TAB Bank's High-Yield Savings: 3.95% APY With No Minimum Deposit

If you're hunting for a savings account that doesn't make you jump through hoops, TAB Bank's High Yield Savings is worth a look. It's currently paying 3.95% APY on every dollar you deposit, with no minimum to open and no monthly service fee. The account is available to anyone in the U.S., and you can open it entirely online. But before you move your cash over, there are a few details you'll want to understand—especially around how the rate can change and how transfers work.

What You Get With TAB Bank's High Yield Savings

TAB Bank has been around since 1998 and is headquartered in Ogden, Utah. The High Yield Savings account is its straightforward savings product: you earn 3.95% APY on balances of $1 or more, and there's no cap on how much you can earn that rate on. That's a pretty rare combination—many banks reserve their top rates for larger balances or require a minimum deposit to get started.

The account comes with the usual digital conveniences: online banking, mobile banking, eStatements, and text alerts. If you prefer paper statements, you can get them, but they'll cost you $5 each. Interest compounds daily and is credited to your account monthly, which helps your balance grow a little faster than simple interest.

• 3.95% APY on all balances of $1+
• No minimum opening deposit
• No monthly service fee
• No maximum balance limit
• FDIC insured
• Online and mobile banking included

The Fine Print on Fees and Access

TAB Bank keeps the fee schedule lean. There's no monthly maintenance fee, no early termination fee, and eStatements are free. The only notable charge is for paper statements, which run $5 per statement. That's easy to avoid if you're comfortable going paperless.

You can open the account online from anywhere in the country, or visit the bank's sole branch on Harrison Boulevard in Ogden, Utah, if you happen to be local. Customer service and account management are handled through the online and mobile platforms.

• No monthly service fee
• No early termination fee
• Free eStatements; paper statements $5 each
• One physical branch in Ogden, Utah

Moving Money In and Out

One area where details are a bit thin is ACH transfer limits. According to available information, there's no limit on the number of external bank accounts you can link for transfers, and no limit on ACH withdrawals initiated from another bank. However, specific daily and monthly dollar limits for pushes and pulls aren't clearly published—one source lists a $3,000 daily limit for both, but that hasn't been officially confirmed.

If you plan to move large sums in or out, it's worth calling TAB Bank directly to ask about ACH limits before you rely on the account as your primary savings hub. Otherwise, for typical transfers, the account should work fine.

• No limit on number of linked external accounts
• No limit on ACH withdrawals initiated from other banks
• Daily ACH limits may apply—confirm with the bank

Who This Account Makes Sense For

This account is a solid fit if you want a competitive rate without jumping through hoops. The lack of a minimum deposit means you can start with as little as $1, and the absence of monthly fees makes it low-risk to keep open even if your balance is modest. It's also a good option if you like managing everything online and don't need a branch network.

That said, if you're rate-sensitive, keep an eye on the APY. It's variable, and TAB Bank has already adjusted it downward recently—from a higher rate to the current 3.95%. That's still competitive, but it's not locked in. If you need a fixed rate or a more established brick-and-mortar presence, you might want to compare other options.

• Good for low-maintenance savers
• Works well for online-only banking
• Rate is variable and can change
• Limited physical branch access

A Few Things to Watch Out For

First, the rate is not guaranteed. It's an annual percentage yield that can go up or down at any time, and it has already decreased recently. Don't open the account assuming 3.95% will last forever.

Second, the ACH transfer limits aren't fully transparent. If you're planning to move large amounts, verify the limits first to avoid surprises. Third, while the bank is FDIC insured, it's a smaller institution—so if you prefer the comfort of a big-name bank, this might not be your first pick. Finally, remember that paper statements cost $5 each, so opt for eStatements unless you really need paper.

• APY is variable and has recently decreased
• Confirm ACH limits before large transfers
• Paper statements incur a $5 fee
• Smaller bank with a single branch

Bottom Line

• TAB Bank pays 3.95% APY on all balances with no minimum deposit or monthly fee.
• The account is open nationwide and can be managed entirely online.
• The rate is variable and has recently been lowered, so don't count on it staying put.
• ACH transfer limits aren't clearly published—check with the bank if you plan large moves.
• Paper statements cost $5 each; stick with free eStatements.

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