TAB Bank Money Market Account 2024 Review
TAB Bank offers a money market account with a low opening deposit requirement and no monthly maintenance fees. You might consider a money market account if you're looking for an alternative to a savings or checking account.
The TAB Bank Money Market account is a basic money market savings option. This account earns interest and you need just $25 to get started. Deposits are FDIC-insured and you'll have access to your money through online and mobile banking.
This money market account could be a good fit if you:
- Are looking for a simple savings option
- Have at least $25 to open an account
- Are comfortable with an online money market account
- Already have personal or business accounts with TAB Bank
TAB Bank also offers high-yield savings accounts, CD accounts and checking accounts for personal banking. There are a variety of business banking options to choose from as well.
TAB Bank Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account offers an exceptional APY for savers, with no monthly maintenance fees or minimum opening deposit requirements. You can manage your money online or withdraw cash fee-free at more than 75,000 Allpoint and MoneyPass ATMs. You also get the benefit of 24/7 support if you need help or have questions.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
Quontic Bank offers a high-yield money market account that earns one of the best rates among online savings options. You'll need at least $100 to open this account and you can request a debit card for convenient purchases or ATM withdrawals. If you need to withdraw cash, you can use over 90,000 surcharge-free ATMs nationwide.
Read our full editorial review of the Quontic Bank Money Market account
Vio Bank Cornerstone Money Market Account
The Vio Bank Cornerstone Money Market account also offers a high rate to savers with at least $100 to open an account. This account doesn't offer a debit card or paper checks but you can still easily manage your money through online and mobile banking access. There are no monthly fees, though you will pay a $5 fee for paper statements.
Read our full editorial review of the Vio Bank Cornerstone Money Market account
NBKC High-Yield Money Market Account
NBKC Bank's high-yield money market account pays interest and has no monthly maintenance fees. You can withdraw cash at ATMs on the go and get paid early with direct deposit. NBKC reimburses you up to $12 per month for out-of-net-work ATM fees.
Read our full editorial review of the nbkc High-Yield Money Market account
Interest Rates
Money market accounts can offer rates comparable to what you could earn with some of the top high-yield savings accounts, but that's not always the case.
Compared to other money market accounts, TAB Bank's APY lags behind the competition. The APY is closer to what you might expect from a traditional bank money market account.
Is that a reason to consider a different money market option? Maybe, if your goal is to get the highest rate for your money possible. But then again, it's not necessarily a dealbreaker.
When comparing money market rates, it's helpful to look at how the rate is applied. Some banks allow you to earn the same APY across all balances; others tier rates based on how much you save.
That could make a money market account look better than it is if you forget to read the fine print. You might think you're earning the highest advertised APY only to find out that you're getting a lower rate instead based on your balance.
Fees
Online banks can charge fewer fees than brick-and-mortar banks. That's a good thing since it means you get to keep more of your money.
Is TAB Bank fee-free? Not exactly. Here's what you'll pay.
Other Service Fees - TAB Bank Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Cashier's check | $15.00 |
| Paper statement | $5.00 |
| Stop payment | $25.00 |
| Copy of account records | $5-$20 |
| Nonsufficient funds fee | $0 |
| Overdraft fee | $0.00 |
| Incoming wire transfer fee | $15.00 |
| Outgoing wire transfer fee | $30.00 |
There aren't a lot of fees to know but there are a few transaction fees you could get hit with if you need to stop payment or wire funds.
ATM Access
Some banks offer a debit card or ATM card with money market accounts. That's a nice feature since it means you can withdraw cash or make purchases if you need to.
TAB Bank's money market account doesn't include an ATM or debit card. You could get one with a TAB Bank checking account, however.
TAB Bank doesn't have its own ATM network but you can withdraw cash fee-free at MoneyPass ATMs. There's no added charge to use another bank's ATM, though the ATM's owner could impose a fee.
If you're interested in ATM fee reimbursements, TAB Bank doesn't offer that with its checking accounts. So you'll need to be mindful about using MoneyPass ATMs should you decide to withdraw cash.
Account Management
TAB Bank doesn't have branches so your options for managing your account are limited to online and mobile banking.
If you need to deposit funds, you can:
- Schedule an ACH transfer from an external bank account
- Move money over from a linked TAB Bank account
- Arrange a wire transfer
- Use mobile check deposit
Withdrawals are limited to ACH transfers and wire transfers. TAB Bank's terms and conditions don't specify daily or monthly deposit and withdrawal limits.
TAB Bank is not listed as a Zelle partner but you can still use the Zelle app to send and receive payments. You'll need to link your TAB Bank money market account. Standard Zelle transfer limits apply.
FDIC Insurance
FDIC insurance protects depositors in case of a bank failure. That doesn't happen often but if it does, the FDIC makes sure that depositors get their money back, up to certain limits.
The current limit is $250,000 per depositor, per bank. TAB Bank is FDIC-insured so on the off chance that the worst happens, your money won't disappear.
FDIC insurance coverage is automatic when you open an account at a member bank. There's nothing you need to do to enroll to be protected.
What to Look for in a Savings Account
Money market accounts can share some features in common but they aren't all alike. It's helpful to shop around and compare money market options from different banks to find one that best fits your needs.
Here are a few helpful questions to ask as you start your search:
- Are you comfortable with online-only banking or do you need branch access?
- Would you prefer a money market account from a bank or a credit union?
- How much money do you have to open a new account?
- Does the account include paper checks or a debit card?
- How large is the ATM network?
- Does the bank refund foreign ATM fees? If so, is there a cap on refunds?
Comparing money market accounts online can give you a better idea of what different banks have to offer. You can also read consumer reviews of money market accounts to learn what people do or don't like about them.
Frequently Asked Questions
What is the downside of a money market account?
Money market accounts are a secure place to keep your money but they don't offer fixed interest rates and the features can vary from one account to the next. For example, some banks offer a debit card and paper checks while others limit you to online and mobile banking. Comparing money money accounts is the best way to find one that matches up with what you need.
Can you lose money with a money market account?
The only way you could really lose money with a money market account is if your bank fails and your deposits exceed the FDIC coverage limit. Anything over the limit wouldn't be protected, though it's possible that you could still get some of that money back if the FDIC sells off the bank's assets to satisfy its debts.
Are a money market account and a money market fund the same thing?
Money market accounts and money market funds sound alike but they aren't the same. A money market account is a deposit account offered by banks and credit unions. A money market fund is an investment product. While you could earn better returns with a money market fund, you're also at risk of losing money if the fund's price drops.
