-
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
-
Financial Rates:
4.5
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No monthly fees or required balances
- Personal deposit accounts offered
- Can open all accounts online
- Competitive interest rates on accounts
Cons:
- Only personal deposit accounts
- Not wide variety of accounts
- Outgoing wires have a high fee
- MMA has high opening balance and fee
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.
Most Discover online bank accounts do not have monthly fees. They also do not have required balances to keep in the accounts. The online checking account, savings accounts, and CDs do not have a monthly fee. They are completely free. Only the money market account has a fee if your balance falls below $2,500.
Personal deposit accounts are available through Discover. They offer online savings, money market, and checking accounts. Their CDs range in terms from three months to ten years. Discover offers IRA CD terms as well as regular CDs.
These Discover accounts are entirely online accounts. Open the savings, money market accounts, and CDs online or by calling customer service. The checking account can only be opened online. Everything for these accounts is done online.
Discover accounts offer competitive interest rates. The rates for every account are much higher than your typical brick and mortar bank rates. The rates are competitive with other online accounts. The only account that has tiered interest rates is the money market account. The difference between the two-tiered rates is very small. Balances over $100,000 in the money market account earn a slightly higher rate. All balances earn competitive rates.
Discover Bank offers only personal deposit accounts. Those accounts include a savings, checking, and money market account, as well as CDs. Discover Bank does not offer any business accounts.
There is not a wide variety of personal deposit accounts offered through Discover. Discover offers one savings, one money market, and one checking account. No business accounts are available. CD terms range from three months to ten years.
One way to access your money in your Discover accounts is through a wire transfer. There is a fee to complete each wire. That fee is $30 for each outgoing wire sent from your Discover account. There is not a fee for domestic wire transfers received into Discover accounts. There may be a $20 fee for wire transfers received in a foreign currency.
The Discover money market account has a high opening required amount. That account requires $2,500 to open. There is a monthly fee of $10. Waive that fee by keeping $2,500 in the money market account.
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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 | |
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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.