TAB Bank VS Wells Fargo

Which bank is better for you?

  • Financial Rates: 3.5 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 5.0 Star Icon
0.25%APY
Savings/MMA
Advertiser Disclosure
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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: 1.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.5 Star Icon
0.01%APY
Savings/MMA
Advertiser Disclosure
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Pros:

  • Opportunity checking account
  • Business accounts are available
  • Checking account for teenagers
  • Low opening required amounts

Cons:

  • Low-interest rates
  • Accounts have monthly fees
  • Few CD options and high opening amount
  • No money market account offered
TAB Bank Review

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.

Read the full TAB Bank review.

Wells Fargo Review

Wells Fargo offers an Opportunity Checking account. This account is for those who do not qualify for a regular checking account. It offers checks, a debit card, bill pay, and mobile banking. With the Opportunity account, there is a $10 monthly fee. There are options to waive the fee.

Many business accounts are available through Wells Fargo. Business savings and checking accounts are available. They offer CDs, loans, and credit cards. Commercial finance options are available. Wells Fargo offers retirement and investment options for businesses, along with payroll options.

Wells Fargo offers a checking account specifically for kids 13-17 years old. A parent must open the account with the child. There are no monthly fees and it offers a debit card and mobile banking. Parents can set limits on the number of purchases and withdrawals made from the account.

To open a Wells Fargo checking and savings requires a low opening deposit. The savings and checking accounts only need $25 to open. The accounts may require more money to earn interest, but to open the account only requires $25.

The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts. Even the highest interest rates offered are low compared to other online accounts.

Most Wells Fargo accounts have a monthly fee. The fees range from $10-30, depending on the account. Ways to waive the fees include:

  • Signing up for electronic statements
  • Having an average daily balance above a set amount
  • Setting up a reoccurring savings deposit
  • Account holder is between a certain age
  • Having a direct deposit over a certain amount
  • Combined account balances are above a set amount
  • Making a set number of debit card transactions

Wells Fargo does not offer many CD term lengths. There are only four CDs with an opening amount of $2,500. Those terms are three-month, six-month, and one-year CDs. The 9, 29, and 39-month CDs require $5,000 to open. The Step Rate CD is a 24-month term. To open requires $2,500 and must be done in a branch location.

Wells Fargo does not offer a money market account. They offer a basic and a Platinum savings account. Neither account offers interest rates competitive to online accounts.

Read the full Wells Fargo review.

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