so you will have to go through other banks for your ATM needs.
Here are the features of MMA:
- Minimum deposit to open – $25
- No monthly service fee with e-statements
- Unlimited deposits
- Six withdrawals or transfers per month from your account.
Now, let’s check out the pros and cons of the TAB Bank Money Market Account.
- Higher APY than a standard savings account
- No monthly fees
- No monthly maintenance fees.
- You have check-writing privileges.
- Limited transactions each month.
- Another bank offer may have a higher APY
5. Other Financial Services
In addition to checking, money market, and savings accounts, TAB Bank also offers the following products and services:
- AR Financing
- Assets Based lending
- Equipment based lending
- Business terms Loan
- Business Banking
You can find more information about each of these services on TAB Bank’s website.
Alternative Banking Options to TAB Bank
You want to find a new bank for your savings account. Transportation Alliance Bank is one of the best banks in the country, but it may not be the right choice for you if you’re looking for more than just a checking account.
Here are some other options that might work better as an alternative to TAB Bank.
Marcus Bank by Goldman Sachs Bank USA
Marcus Bank by Goldman Sachs Bank USA is a great option if you’re looking for a high yield savings account. They offer an APY of up to .50% on deposited funds, and there are no monthly fees. You can also access your funds at any time without penalty.
While TAB offers a higher APY on their High Yield Savings Account, Marcus Bank is a good alternative if you’re looking for more than just a checking account.
Discover Bank is another good option for a savings account. They offer an APY of up to 0.50% on deposited funds, and there are no monthly fees. You can also access your funds at any time without penalty.
Discover Bank is a great choice if you’re looking for an online bank with a high yield savings account. Their APY is on par with Marcus Bank, but they also offer a variety of other products and services that TAB does not.
Alliant Credit Union
Alliant Credit Union is a good option if you’re looking for a checking account. They offer a variety of checking accounts, all with no monthly fees and no minimum balance requirements. You also have the option to open a savings account that has an APY of up to 0.55%.
So there you have it, a review of the Transportation Alliance Bank and some alternative banking options to consider. Which bank is right for you will ultimately depend on your specific needs and preferences. But all of these banks are great options for your savings needs.
Transportation Alliance Bank Customer Reviews
I have gathered some reviews of Transportation Alliance Bank from different sources; let’s take a look at what customers are saying:
I have read Reddit reviews for TAB bank, and it seems that people love the customer service but are not thrilled with the interest rates.
One reviewer said, “The customer service is great, but the interest rates are not as good as other banks.”
Another person said, “I have had a checking and savings account with TAB for over two years. The customer service is excellent.”
When it comes to the interest rates, it seems that you might be able to find better deals at other banks. Remember that you’re also losing out on credit card rewards for the spending you put on your debit card.
However, if you are looking for a bank with great customer service, TAB might be a good choice for you. Thanks for reading!
App Store review (TAB Mobile App)
If you’re looking for a bank with excellent customer service, the Transportation Alliance Bank is a great option. TAB has an awesome mobile app, online banking, and accessible customer service hours.
The iOS app has a rating of 4.7 out of 5 stars on the App Store, while the Android version has a rating of 4.5 out of 5 at Google Play. If you don’t want to use your phone to bank, you can do so 24 hours a day, seven days a week, through online banking.
Pros & Cons Explained
Before deciding if TAB Bank is the right bank for you, here are some things to keep in mind.
- Higher yields than competitors: One of the best things about TAB is that it offers higher yields than many of its competitors. This means you can make more money on your deposited funds.
- Consistent customer service: Another great thing about TAB Bank is that its customer service is constant, which isn’t always the case with other banks. You can always count on TAB Bank to be there when you need it.
- The mobile app is highly rated: The Transportation Alliance Bank mobile app is one of the best on the market, with four and seven stars out of five on the App Store.
- Very Low Minimum deposit requirements: TAB also has very low minimum deposit requirements, so it’s a great option for people just starting to save money.
- No physical branches: One downside of TAB Bank is that it doesn’t have any physical branches. This may not be an issue for some people, but others may prefer having the option to go into a branch to do their banking.
- No ATM network: Another downside of TAB is that it doesn’t belong to a network of ATMs, making withdrawing money difficult at times.
Who Is Best For Transportation Alliance Bank?
Who is best for Transportation Alliance Bank? Ultimately, the best candidate for Transportation Alliance Bank is someone who is looking for a bank with excellent customer service. TAB has a great mobile app, online banking, and accessible customer service hours.
Additionally, their interest rates are higher than many of their competitors. If you’re looking for a bank with great customer service, TAB Bank is a great option.
How to Open an account with Transportation Alliance Bank?
Opening an account with Transportation Alliance Bank is easy. To open an account online, you’ll need to provide some basic information, including your name, address, and Social Security number. You’ll also need to provide a valid form of identification, such as a driver’s license or passport.
Once you’ve submitted your information, a TAB representative will contact you to verify your identity and complete the account opening process.
When you open an account with Transportation Alliance Bank, you’ll be able to take advantage of all the benefits they have to offer, including higher interest rates and excellent customer service.
Transportation Alliance Bank Customer Services
If you’re looking for a bank with excellent customer service, the Transportation Alliance Bank is a great option. TAB Bank has an awesome mobile app, online banking, and accessible customer service hours.
The Transportation Alliance Bank customer service number is 800-355-3063, and they are available 6 a.m. to 7 p.m. (Mountain), Monday through Friday, and 9 a.m. to 3 p.m. (Mountain) on Saturday. Federal holidays are excluded.
Transportation Alliance Bank(2022)Review
If you're looking for a great online bank that offers competitive interest rates and excellent customer service, TAB Bank is a great choice. Their mobile app and online banking platforms are streamlined and easy to use, making it easy to manage your money on the go.
The only downside is that there are no physical branches, so if you need to speak with a teller in person, TAB Bank might not be the best option for you.
Have you tried out TAB Bank? We’d love to hear what you think!
Frequently Asked Questions
Is Transportation Alliance Bank FDIC insured?
Yes, Transportation Alliance Bank is FDIC insured.
Is Transportation Alliance Bank a good bank?
Overall, yes. Transportation Alliance Bank is a great option if you’re looking for an online bank with competitive interest rates and excellent customer service. The only downside is that they don’t have any physical branches.
How do I contact Transportation Alliance Bank customer service?
The Transportation Alliance Bank customer service number is 800-355-3063, and they are available Monday through Friday from six a.m. to seven p.m. (Mountain) and on Saturday from nine a.m. to three p.m. (Mountain). Federal holidays are excluded from those hours.
Is TAB Bank a real bank?
Yes, TAB is a real bank! They are FDIC insured and offer great interest rates and customer service.
What does TAB stand for?
TAB Bank stands for Transportation Alliance Bank. They are an Ogden-based bank that offers excellent interest rates and customer service.
What is transportation alliance bank routing number?
The routing number for Transportation Alliance Bank is 124384657. This is the number you’ll need to use if you want to transfer money to or from your Bank account.