TAB Bank Spend Rewards Checking Account 2024 Review
TAB Bank Spend Rewards Checking offers cash back on purchases and a competitive APY on account balances. There's no minimum deposit required to get started and no account fees, making it an appealing choice for online banking.
TAB Bank Spend Rewards Checking combines the best of both worlds with debit card rewards and a generous APY on balances. There are no account fees and you have multiple ways to access and manage your money.
You might choose TAB Bank for your checking needs if you:
- Are looking for a high-yield interest checking account
- Want to earn cash back on debit card spending
- Prefer to avoid banking fees
- Don't need branch banking access
Overall, it's one of the best checking accounts based on the range of benefits offered and the lack of fees. It's easy to open a TAB Bank Spend Rewards Checking account online and you're never penalized for having a low balance.
TAB Bank Spend Rewards Checking Account Pros & Cons
Compared to Other Checking Accounts
SoFi Checking and Savings
SoFi Checking and Savings is a convenient way to manage your money. Savings balances earn an impressive APY while you can get up to 15% in cashback rewards on eligible debit card purchases. There are no monthly fees and you can take advantage of up to $2 million in FDIC insurance coverage.
Read our full editorial review of SoFi Checking and Savings
LendingClub Rewards Checking
LendingClub Rewards Checking is an online checking account with no monthly fees. You can earn cash back on debit card purchases when you meet one of two requirements. You'll either need to maintain an average balance of $1,000 or receive $1,000 or more in direct deposits each statement cycle.
Read our full editorial review of the LendingClub Rewards Checking account
American Express Rewards Checking
American Express Rewards Checking is an online checking account with no opening deposit requirement and no monthly fees. Eligible debit card purchases earn Membership Rewards points, which you might appreciate if you already have an American Express credit card. Balances also earn interest and you can withdraw cash at more than 70,000 ATMs fee-free.
Read our full editorial review of the American Express Rewards Checking account
Axos Bank Rewards Checking
Axos Bank Rewards Checking is a high-interest checking account with no monthly fees. The APY is solid but there are several requirements you'll need to meet to earn the maximum rate. There are no monthly fees or overdraft fees and Axos Bank offers unlimited foreign ATM fee reimbursements.
Read our full editorial review of the Axos Bank Rewards Checking account
Interest Rates
TAB Bank is one of the better banking options for interest checking. The APY isn't quite as high as what you might earn with a high-yield savings account or money market account, but it's still hard for traditional banks to beat.
You'll need to have at least $0.01 in your account to earn interest. That's an advantage compared to other banks that might require you to have $1,000 or more in checking to earn the advertised APY.
Rewards
The TAB Bank Spend Rewards Checking account earns a flat 1% cashback on debit card purchases.
That means you can earn rewards on every dollar you spend. At other banks, you may need to hit a minimum spending requirement or spend at selected merchants to earn cashback.
Earning rewards is a great reason to open a checking account but remember to check the details to make sure it's a good fit.
As you compare rewards checking (or interest checking) accounts, consider:
- Minimum balance requirements to earn rewards or interest, if any
- Rewards rate/interest rate
- Redemption options (for cashback rewards)
Earning rewards or cashback may not be worth it if you have to jump through a lot of hoops to do it.
Fees
TAB Bank is like other online banks, in that it aims to keep fees to a minimum.
It's always helpful to review the fee schedule when opening a new checking account. That way, you're not caught off guard by any hidden or surprise fees later.
Other Service Fees - TAB Bank Spend Rewards Checking Account
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0.00 |
| Foreign ATM fee | $2.00 |
| Overdraft Fee | $30.00 |
| Non-Sufficient Funds Fee | $30.00 |
| Cashier's Check | $15 |
| Outgoing Wire Transfer | $30 |
| Stop Payment | $25.00 |
| Paper Statements | $0.00 |
There's no monthly maintenance fee so you don't need to worry about meeting any special requirements to avoid it.
Branch and ATM Access
TAB Bank has just one branch but you can withdraw cash at ATMs. Withdrawals are fee-free at MoneyPass ATMs.
The best online checking account offers ATM fee reimbursements since that gives you more options for withdrawing cash.
TAB Bank doesn't offer that. If you plan to use ATMs regularly to manage your account, remember to look for MoneyPass locations near you to avoid a fee.
Account Access
In addition to ATM access, you can manage your accounts through online and mobile banking. Some of the most useful features include:
- Direct deposit
- Online bill pay
- Mobile check deposit
- ACH transfers
If you also have a TAB Bank savings account, you can easily transfer money between them online or in the app. Your deposit account agreement should specify limits on withdrawals and deposits.
You can link your account to the Zelle app to transfer funds to friends and family or receive payments. Note that Zelle transfer limits apply.
FDIC Insurance
TAB Bank accounts are protected by FDIC insurance.
The FDIC insures banks to keep depositors' money safe if a bank fails. That doesn't happen often but if it does, it's good to know that you won't lose all of your money.
FDIC deposit insurance is not unlimited, however. Depositors are covered up to $250,000 per bank.
What You Need to Open
It's easy to open a TAB Spend Rewards account online. You'll need the following:
- Government-issued, unexpired photo ID
- Social Security number
- Date of birth
- Mailing address and phone number
- Driver's license information
- Bank account information (to link an external account for your first deposit)
Keep in mind that any time you open a new bank account, the bank can run your ChexSystems report.
ChexSystems is a consumer credit report agency that collects information about bank accounts. If you have negative items on your ChexSystems report you could be denied a bank account.
Frequently Asked Questions
Who uses TAB Bank?
TAB Bank was originally started with long-distance truckers and small business owners in mind, but anyone can open an account here. You just need to be 18 or older to get started with a checking or savings account.
What are the benefits of TAB banking?
TAB Bank charges minimal fees, which is an advantage over traditional banks. The Spend Rewards account earns a great APY to help you grow your money. You can also earn cashback rewards on debit card purchases.
How does an online checking account work?
Online checking accounts work the same as other checking accounts; the difference is that you don't have branches you can visit. Instead, you can pay bills or schedule transfers online, withdraw cash at ATMs and use your debit card to make purchases. Online checking accounts can charge fewer fees and offer more benefits than traditional checking accounts.
