TAB Bank is an online bank that offers a variety of financial products and services. One of their popular offerings is the High-Yield Savings Account, designed to help account holders earn a competitive interest rate on their savings.
Here’s what you need to know about the TAB Bank High-Yield Savings Account:
Interest Rates:
One of the primary draws of the TAB Bank High-Yield Savings Account is the high interest rate offered. Currently, account holders can earn up to 0.55% APY on their balance. This rate is significantly higher than what traditional brick-and-mortar banks offer, making it an attractive option for those looking to maximize their savings.
No Fees:
The TAB Bank High-Yield Savings Account does not charge any monthly maintenance fees or transaction fees. This means that account holders can save their money without worrying about losing a portion of their funds to fees.
Online Access:
As an online-only bank, TAB Bank makes it easy to manage your account from anywhere with internet access. The online platform allows account holders to check their balance, transfer funds, and view account statements.
FDIC-Insured:
The TAB Bank High-Yield Savings Account is FDIC-insured up to $250,000 per depositor. This means that account holders’ funds are protected in case the bank experiences financial difficulties.
Additional Features:
The TAB Bank High-Yield Savings Account offers additional features such as mobile check deposit and ACH transfers, that make it easy for account holders to manage their money from their smartphone or tablet.
Drawbacks:
One drawback of the TAB Bank High-Yield Savings Account is that there are no physical branches. This may be inconvenient for some account holders who prefer in-person banking services. Additionally, while the interest rate is a benefit, it is still relatively small compared to what some other online banks offer.
Conclusion:
Overall, the TAB Bank High-Yield Savings Account is a great option for those looking to earn a competitive interest rate on their savings. The lack of fees and easy online access make it a cost-effective and convenient option, while the FDIC-insurance provides account holders with peace of mind knowing that their funds are protected. If you’re looking for an easy-to-use online savings account with a high-interest rate, the TAB Bank High-Yield Savings Account is worth considering.
