-
Financial Rates:
5.0
-
Customer Service:
3.5
-
Website Experience:
4.0
-
Bank Fees:
5.0
Pros:
- Options on how to receive interest
- No opening required amount
- Pay credit card bill from savings account
- Competitive interest rates on accounts
Cons:
- Only offer savings and CD accounts
- Must link account to a different bank
- Funds not transferred immediately
- No checks, debit cards, or ATM cards
-
Financial Rates:
3.5
-
Customer Service:
5.0
-
Website Experience:
3.5
-
Bank Fees:
5.0
Pros:
- Variety of accounts offered
- No monthly maintenance fees
- Most accounts have low opening amounts
- Savings account and CDs offer high rates
Cons:
- Savings account opening balance high
- Most account interest rates low
- Opening accounts not entirely online
- Customer service not available 24/7
American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.
There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.
Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.
American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.
American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.
You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.
Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.
American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.
A variety of accounts are available through TAB Bank. They offer personal and business checking, savings, and money market accounts, along with CDs. The CD terms range from six months to five years. TAB offers personal deposit accounts and accounts for all sizes of businesses.
The accounts at TAB Bank do not have monthly maintenance fees. There is no required amount to keep in the account to avoid a monthly fee. The accounts do have set amounts to earn the most competitive interest rates.
Most TAB accounts have low required amounts to open. The money market account, checking, and basic savings account all only require $25 to open. There is a daily balance required of $1 to keep the account open and earn interest. Each of the CD terms require $1,000 to open.
TAB Bank’s high yield savings account and CDs offer competitive interest rates. These rates are competitive with other online accounts. The interest rate for the high yield account is not tiered. You do need to have a balance of $2,500 to earn the most competitive rate. Amounts under $2,500 still earn interest, just a much lower rate. Each of the CD terms offers competitive interest rates. CDs require $1,000 to open and earn interest.
The high yield savings account has a high opening balance. This account requires $2,500 to open. That amount is also required to keep in the account to earn the highest interest rate. Any amount under $2,500 earns interest, just a much lower rate.
Interest rates for TAB accounts, besides the high yield savings account and CDs, are low. They are not competitive with other online accounts. The interest rates for checking, basic savings, and money market accounts compare to brick and mortar bank rates.
Opening an account with TAB Bank is not done entirely online. The application is online. You must print off the application and fill out the information. Once the application is complete, you can email, fax, or mail it to TAB Bank.
TAB Bank customer service is not always available. TAB customer service is open Monday through Friday from 6 a.m. to 7 p.m. Mountain Time. On Saturday they open from 9 a.m. to 3 p.m. TAB customer service is closed Sunday and federal holidays.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.