No longer accepting new applications
Update 7/1/20: Rate has been reduced from 3% APY to 2%. For the best current high yield accounts click here.
Update 4/28/20: Limit seems to have been reduced from $50,000 to $25,000.
Update 3/29/20: E-mails have been sent out stating the rate will be reduced from 4% APY to 3% APY
Offer at a glance
- Interest Rate: 2% APY
- Minimum Balance: None
- Maximum Balance: $50,000
- Availability: Nationwide
- Direct deposit required: No, ACH payment or bill pay also works
- Additional requirements: 15 debit card transactions of $5+
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- TAB Bank is offering
4%3%2% APY on balances up to$50,000$25,000 when the following requirements are met:- At least 1 direct deposit, ACH payment, or bill pay transaction(s)
- At least 15 debit card purchases of at least $5 each
The Fine Print
- To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash account during each Monthly Qualification Cycle: (1) At least 1 direct deposit, ACH payment (use of routing number and account number to complete a transaction), or bill pay (using TAB Bank’s mobile app or online banking portal) transaction. (2) At least a combined total of 15 pin-based / signature-based debit card purchases.
- Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
- The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases less than $5.00, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our bank.
- Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards. “Monthly Qualification Cycle” means a period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) banking day prior to the last business day of the current statement cycle.
- Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards. TAB Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about
Our Verdict
Update: Given the restrictive debit card language, I think Orion is actually still a better option for most people.
This looks to be the new best high yield rewards checking account, Orion offers 4% APY but only on balances up to $30,000. Although this account requires more debit card transactions and those transactions need to be at least $5. Big question will be how long these banks are able to manage such high interest rates. These high rates with high maximum balances also make other things such as dealing with 0% APY $0 fee balance transfer offers, allowing you to park funds in this account.
We do still need to know if opening an account is a hard or soft pull, although I’d argue even if it was a hard pull it would still be worth considering for some people. In addition we need to know if you can fund with a credit card, if you know then let everybody else know in the comments below.
I was thinking to open a Tab Bank account for the 1.26% interest.. but curious if they have ever had a sign-up bonus in the past? I wouldn’t want to miss a sign-up bonus if it’s likely they do another one in the future.
Drop to 1.5% rate effective 2/1/2021
ya, not worth all the work for .5% over other banks, smh
Got the following email from Tab today: “Dear Valued Customer,
We are reaching out to you today to make you aware that the Annual Percentage Yield (APY) for the qualifying rate on your Kasasa Cash account will be reduced from 2.00% APY to 1.50% APY. The new APY is effective as of 02/01/2021. Please see your account disclosures to review the details of this account.”
So the rate will be reduced to 1.5% starting from February.
They’ve been calling me non-stop every day including Sundays “about recent transactions on your debit card.” I do Amazon and Walmart gift cards because I’m not going to stores due to Covid. I’ve also been getting numerous calls from different numbers that never leave a message. All of this started about the same time the calls supposedly from TAB. I’m going to call them next week from the number inside my dashboard and find out if it’s them calling or if they had some data break. Well what should I say if they ask about all the small reloads? I guess the worst can happen they kick me out of the kassassa?
@Ian, let us know what happened with the GCs, etc.
How do I get money out of this account? Checks? The transfer option is limited to $3000 per day, I’m wondering whether there are fees for each transfer?
Pull from another account.
This account is no longer taking new applications, fyi.
How is everyone closing this account? What method?
Is there any reason to close it? I pulled all my money out, but I wasn’t going to bother closing it (and there’s a small chance that I’d want to use the account later).
Closed by secure message.
FYI, I just learned that domestic wire transfers have $0 fee with your Kasasa cash account. You just need to ask for and fill out the transfer request form and email it to the bank.
Now 25k @ 2%, I’m done with this account.
It’s now 1.5%. You’re right….I should have left sooner. Definitely leaving now.
Time to close this account.
in june I got like $120 in interest for my $50K-that’s 3% on the $50K. But I thought they limit it to $25K already for last month??
Maybe they goofed in setting up the computer to lower the cap to $25K even though they said it was effective 5/29/20. Your June statement will corroborate it.
They do limit it to 25K
Called them yesterday
So you thought the cap was $25k, but you left $50k in there anyway?
Another problem with these “High Yield Reward Checking Accounts” in general, is that unless their useful life is long enough, you could net less money than a straightforward bank signup bonus, for a lot more hassle. (And some banks/CUs do a HP too.) I’m not opening any new RCAs til I see how the dust settles. You can still get some 3% ones, but it’s not worth it if they won’t last at least, say, a year or two.
I guess that depends how much money you have to play with and how many bonuses you’ve received before you can get another one.
Time for me to close my account.
That’s what I‘m thinking.
Doing 30 swipes a month on 2 accounts
Has anyone tried Axos Bank’s Rewards Checking account? The yield is 1.25% and the cap is $150,000. DepositAccounts mentions it maintained that yield during the previous zero rate interest environment:
https://www.depositaccounts.com/blog/2020/06/place-find-2-bank-rates-reward-checking.html
Does it work only with real employer DD or any ACH credit?
Also how picky are they about the 10-15 Debit card transactions.
I understand that debit card spend has to $3 min but what about same merchant same date etc factors?
They’re doing the right thing for the bank and I don’t blame them at all. But $25K at extra 1% interest (as long as it’s still possible to do ~1% APY savings), after consideration for taxes and lost cash back comes to about $130 extra profit a year. For that I need to make sure I do 15 transactions every month. I don’t think that $10/month is worth the trouble.
So nice of them to give same-day notice
Yeah, I’d met the qualifications already!
You met qualifications for July already? Dang that’s fast
Friday’s a bank holiday??: bank gets to hold the money longer if one doesn’t yank it out before Friday. Ally’s pulling out mine tomorrow & delivering it tomorrow; love that 0-day transfer time.
Interest rate dropped to 2% effective today. Got TAB email says “We’re writing to let you know that the Annual Percentage Yield (APY) for your Kasasa Cash Checking Account with TAB Bank is changing from 3.00% APY to 2.00% APY for balances from $0.01 to $25,000 effective 7/1/2020”
I was surprised they held as long as they did; they’re still above other high yield accounts
I mothball any rewards checking account that drops below 3%; have to buy a new bag of mothballs soon.
Man, I stuck it out at 3% but I may pull out finally
huh huh… “pull out”
Hilarious… if you replace “out” with “in”.
We’re writing to let you know that the Annual Percentage Yield (APY) for your Kasasa Cash Checking Account with TAB Bank is changing from 3.00% APY to 2.00% APY for balances from $0.01 to $25,000 effective 7/1/2020.
As our country continues to deal with the economic impacts of the COVID-19 pandemic, there have been major shifts in interest rates for deposit accounts. At TAB Bank, we are committed to providing the best possible rate that we can under the current circumstances.
Just give it some time. It will be back to 4% before you know it.
That drop is the decider. No longer worth it. That simplifies things a little.
Well these turds just dropped their interest rate again, down to 2%
I reserve that term for Orion.
TAB no longer offers Kasasa Rewards account.
What exactly are you saying?
It looks like we can’t apply for this anymore?
That’s been the case since January. But the account is still going for those who already had it.
I set up external transfers here. The application said the maximum amount was 3k/day in or out. A day later I got a note saying they had reduced it to 1k/day but if I was “good” for 180 days I might be able to get more.
It seems like the debit card shuts of (for about a day, then works again) if you use it 4 times quickly at one merchant. I’m not sure of the exact algorithm, but there is some shutoff mechanism in place.
“shuts of” –> “shuts off”
Yep you’re right. I made several amazon reload purchases last week within a few minutes and after the 3rd or 4th one, the rest were denied. I had to do the rest of them again and they went through fine.
I’m sure the writer who typed “shut of” realized his mistake when he went back into the site. I’m picky about spelling, too, but not everyone is a purrfect spell checker — not even my kat.
It looks like you can do several quickly across several merchants online (e.g. various utilities Amzn etc), it’s just that when you get to about 4 on *one* merchant then it shuts off. It’s a question of getting it done quickly and efficiently, because the interest only warrants very minimal effort, otherwise why bother.
Yeah, May was the first month I said forget it, I’m just going to do Amazon reloads, despite their terms. It was tough to get out and make small purchases anyway for me this month.
25000 limit is effective on 5/29/2020 for existing customers.
Just a heads up, the deal is now 3% on 25k. I don’t recommend this bank anyway. I had made my 15th transaction on a Monday, 3 days before the end of the month, and it posted. Then it magically disappeared and they didn’t give me interest. I’ve never heard of a transaction taking over 3 business days to show up.
Have you tried contacting them? They were pretty lenient in my case.
Also, I’ve seen many transactions take longer than 1-2 business days to show up. Some retailers only charge your card when they ship. Before that it’s an authorization charge. That’s what bit me last month. Had several pending charges that never posted because the items were delayed.
I was making a maximum of $106 a month for having a TAB Kasasa Checking account. Depending on what I spent that would sometimes drop to $80. Still it was worth it. I’ve had no issues and I’ve been with them a year. However, the Feds lowering the rates and the COVID situation finally caught up to them. Their APR is no longer 4.0%. It dropped to 3.0%. Also, the maximum balance to get that 3.0% is not 25k from the previous 50k: https://www.tabbank.com/kasasa-cash-checking/
It’s no longer worth the hassle, so I’ll be transferring my funds out and finding a new bank.
I’m moving my TAB to Security Bank of Crawford, they offer 3.5% on $35K with 12 debits (6 during covid-19 temporarily), 1 ACH credit and eStatements; account is available nationwide, easy online application, no hard pull.
https://www.secbank.net/personal/personal-checking/free-kasasa-cash-checking.html
It’s free to close after 6 months (they drop the rate or balance cap).
Several weeks later, Security Bank of Crawford is 3% on $15K now. You staying there or did you move to a new bank? Not sure if I want to stay with TAB.
If Crawford had kept the $35K cap I’d have stayed with them for the decent 3% on an above avg size cap, but since I had better options I put $20K in 3.3% Evansville Teachers FCU Kasasa, and $15K in the Citi $400 Chk+Sav bonus offer. Crawford’s mothballed with a $1 monthly ACH to it in case it raises rate/cap in future. Still use TAB since 3% on $25K works for me compared to the recently lowered rates of some other rewards Chk accts I’ve had to mothball. Just this week I’m eligible after 2 years for the Chase Chk+Sav bonus: a sweet $600 for parking $15K for 90+ days and jumping thru a few easy hoops.
I like the way you use the bonuses in addition to the higher interest. I need to pay more attention to them. Thanks for the suggestions !!
In case you’re going for it, the Chase bonus link went dead this weekend but Chase usually revives the bonus after a short while; there’ll probably be a fresh link soon.
I just went to the link you had. Guess they have lowered too. It is now 3%, but only on up tp $15,000. Oh well, I’ll keep looking. Thanks for the link though.
Same. If the debits were any amount I’d probably hang onto the account, but at $5+ it’s no longer worth the hassle.
43% APY!?!? Sign me up! I’ll ditch my credit cards for this, if needed.
Noooooo
Interest rates so low these KASASA deals never made sense to me
..fun while it lasted.
well, well expected. We are lowering this amount from $50,000 to $25,000. This change is effective 5/29/2020. Still one more month to party.
At least 15 debit card purchases of at least $5…not wasting my time with this one.
title says 3% post says 4%, please fix!
Just yesterday I was debating leaving Heritage Bank after the rate drop. I thought of Marcus by Goldman Sachs or TAB Bank, where TAB would offer twice as much in interest over the span of a year. Now that they reduced the limit I’m definitely not putting up with their 15x swipes requirements.
Heritage also cut their rates.
I left Heritage when the rumor hit that a rate cut was coming. Went over to Citi and got their $400 welcome bonus. I did like Heritage when rate was at 3%…1.53% no thanks.
From 4% to 3% and now $50000 to $25000, that’s from $2000 a year to $750 a year. I wonder if it is still worth for me to try to do 15 transaction a month considering the money can be in a savings account with about 1.55% – 1.75% interest without doing anything. So all the hassle a month is just worth about 20-30 dollar a month. UGH.
That’s a fair assessment. Comparing against 1.5% savings or HY checking and after accounting for income taxes and lost cash back, it comes down to about $215 extra money in my pocket. It’s not bad but as I struggle with completing the 15 required transactions every month, it might make sense to just give this up and have one less thing to worry about.
I’m going to drop Tab after May. Just missed this month by 1 transaction because I forgot most online retailers don’t charge your card until an order is shipped. I had well over 15 transactions but because of corona, orders were delayed and many of my charges were just pending charges and they just dropped off…
My fault. I should have checked on April 28th/29th but I thought I was safe because I was so far past 15… I’m getting tired of having to babysit this account.
Here is the actual email wording: We are reaching out to you today to make you aware of a recent rate decision we had to make on your Kasasa Cash account. For us to provide our products to as many individuals as we can, we must lower the maximum deposit amount that qualifies for our highest rate on the Kasasa Cash account. We are lowering this amount from $50,000 to $25,000. This change is effective 5/29/2020. Please review your account disclosures to review all other details on your account.
We are aware that this comes on the heels of a recent interest rate reduction, but with the current situation and the demands put on the banking system this is necessary move for us. We are only doing this after a lot of careful thought and deliberation. TAB Bank is dedicated to continuing to provide High Yield Checking to our customers and appreciate the trust you have placed in us. We look forward to continuing to serve you for years to come.”
Email says “We are lowering this amount from $50,000 to $25,000. This change is effective 5/29/2020.”
ETA: Hmmm, wonder if it’s a typo given that it’s on the website as if changed already.
I got this email too. I wonder what “effective 5/29/2020” means? Does it mean the change starts from June cycle and it is still 50,000$ in May?
I sent them a message asking them to clarify. They said “you will earn the 3% on the full $50,000 for the entire month of May. The new June qualification cycle starts on 05/29/20, which is what the notice was referring to.”
The TAB Bank web page now lists the cap as $25,000 and it is shown as the current rate so I presume it takes effect soon (if not already).
Updated, thanks
Did they just lower the threshold to $25,000?
Received Mid-month Swipe Report via email. This is new.
I got one on the 16th as well, then another today. Today’s email shows exactly the same progress as the 16th… hopefully that’s an error because it’s missing 10+ transactions. Many were even in-person so they definitely should have qualified.
Same for me. I’m guessing it’s a glitch on their end, seems like they resent the old email accidentally
Tab Bank was on it quick! Sent out an apology email half an hour later explaining it was an accidental duplicate.
Yeah, I got that apology email too. But that email also had some strange text at the top, “a change to your kasasa cash deposit cap”. Makes me think that they’re about to send another email with some bad news.
Nice catch other Steve!
Does TAB take new applications now? Thanks.
Not according to their website.
Will Venmo payment using TAB debit card work?
I still have not received any email from TAB about the rate reduction from 4% to 3%. However today I received congratulation email that I qualified for the 4% reward for the March cycle. Has anyone else here also not received the rate change email? Is there an alert or something online that I need to set in order to get notified about rate change?
I would assume that the rate reduction also applies to me. I have been doing real grocery shopping for the debit card transactions until now. With coronavirus stay-at-home order, I find it unsafe and difficult to go to stores or even buy grocery online (delivery dates unavailable). Any idea on how to do 15 debit card transactions in this case?
If you’re not going out, then either 1) Continue to try grocery deliver and make smaller purchases, 2) Take out from fast food or local restaurant, 3) Small Amazon orders. But on the other side, depending on how much you have in your account, it may not be worth it for you to hit the 5 x $15 requirements if you have to spend more or differently than you would normally.
I’ve been doing smaller grocery trips (in and out, distance from people), with a couple extra fast food meals around $5, and buying a few extra items on Amazon–things in my list that I can use but were lower priority spread out over the month. I’m at 2/15 currently but by Sunday I’ll be up to about 5-6/15 already–just takes more planning for now.
Other posters in this topic have mentioned that recharges of their Amazon gift card balances work. Just wait a few days between each one and use random amounts over $5 to simulate purchases ($7.49, $9.72, etc.).
For Amazon gift card recharge or Cash app money transfer, this takes 4 transactions per hour. So you need to space it out.
Their website still shows 4% and says “Rates are current as of April 1, 2020”. Not sure if that means they just haven’t updated the website yet, or if the 3% rate hasn’t taken effect yet.
Website is now updated to 3% (still up to $50k). So March was 4% and April is 3%.
ETA actually that page says 3% in some places and 4% in others, so looks like it has been manually edited some time today, and they didn’t catch all the places to change.
Alternative to TAB now becomes HMBradley – 3% on up to 100K. The only condition you have to meet is to save 20% of your DD, but with split deposit, you could be depositing $100/month and ‘save it all’
https://www.doctorofcredit.com/new-bank-account-promises-3-apy-savings-rate-when-you-save-your-paycheck-hmbradley/
Yes, the writing was on the wall for these 4%, with the fed lowering the interest rates so aggressively, no way it is going to keep up.
I am hoping it won’t go down further than 3%
They haven’t emailed those who signed up for email news of new “product offering”, so this is not their “launch (of) something big”.
But my $1,000!
Is this change already in effect to their payout on Apr-01 ?
Did they make changes to savings account interest.
Curious if anyone else is pulling out most of their money from these high% acts and putting it in the market? At this point I can’t imagine going wrong with an index fund
famous last words
After Oct 2008 TARP stimulus became law the market still fell 50% over next 5 months to March 2009. So what could go wrong now? I’m waiting for a lot more dominoes to fall.
Never underestimate the power of “dry powder”.
I have personally started to gradually shift from bonds to stocks but am not touching my dry powder, in case the stuff really hits the fan.
I know people here are much smarter than me but I almost feel obligated to add the disclaimer—everyone make sure you have adequate emergency fund, and buying on-sale equities is not an emergency.
Don’t worry. I doubt anyone is taking your advice. This is a Fdic insured kind of investor
Yes….at 2100, not 2500
Short term trading only for me. Swings trades and day trades. Mostly with index futures.
No. This is only the beginning of our troubles I fear. I personally am not wealthy enough to gamble in stocks so I’m buying up no penalty CDs to lock in a rate for a while
In my view long-term investment in a broad index fund such as VTI is not really a gamble.
3% on $50,000 is still a great thing for them to offer. You can’t find a higher percentage on a higher dollar amount anywhere else. Wonder if they will ever allow new applicants or if this account will just be for us elitists?
Their website still says that “something great is on the horizon” and that they are “getting ready to launch something big”.
No way it will be as exciting as 4%apy
Website https://www.tabbank.com/kasasa-cash-checking/ still says 4% on $50k, and “Rates are current as of March 29, 2020”. Questions unanswered by the email and website are: will the cap stay at $50k, and when do(did?) these changes take effect?
Also it doesn’t specify if this is only for current holders (in before it shut down to new apps), and so is their new “We continue to improve our product offering and we are getting ready to launch something big.”-account something else.
3% is still a very reasonable rate… I’m sticking with them and have even doubled-down by opening a HYS with them
I gave them a shot mid last year and they haven’t disappointed, unlike Orion.
it’s still good, 3.25% for the year: 3 months at 4% and remainder at 3%
Just got an email that TAB is lowering to 3%
🎵Another one bites the dust,🎵
🎵Another one bites the dust,🎵
🎵And another one gone, 🎵
🎵and another one gone🎵
🎵Another one bites the dust!!!🎵
Dear Valued Customer,
We are reaching out to you today to make you aware of a recent rate decrease on your Kasasa Cash account. We are lowering the qualifying rate on this account from 4.00% APY to 3.00% APY.
Amazon transactions are posted as “Debit Card Preauth [ST] AMAZON.COM # 9999”. It posted as debit card even though i am not using any pin. Does it qualify for 15 transactions required?
PIN or not doesn’t matter.
Thanks Sam.
I am really not able to go out and make 15 transactions in stores. Can i purchase amazon gift cards. I reached out to bank. They are not giving any exceptions.
Amazon gift cards works.
Rule #1 of DOC club, don’t call the bank!
Thanks. I emailed them asking if they are kinda not enforcing spending rules.
My wife and I have each had an account at the bank since January 1. That means we need 30 transactions (for at least $5) a month to get the interest in both accounts, as well as a direct deposit or some other item, but that hasn’t been any problem. We’ve collected 4% interest each month. Most of our debit uses are grocery stores and restaurants and amazon. We figure that if we have to make a couple purchases just to reach our debit card use minimum, 15 debits to earn $167 interest makes each debit use worth $11, so if we spend $7 a couple times mainly to make sure we get the $167, it was worth it. We haven’t had to do that yet (three months with the accounts, so far), but we keep that in mind. We’ve been very pleased with the bank so far. It’s also done bill pay and transfers for us between accounts very nicely. We had this arrangement at a credit union that suddenly went for 4% on $50,000 to 3% on $25,000, so we closed our accounts. We realize something like that might happen with these accounts too, but for now the accounts are wonderful. 4%, no matter what the stock market is doing.
What if they raise to 5% APY? Then everyone in America would join the bank.
Well given that they don’t accept new applicants, 4 vs 5% doesn’t matter
Since when do they not receive new applicants?
Orion FCU just lowered their interest rate to 1% for up to $10,000 and 0.25% for anything over $10,000. I’m through with them as of April 1 after my current dividend posts. It will serve them right if every depositor pulls their money. I just hope TAB doesn’t go as crazy as Orion has.
Yeah, the Orion experience has totally sucked. But, if anything, it’s TAB that’s the crazy one staying with these great terms (for those who got in before it closed to new apps). Let’s hope TAB stays crazy.
I actually wonder how financially sound TAB is. It seems desperate to keep giving such anomalously high interest.
Paging Ferris who has expertise on this financial institution stuff, e.g. https://www.doctorofcredit.com/tn-ms-ar-orion-federal-credit-union-premium-checking-4-apy-on-balances-up-to-30000-dd-not-required/#comment-731306
Hard to give any advice until I would see Q120 Financials, which won’t come out until around May 1. I would assume they will lower to something in the range of 2%/20K by May 1st.
Thanks. Yes, it’s hard to see it lasting much longer in the circumstances, but surprising it didn’t drop already.
Is it possible Tab is considering shutting down accounts n give us our 💰 back. They must realize these are just good for nothing.
Some credit unions are still offering 2-2.5% on longish term CDs (3-5 years). Might be an option for some folks.
American Airlines is Punishing Gamers. Penalty there is very Severe.
What?
Does debit card spending through Paypal count for the debit card spending requirement?
Don’t see why it won’t. It is like any other purchase
“APY 4%”
“Rates are current as of March 1, 2020”
Maybe good for another month?
They don’t seem to be announcing anything.
It’s going to be Great. MeThinks..
Lol. Lower balances, lower interest rates,tougher spend requirements…..lol.
Thank the Lord for another $80. And the fact we still have our $50,000…….lol.
I think they scare a lot of people off with their horrible dashboard
I have no idea what their interest rate is supposed to be now, but they definitely did NOT pay the 3.9825% on 50k and 0.25% above. I had more than 50k in the account all month and got $155 and some change. Their online interface is the absolute worst, and there’s nothing in there to tell you what the interest rate is. Maybe there will be something on the statement. Who knows.
February does have a day or 2 less days than other months.
@Ian TAB rate is 3.9285% not your 3.9825%; also for 2020 leap year TAB’s daily periodic rate is 3.9285% / 366
I got $155.65 on avg daily bal of $50049.60 for 29 days of Feb. That’s only 10 cents less than my theoretical calculation. Your Feb statement will say the avg daily bal at the end.
(((1.04)^(29/366))-1)*$50000=$155.62
Seems okay.
You could be Accused of being a Fear Mongrel.
Props to TAB. Just logged in n needed 2 factor authentication.
$50,000 seems quite a bit without 2 factor.
Anyone else use PASSWORD as their password,?
I’m not so careless to do that. I use P@ssw0rD.
I am even smarter than you 🙂 I use P@ss0rd123 🙂
And sometimes (when I feel extra funky) I would add an asterisk to the end. Now, if that is not secure, I don’t know what is 🙂
But seriously, anyone who takes these things to hearth should use a password manager with 20 character random passwords (different for every different login)
They can enable ‘additional verification’ on request, but it will be sending you an SMS on EVERY login. There is no ‘remember this device’ option like on most other banks.
I’m thinking Tab lowers MAX to $10,000. Please Chime in.
I imagine that the APY will drop to 3%. For example, Orion and PMCU have recently gone to 3%.
If the APY is lowered TAB might reduce the amount of debit card purchases? Maybe go from 15 to 10? Who knows. Time will tell.
Or increase to 20 debits @ ten bucks apiece.
You guys r living in La Vida Loco 😂 land. ShaBooM!
The institution r pulling back not becoming more lenient………
Very creative names you have. I bet they will make a special account just for you.
Stock Market down Huge. Glad I got me a Tabby Acct to fall back on…
..lol.
Where the Beef?
The Wait is agonizing…..lol. Already got my 15 debits in for February.
Dont see the Kaasa checking offered anymore. Can someone double check this ? The link leads to a page which says there is going to be a different offering.
Extensively discussed right here since about January 18, 2020.
He Gone.
Do online purchases (e.g. Amazon) count for the 15/month transactions? Or Seamless?
Every card purchase has counted in my short experience with TAB.
Aand I didn’t get a dividend ..
You probably Failed in a Qualification. I did a test and Tab refunded my out of company ATM fee auto done.
Interest posted on jan 31. It’s 4%.
I received like $2 on more than 50,000 on January 31
Probably because that’s how much u earned…lol. check if u met their standards. We all make mistakes.
Got it through post-service Jan 29th I think if not earlier.
With tax software you can aggregate all the 1099INTs into a single aggregate total (call the bank “total” or something). Details on individual 1099s don’t matter, only totals of all of them. After all, on a paper form you would only enter the totals. (It helps to have all the numbers in spreadsheet so you know all the totals to enter.)
Just got paper 1099. It’s “TAB BANK” but again you just don’t need these details for tax filing.
My tax software takes the 1099-INT ‘s I enter and uses that to fill in a Schedule B listing each payer and amount.
I combine to a single payer called “total”. It’s a complete waste of time entering a bunch of separate forms. IRS only cares that your totals match their records.
@SamL I like the idea, it’s easier than entering 20-some 1099’s
Received mine today in california
No 1099 for me yet and don’t see any tax docs section on the website, or even where it might show up
Ten yr treasury in the 1.5%s. Anything higher than 2.5% I’d call it a Win for us……….lol.
It’s still Jan 30, but website says 4% is still current (obviously could go away anytime).
My statement arrived 01/30…
Oh 1099. Haven’t got it yet, and can’t see any place where it would likely be found online.
I just received it today (Feb 1) in the mail. It’s nowhere to be found on their website.
New month New debits. When will it end?
Doomsday is here. Ten year Treasury almost in the 1.5%s.
Did the linked page change? https://www.tabbank.com/kasasa-cash-checking/ It still has “Something Great Is On The Horizon” and its still No Longer Accepting New Applicants, but if you scroll down the old 4% 15 debit etc info is there, whereas I’m sure I’d tried scrolling down before and that stuff wasn’t there.
Thanks for confirming. It says “Rates are current as of January 27, 2020” so they’re back to confirming that the current deal is still in existence as of today at least, but we can’t really extrapolate that.
Still there with 4% and “Rates are current as of February 1, 2020”, so maybe it’s still good for all of Feb at least.
What notification can we expect if TAB changes terms on current account holders?
Are we even getting 4% still now? What about February?
They don’t have to notify you of any rate changes, though they’d probably send out something if there is going to be significant account changes. January is basically done so the 4% is still locked in and they usually don’t apply new rates mid-month so February is probably safe too. After that though, who knows.
The big question is if they drop their APY, are they going to keep the $5 x 15 requirement, because if if they drop the APY and keep the 15 requirement it wouldn’t really be worth it to use them over Heritage or Orion anymore.
On the other hand if they kept 4% but instead made it like $5 x 20, then I’m not sure I’d use the account anymore. I can swing $5 x 15 but past that is veering into manufactured spending territory for me unless they removed the minimum limit.
Read this . If you have to go out of your lifestyle to meet requirements don’t go near these accounts. Extra $40 on $50 .ooo is just not worth the stress level.
@TM TAB can certainly change terms however they’d like, but I just would like some advance notice, so I can plan accordingly. If 4% on decent balances disappears, and it’s 3% or less, then that crosses a tipping point in my investment strategy. This 4% was such an anomaly that it was too good to pass up, but if it’s gone, I’m not going to leave cash in low interest accounts, and I have to reshuffle things, so I’d like some clarity from TAB.
My hunch is everyBuddy gets the same terms beginning February.
Cheer up. The world doesn’t revolve around TAB. Heritage just opened me number 2.
Huge Development. Chase n BoA CC no longer accepting Travel Notes. TAB??????
Imagine Road WarrioRs not having to do 10 travel notes Everytime going to a new citee.
If I show up in ZimBobWe my card should work. Even though I have no prior connection to Afreeka. I have my doubts.
They no longer offer it :'(
I just called the bank and confirmed. They said they made the decision last Friday to stop offering it. I tried to start my application literally the next day, on Saturday. I was only ONE day too late!
I wish I hadn’t put it off, since I had been considering applying for it for quite some time, but decided to wait until after I cancelled another one of my bank accounts that I no longer used so that I don’t have too many open accounts at once. Literally ONE DAY too late!
I got this account last month. I wish I were in your situation!
If u did open on time chances are it wouldn’t have lasted lonG. Don’t take it so hard.
Let’s pray that’s the case so we all feel better
All?
lonG why?
Another question on qualification for ACH payment. Does it matter if I initiate the ACH transfer from Tab bank or another bank?
.
Can somebody explain monthly qualification cycle? Is the cycle fixed for everybody from the first day of each month to the end of each month? For example, I signed up on Dec 20th, is my monthly qualification cycle from Dec 20th —Jan 19th or from Jan 1st to Jan 31st? I vaguely remember seeing this cycle in the web, but I didn’t pay much attention at that time, and now I cannot find this information any more.
Every oneS cycle is the same. Not exact calendar month but pretty DarN close.
Deadly worldwide Corona Virus n interest rates go down Biggly. You just never know. China says don’t worry which means you better worry.
come on
For the Debbie Downers. Say u were going to make an alpha $20. For same effect eat 3 more lunches of peeMut n butters sandwiches. Problem solved.
It looks like it’s no longer offered 🙁
I checked earlier this week, and there was still a link to the application, but I put off applying until the weekend. Then on the weekend I found out that they are no longer accepting applications, and instead have an email list signup for being notified when they have a new checking account product. If only I hadn’t put it off until the weekend…
However, if they’re no longer allowing new applications, in my experience with other banks, it likely means that in the coming months they’ll be transitioning existing account holders to a different type of checking account. So maybe it’s not such a bad thing I didn’t get to apply, because I likely would’ve been able to have the current rewards checking account for at most one year, which wouldn’t be worth the hassle of maintaining a new bank account for.
I haven’t signed up for an account but p2 has one. I agree that it’s unlikely the 4% For current users will last. It wouldn’t surprise me If it last only a few more months.
Damn that’s crap. I just got this account. Guess I’ll see how long it lasts. I noticed TAB doesn’t inform you when they’re dropping interest rates. They just do it.
What a shame it’s dead right before I was going to sign up. i signed up for Orion and the next month it got killed down to 3% 15k. then i signed up for chase $900 offer so I put TAB on hold for a bit and today i was ready to open a TAB account to start moving my cash from Orion to TAB and it’s gone. I can’t seem to catch a break. Not seeing any other compelling nationwide accounts in the list
Heritage lookS fine.
I kept my Orion accounts. Yeah they dropped down but it’s still a good rate and the qualifications are super easy at this CU. I like Orion a lot. Also got a car loan from them only 1.99%
On the other ✋ let’s get real. Is 1% reduction which is $40 going to affect any of your lives. Maybe more if they also limit total deposit balance.
Really lucky that existing member will keep 4%. Had I known this I would have applied for this account months ago when Orion slashed their rates. Sigh.
This probably won’t last long. Orion stopped allowing multiple accounts per person for new customers at first but soon after closed extra accounts for existing customers.
I was just going to apply today, but they closed down the 4% account for new members yesterday (1/17/20). I had expected the rate to go down. I called in to inquire and was told that existing members will surprisingly keep their 4% rate (for now..). The CS rep didn’t know anything about the “new” account.
Did you glean whether this means that existing members will keep their 4% rate only until the new account launches, or rather if they will be grandfathered in and keep it beyond that (or could you not tell for sure from the CS rep’s comments)?
She said that they were grandfathered in. She couldn’t say when/if that will change in the future. However, I would be surprised if the 4% rate is kept much more than an extra month…
Thanks. Sounds about right.
HowEver long we will be Grandmother Ed in u can bet it won’t be long…..lol.
Get with the program people. These r just Gimmick accounts. Enjoy while you can……for me 4 months or so.
Me thinking these would last 10 years were a bit PreMature. And so were my actuarial tables.
The winning play was to hit those 3.5% cdS available not to long ago.
Bottom line . The gravy train is over. Giving Free money away is not sustainable.
At least that’s more ethical than Orion which lowered all account and halved the qualified balance to 3%
Orion stated terms could change. Being Stupid is not unethical.
How is that unethical? Stated terms when you sign up is things can change. This type of thing is always moving so you need to be too if you’re going to do it. It’s just the nature of this game. Personally I still have my Orion accounts. All things considered the qualifications are easy so to me it’s worth it.
There will be a new account which has lower interest,. It just has to happen. Tab is giving MillionS of Free money to those who think ten cents on Venmo is a legit day to day experience…..lol.
Just hope it’s still in the threeS.
Is this dead? Link takes to a page that says, “Something Great on the Horizon.”
Does seem so. Submitted that page’s form and got email from TAB saying ‘You will be among the first to know when our exciting new checking account launches.’
My apologies everyone. Blame me. I sign up for a “High Yield Reward Checking Account” and it’s dead within a few months – happened with Orion – and now it looks like TAB too.
Same here. Started with Consumers Credit Union in Illinois – 3 to 5 % (based on credit card spend) on 20k dropped to 10k. Orion dropped from 30k to 10k. Now TAB may follow. Oh well, it’s good while it lasts. I still owe DOC many thanks for what I have made so far.
Clicking the direct link, looks like they are getting ready for a new offer.
The account has been suspended for new signups effective Jan 17. The page now shows a waitlist with the headline “something great is on the horizon”
Some speculation:
Obviously 4% is hard for them to maintain
They’re probably dropping their partnership with Kasasa and going with their own generic/controlled rewards account, similar to Orion. The page is now called “Rewards Checking” instead of “Kasasa Cash Checking” – this probably saves them some money.
According to their surveys and comments on DepositAccounts they may be introducing a total minimum dollar spend requirement, rather than # of transactions based req’s.
They’re possibly also introducing a consumer credit card as well. We’ll see
That’s quite detailed speculation. Where do you get the information this is based on?
But that waitlist page’s url still mentions Kasasa: https://www.tabbank.com/kasasa-cash-checking/
Heading to Sfo in a few hours. Will be racking up many debits. Too bad they won’t count for anything. I’ve already qualified. I need more accounts..
Lol. Will be updating my ID when in Vegas. The key to more acvounts as some companies want the Updated version. Not address from 10 years ago.
Is the debit card purchases as hard as the terms make it out to be? Or me using it in one place (venmo etc.) For dif amounts would work?
All depends on your style of life. Road warriorS have no problem. My parents wouldn’t come close…..lol.
If u have to go out of your way to qualify these accts aren’t worth it.
Tab is number one. Number two? Got to be Heritage. Just got sent acct agreement for second account. Big dollar amount and 3.3 percent nothing to Sneeze at.
Heritage is 3.03%, it dropped from 3.3% in early December.
So to designate a beneficiary, you need to get the form notarized.
Also, does anyone know if an ach transfer in (push) from another bank will satisfy the monthly ach payment requirement? Thanks! I’m making the change from Orion as well.
For ach payment I just put tab account number on my credit card side(eg Chase) and pay the credit card bill. I think ach credit also works but it said direct deposit so I’m not sure which banks count.
Paying credit card works like a charm.
If your debbitS can handle $200,000 worth of accounts, that’s $2,500 free money. Using interest alpha of 1.25 per cent.
Tab was a win. Just chalked up a loss. Dover Hardline on having updated ID.
Me records so far is 5-2. Once I get me an updated ID I’ll go after the 2 Losses.
The word of 2020 is DebbiTs…..lol.
Reassess girl. If this triggerS you you might need guidance..
Evansville paid out $5,500,000 to kasasa acct. holders. How much Tab?
Tab posts debits very timely. Evansville doesn’t..lol. Don’t count on the end of the month debits to post Quick. With Evans.you might operate as if end of month is the 25th. I swear some of my last Thurs. debits still in pending mode.
Only the 12th n I’ve got over 40 debits. I need more accounts like TAB. Texas is out , not a resident. Need accounts available to all USA residents.
Got Orion. Heritage.Etfcu.Lake Michigan. Dover is pending- foreVer!
All debits are normal spend. Once I hit the road next week my debit levels will go even higher.
I’ve secured message a lot. It does not take a week for them to respond. Come on. 2 days at most.
I messaged them on 1/6/20 and they never responded to me, I ended up calling on 1/9 to get my questions answered
Sometimes it takes few days. They seem to Mostly respond on Saturdays.
No no no.
I messaged them on 12/31 and they responded on 1/7. I was not able to reach them by phone. I kept getting sent to voice box.
The requirement for 4% reward:
“at least 1 direct deposit, ACH payment, or bill pay transaction(s)”
If I go to my external bank and do a ACH transfer push to my TAB checking account, will that count as a direct deposit? Direct deposit does not need to be from an employer, I hope.
It should qualify as direct deposit or ACH payment. When I was setting up my account, I had a number of ACH pushes and trial deposits from other banks during the 1st month. When the month ended, I had 15 transactions that counted according to the monthly summary email. The only way I’d be anywhere near close to that number if the ACH transactions counted.
Second month I still had 10 from various transfers and transactions. I have had 0 direct deposits from my employer.
Has anyone done an ACH push initiated from TAB to an external bank (outbound transfer)? Did TAB charge you a fee for outbound transfer? If there is a fee, how much is it?
When I emailed TAB, the representative responded that there is no fee for external transfers. However, when I actually added an external account, I was presented with their Online Banking External Transfer Service Agreement. According to the agreement, it says “If you transfer money to External Accounts, the following transfer fees will apply: Next-day processing.“ and “…. Most Inbound and Outbound Transfers are considered next-day transfers.”
I interpreted that to mean there may be a fee for outbound transfer which contradicts what the representative said. I had sent another secured message to TAB for further clarification but from experience I know it will take about one week to get a response. So any response from someone who had experience with outbound transfer is greatly appreciated.
Also, TAB restricts my external account to only “Transfer To” access. No “Transfer From” access until after 90 days. The outbound ACH limit is $3000 daily.
Lake Mich Credit Union.
From LMCU are external transfers allowed. Or does everything have to be initiated from outside the union?
Do I read right when I see bill pay cost $5.95 a month?
No I won’t. But I did post there…lol.
I’m probably one of 5 people who has a rewards checking account there.
Reading threads that have little action is NO fun.
If I find a nugget of info about Orion on a Tab thread I’m all for it.
Millennial S need to chill. The world doesn’t come to U on a silver platter. U want gold u got to go get it.
Fred just post in the right place, this isn’t a thread for discussing that deal.
Please post in the relevant thread.
More eyeballs here.
Heritage Ecentive- 2 accounts allowed for one living human?
Evansville gold 🌟 for website. They keep track of your debits daily. You know how many more you need to be done.
On my first two rewards account s I go over by 20per cent just to make sure.
Any one knows if there is a limit of one account per household for this account? I didn’t find this restriction, so I guess husband and wife can each open an account?
Evansville Teachers also 2 factors U when U sign in from an unrecognized deevice
Success @ Heritage. An alternative to Tab. I think Heritage has $25’000 at 3 plus interest with low amount of debits.
Open first check requirements later……hahaha.
If u log in from a new computer TAB does 2 factor u with a text to log in. That’s good to know.
If my checking account became overdrawn (ach from checking instead of savings by mistake) and I moved the money from savings to cover it in the same day (though in the evening instead of morning) will there still be fees charged? I’m surprised they didn’t reject the ach.
Thank you @guest_752240 I saw that they both have 01/07 as the date and deposit is before withdraw in transaction history. Hopefully I’m good. So do you know how they decide to reject the ach or not if the account doesn’t have enough money?
@guest_752240 Thank you for the detailed explanation!
Is it me or did their site take a dump. Can’t access anything on a pc browser.
I can’t even get to the Log in page…maybe installing 2 factor.
Login page appears on my Android but I won’t go further as me Android has no VPN.
One might say bookkeeping must be a nightmare. I say depends. Put 50,000 in and make $5.00 debits. Everytime u log in balance should be over $49,900…… 😂 😂 😂. No checkbook balancing needed.
2 good points. I ask polite when 2 factor will be offered. As far as your money getting stolen,. Can’t help u. It’s a risk. I judge it to be minimal. Don’t play loose n fancy free with yr acct info.
Don’t show the chick at the bar yr statement u getting 4 percent on 50’000…..lol.
No it doesn’t have it.
Charles Schwab reimburse all money stolen from one’s account.
Since they are taking over my TD Ameritrade account over time I’m giving Schwab more of my assets to store.
Anyone can confirm if Venmo transations still count? Thanks.
December interest already credited. 2 debits already in the books for Jan.
Hey
Bob, did they request you to send a copy of your social security card to open the account? I’ve submitted an online application to open this account, and they’ve requested me to send a copy of my social security card and driver license. Please let me know if this happened to you as well.
p2 has an account and they didn’t request any documents that I recall.
Summer of 2019. Opened Orion. Tab. Evansville. None ask 4 docS if I recall.
Now everyone asking for documentation.
Orion and Heritage did for me, but Tab didn’t
I just got this account recently and although there was a few days of waiting period I was accepted without any additional documents required.
I’ve submitted an online application, they sent an email asking for copies of my social security card and driver license. Did you guys send them a copy of social security card? I’m not comfortable sending it in an email.
Yes, I emailed the required docs to them.
Email should not be considered safe enough to email these kinds of docs
Remember that time your Gmail was hacked? Yeah me neither. Intercepting emails is fun hacker movie plots. How email is generally compromised is via someone getting your password. The likelihood of that happening just as you about to send/receive sensitive documents is next to zero.
It’s not about Gmail getting hacked, it’s the fact email is sent via an unknown number of hops/servers and all admins of those servers can read your emails. The only way email is safe sending private info is if you encrypt the content or it Gmail does TLS encryption with the destination. Even then, you’re relying on the safety of banks email accounts
This actually isn’t too terrible for people who buy lunch everyday anyway, legit transactions without screwing them by going just $5 but not too much to lose credit card points
If one needs to alter their lifestyle to meet the spend requirements these accounts aren’t for you. Seriously the dollar amounts aren’t that life changing.
There’s a lot of truth in this paragraph. I have more than my share of manufactured spend accounts. And it can be a lot to manage. Just have to be organized….
I just wanted to know if TAD Bank is still enforcing the restrictive language below:
“Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards. TAB Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles”
In their new page, this language, doesn’t show anymore so I don’t know if it applies. I called and they told me we don’t force you to use TAD as primary but we encourage you to do so. Some of the language, the CS rep said, is embedded in the disclosures. He said that, after making 4 transactions from a merchant the card is blocked and not allowed to make more transaction from that merchant until you buy form another merchant. I would appreciate any help with data points form personal experience.
Those disclosures put in by legal beagles. Just in case we all only use cards for 25 cents ice cream cones.
Don’t 😁. Very possible if u spend time in imPoverished Asian countries.
So, what is your experience with TAB? How many transactions do you make in a month? Have they ever not paid you for not doing enough organic transactions uniformly spread over the month?
So far so good. 3 months n paid every time. Usually I do 18 debits, just in case.
Most debit in 5,6,7$ range.
Do you use PIN based, or signature transactions? I just joined and use the signature/credit type, but after about 3 days, they show up in my account as PIN based.
How long do checks take to actually post and become part of the spendable balance? I’m coming up to close of 4 business days and my money hasn’t posted yet. It shows a running total of how much should be there, but my available balance is only a small deposit that came from PayPal.
Mobile deposit. I ended up calling Tab with other questions and found out there’s an 8 day check hold for new accounts. I could see if I was depositing thousands of dollars but I had three deposits totaling $1100. I don’t remember seeing that in the terms when I signed up but that’s definitely something to keep in mind if you’re signing up for Tab and need check deposits quickly.
I just made an account with Ally too, that’s where my checks are going now. I’ve had a handful of checking accounts; mobile check deposits have always taken 2-3 business days max with all of them. Tab is just the weird one with the 8 day thing so I just don’t deposit there anymore.
Thank you for this post – and for all your other very informative posts. I had never considered Ally, because of its lower interest rates. I am going to open one with them now, to take advantage of larger mobile deposits and transfers. I would not have even known about it, if it weren’t for your post. I owe both you and William Charles many thanks for helping me and others with your great help and advice.
Btw, the thanks were for Missjenniferd1 !!
Check your statements. Duplicate charges keep happening left n right. They blame new coding system implemented early December.
I see no problems.
I’m on my 4th dubble charge. They r so nice to take it off once I complain…….. Lol.
Orion federal credit union changed their parameters the first of Dec. 2019. 2.9595% first $15k, then 2.05% $15,001-$100k. I debit card transactions that you have to keep track of yourself. If you miss the 8 required, there is a service fee ($5 I think).
Interest rates are on the upswing. I think Orion will go back to 4%….😂
Why do you say “Interest rates are on the upswing.” Fed dot plot (FWIW) suggests staying flat for a year and maybe rising less than 1% over a few years. Near term rises are unlikely, (except for banks desperate for cash), though at least they shouldn’t fall further.
He’s likely referring to the actual Treasury yields, specifically 1-30 year. The Fed controls the overnight rate and to a lesser extent up to 2-year rates, but the market determines the rest. Yields bottomed in September and are up quite a bit since then (around 0.50% after dropping close to 2%). but it was really just an overshoot. Interest rates in the overnight aren’t going up anytime soon, the Fed is more likely to cut rather than raise in the coming year.
1.6% to current 1.9% ten yr treasury lookS like an up move to me.
Okay I see now, I hadn’t really been watching that lately.
https://fred.stlouisfed.org/graph/?id=WGS30YR,WGS20YR,WGS10YR,WGS7YR,WGS5YR,WGS3YR,WGS2YR,WGS1YR,WGS6MO,WGS3MO,WGS1MO,FEDFUNDS
Just want to add a data point of experience with this account. Several months ago I tried to open this account. Got the appropriate emails and waited, but they never got back to me. Last month I tried opening again. Got the same confirming emails, but they still didn’t get back to me, so I emailed customer service. They finally open the account for me, but screw it up by opening two accounts – one for me and one for my wife, rather than one joint account as I requested. I call customer service. My wait time is “one minute” but no one ever answers and eventually I got bumped to “leave a voicemail.” Finally my email gets answered and my wife gets added so we have a joint account. However, it’s now been over two weeks and they still haven’t sent her debit card. Overall horrible customer service experience. I am moving all my money out and never doing business with this place again.
Don’t be so sensitive. No better account than this one.
what if TAB bank is understaffed so they can maintain the 4%?
I was wondering about this. There was no option to add a joint owner or beneficiary during the application process, which is odd. There’s no way to do either from the online dashboard, that I can find. I sent a secure message, not answered yet. May try calling, see what happens.
They sent me a beneficiary form to notarize and send back. Hope this helps.
Since this is a checking there no transfer limits like a savings?
I just found Fannin Bank. Similar to Tab except 3.5%. I’m there. $50,000 Max.
Do you have a link?
Dinky bank in TX…. https://fanninbank.com/locations.php
I was looking for Fannie bank, no wonder I didn’t find it. Looks like it’s near north Texas border.
Dover fcu is not nationwide but still a good find.
You are right about Dover. Anyone can join.
Yeah, you want to careful searching for Fannies….
The post originally said Fannie before it was edited to say Fannin. I did the same thing as you, I searched for the wrong bank and couldn’t find anything.
Betelgeuse
Thanks for the link. Was easy to join and setup online banking.
Thanks for pointing this one out Jennifer, got my account open and about to find out how easy the debit card transactions are to meet. At least there are no fees if you miss. I definitely think
William Charles should add Affiliated Bank to the list of regional high-yield accounts.
Their debit card seems to be getting declined left, right and centre for the past 4 days. This is the first time I faced this in 4 months. I contacted their CS. They say they’re facing technical issues and working on it. Also that it’s happening for most customers and don’t know when it will be fixed. At a nearby grocery store, I got the message “transaction declined, card expired.” Amazon subscriptions also got declined.
I’ve had 3 transactions go normally through today, no problem (all online).
so Is this the best place to park for the apy? before moving to a hub to do DD’s?
yes, this is the best one, but it almost certainly won’t last
That’s why I don’t get exodus from Orion, this FI will probably do the same or something similar. All people are doing is rate chasing every couple months, personally I just don’t think it is worth it. Especially with these HY checking accounts with transaction requirements.
I think the issue is that @3% up to 15k it’s not worth the effort for some of us to do the debit transactions and for extra 10$ a month.
My main point is that don’t be surprised when the FI (TAB, Heritage, etc.) you have referenced follow suit and lower rates and/or limits. Personally, I think moving around money constantly chasing the next highest rates when everything is on a downward trend just isn’t that productive.
But we don’t know how long they’ll last. You only find out if it was worth opening in hindsight.
What we’re u chasing on your 40th opened account? 25per cent off a Taco?
As a strategy to build wealth chasing 1 per cent is Insanity. Two to 3per cent? Really. For fun n getting paid to do something u were already doing……Cha chinG…….lol.
Head french fry cook at McDonald’s 😂 is sustainable. Chasing bonii isn’t.
Are there 30 or so better accounts than Orion? Please do tell…..lol.
I think @guest_752240 was saying that most accounts are opened for checking bonus instead of chasing higher interest rates.
Heritage sucks for ACH transfer. Seems to be one transfer at a time, 4K limit, and 10K monthly limit. Orion was $1500/day but you could a new one every day for moving large amounts. Tab is the worst with no external accts for 90 days so I’m stuck with Heritage’s slow ACH system.
I left Orion because of the $5/mo fee I’d be incurring since I wouldn’t be hitting the debit requirements after switching to a new HYCA. Heritage and Tab don’t have a monthly fee, so I can leave $50 in Heritage to keep it active as I move everything to Tab. The other problem with Orion was not just the drop to 3%, but that it dropped to 15K from 30K. If they dropped to 3% but kept the 30K limit, I’d probably have kept it. Or if there was no fee I’d have also kept it open.
would liquor store purchases work ? if i buy the same item every few days? or would that not be organic enough?
Well yes, but you will probably become an alcoholic, costing you tens of thousands of dollars down the road.
I don’t drink tho . I just run the store, Don’t get high on your own supply
Most credit card processors don’t like it if you run your own cards through your merchant account, but if the merchant account isn’t connected to you (if you just work there instead of own it), then seems like an interesting play.
I wonder whether transections made via Apple Pay would count or not, any data points? Thanks.
I don’t see why not. If these are purchase over 5$ they should count.
Per one comment, BB doesn’t work. The likelihood of Serve or Apple Pay working is slim. P2P does not count.
If you meant Apple Pay Cash then I’m not sure. But purchase made via Apple Pay should work as these are debit purchases…
-Betelgeuse
Haha! I remember your old pic. It was a cat!
That’s a beautiful cat; is the breed ragdoll?
Dave Ramsey hates Cats as tenants.
I never opened a chime account.
Let me add my old pic on my webpage too.
Thank you! Yeah that is a pic of me but my hair is not as long as in the pic now,
Sure. I will use your referral if I open an account :).
How is this related to TAB….lol.
I didn’t mean Apple Cash…I was referring to organic >$5 purchases made via Apple Pay. I think I may try a few this month to gather the DP.
Yeah, I don’t have an Apple… so thought Apple Cash was a p2p app. If it’s a purchase of goods or services, it should count. GL
Can anyone verify BB works or not?
I just opened this account last month and now trying to fulfill my duty of 15 purchases. Yesterday I used TAB debit card to pay my internet bill. It is posted as “Bill” in the category. So does this transaction count as purchase? What about amazon reload? Is the type of transaction shown in “category” an accurate reflection of what counts as purchases? Thanks a lot for your input.
My comment may irritate some fellow readers but I am going to share my experience anyways (intention here is to help, not to annoy). Last month I did nothing but Amazon reloads….it trigged 4%. Do at your own risk!
This is why we don’t have nice things. Thanks.
Per a CSR, anything except P2P and ATM transactions will work for the debits. See https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/#comment-823192.
There is no reason why a bill pay will not work. It’s a purchase on any card I have seen, as it’s not a cash advance or withdrawal. And, Amazon works because you are purchasing something too – a reload is a purchase of store credit. From their end, it could be a thingamajig for Sally Sue; they probably see no difference from a real product purchase vs. a reload.
The real question is… how many times you can get away with it before they kill the deal, by them investing in better IT to defeat those practices, or just reduce the interest rate like Orion did.
Also obviously bill pay transactions that use ACH don’t count. It has to use the debit card number, not the routing and account numbers.
Well, that’s what I meant… Paying for your Internet, Phone, Utilities, Sling TV, Wine of the Month club, HSN dogs playing pool collectible dinnerware, cell phone bill, via online 3rd party website or over the phone, where you USE a Debit Card number would count for debits …. if over $5.
Connie EDIT: One guy says Cell doesn’t work… but that could be carrier specific on how it codes. https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/#comment-776939
And Yes, but NOT a bill pay transaction from online banking.
Ben
I hope they do invest in better IT so we can get transection alerts in real time, and legitimate transections carried out by customer A don’t post to customer B’s account.
Will the 4% die soon? If it still goes on for a while I’ll park my cash here from Orion.
any updates from the crystal ball?
Ignore this: I’m just testing how GoodCow’s 12/5 comment Activity doesn’t show GoodCow’s 12/4 comment
Is it because of different ip or email?
Different email in my case. I need picture ID.
yes you will need to register your email over at Gravatar and assign a photo.
Who is this?
Thanks @guest_752240 !
You’re a BadCow
@GoodCow and you’re one of the 4 different GoodCow’s in this thread.
I didn’t get the 4% interest for November, I used this card for online utility bill payments, car and house insurance bill payments, amazon purchase, ebay purchase, restaurants, groceries, totaling 15 transaction in different days of the month. Don ‘t know what’s wrong.
Did you do at least 1 direct deposit, ACH payment, or paid a bill via TAB bill pay?
I did ACH Transfer, does that count as ACH payment?
No ach transfer is not the same as ach payment. Ach payment is when you use your routing and account number and pay your credit card bill. It’s set up from your credit card’s side.
It says “At least 1 direct deposit, ACH transaction, or bill pay transaction(s)”
That seems very broad, and hard to miss.
Was your ach into tab account? I think only ach credit counts.
@guest_752240 yes I was referring to ach transfer. Ach payment would definitely count.
IDK. Soon you should receive an email from TAB summarizing your qualifying transections. That email should give you an answer to why you didn’t qualify for the 4%. Sorry for not being helpful.
Has anyone tested if you can actually get away with “Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period” despite their language. In other words can you quickly knock out the 15*$5 in a single sitting on the first of each month, online at home. E.g. amounts $5.00, $5.01, $5.02, $5.03 etc. (no repeats) at Amazon, utilities etc. to get the whole thing done in minutes.
I really hate all these “errands” and really don’t want to stretch it out.
Haven’t tried 15 transections in one sitting yet but can confirm that automated weekly reloads for 2 amazon accounts (hence repeats) mixed with organic spend triggered 4%. This month I did only amazon reloads ( all 15)…lets see if these are good enough to satisfy the requirement. Will update.
Thanks. I’m getting this account. Orion only lasted me a few months, so was hesitant, but the interest is too good.
Aren’t you worried TAB will follow suit soon?
Agree! Banks are not simpleminded. Our accounts are being monitored,. You think they don’t flag Amazon reloads?
I recently received a survey from them asking questions such as how many debit charges is too many, questions about the percentage they give, they are well aware where they stand in this market.
Use the account as you normally would and stop gaming! Enjoy the 4%. They have a high interest checking that could benefit you as well. Open one in conjunction! Pay bills with the account. Use it on a regular basis.
Please don’t kill this for everyone else!
I agree, there should be a downvote button so people can vote against illogical and unnecessarily aggressive comments.
.
.
By “organic spend” do you mean you spent $5+ at supermarkets, restaurants, etc.?
Hi Eric! Yes, that’s what people mean. Just spend money when you go out to a store or a restaurant and use the card.
Yes.
.
Dear all, does BB still work?
Do Venmo and Amazon reloads still count?
I didn’t read every comment but read a good amount of them just now. Did anyone confirm either worked before as you seem to imply?
Is their debit card Visa or MC?
Mastercard
For 15 debit card purchase requirement, does both pinless (as credit card with signature) and with pin count, or only with pin purchase count?
Both count.
How long to receive debit card? Opened my account one week ago haven’t received yet.
Are the debit card requirements waived for the first cycle (still get 4% interest)?
Yes
Does anyone recall how long your application took before approval? I applied a week ago and haven’t heard anything?
When I applied back in May the app went pending, it took 2 weeks just to hear back from their CSR who verified my identity again. A couple of days after that my account was opened.
2.40 apy savings is now 2.10 apy.
Warning!!!
Just logged into my Tab checking account and saw two unauthorized transections that took-lace at an out-of-State department store. Not sure how the thief got hold of my debit card info (I haven’t lost physical card). Info must have been stolen from one of numerous POS transections I have been doing to meet 15 transections/month requirement for 4% interest rate. Now I am thinking is this worth the risk given the amount of money this account holds.
On Friday the bank told me they have deactivated my debit card to stop unauthorized transections. Just logged in and saw an additional unauthorized transection dated today. Not fun to watch my account being drained by a thief and I am not able to do anything about it. The bank seems to be in no hurry to stop it too.
Is it true for every bank? or just this bank? How to check? I prefer to avoid opening checking accounts for keeping big deposit with relatively less known/smaller banks due to the fear of money draining as mentioned by the OP (although I have credit cards with many small banks/CU with zero liability for unauthorized charges). I did not see any “Zero liability” language for this bank. Could you please point me to that clause? Also, is this true for Orion bank too?
It’s nothing to do with the actual bank, it’s to do with Visa/MasterCard regulations. The tag line “you’re not responsible for unauthorized charges” has been around for as long as I can remember. It’s different guidelines for pin related charges because those are not processed thru Visa/mc, those are processed thru debit networks, ie, pulse,plus,star, etc. So I refrain from using my pin unless I’m required to because of receiving cash back. It’s also less likely to be reimbursed using the debit networks due to the necessity of the required pin, and that is much harder to obtain fraudulently although not impossible (skimmers, etc) so since the pin is required, they generally want to learn how the pin was obtained, etc, because *most* of the time it’s family who knew the pin, and is not actually fraud at all. But since a pin isn’t required on non-pin purchases, there has to be some liability protection, which visa,/mc has as well as amex/discover too. Have you never had to dispute a charge? If you haven’t, you’re a rarity.
This is incredibly useful information. Avoiding pins if I can
Here’s a link for your further reading. https://www.mastercard.us/en-us/consumers/find-card-products/debit-cards/standard.html
So finally things got sorted out and guess what….it was the bank who messed it up. Turns out another customer’s legitimate transections using their own card were erroneously being posted to my account due to a “glitch” in the Bank’s system. I wonder how often this happens in their system! Be sure to keep an eye on your account and keep in mind that their transection alerts are not sent in real time. At the earliest I receive their alerts a day after the actual transection.
I am surprised they gave you an update on what really happened. I have had this happen with a few banks now, some of the cards never left my home, and all I ever got was we will open an investigation, and later, investigation complete. Pretty sure mine were actual thefts, but really doesn’t matter. They dealt with it, and it’s not like I could do anything other than wait.
The big difference with credit and debit is how fast you get your money/buying power back when fraudsters strike or account errors happen. With Credit Cards, it’s almost instant, as soon as the investigation is started as I recall. With debit, it can be awhile… days or weeks, and if your relying on your money to pay bills, that can be a huge problem.
Some people recommend not getting a debit card from banks where you keep funds for long periods, but obviously you need it here to get the increased interest. The other problems there are, one: if you ever need ATM access, your screwed, unless they will issue a true ATM-only card, and two, there are at least a couple banks that require the debit card to reset your password online or verify identity (Citi is one).
It’s certainly a poignant reminder to keep an eye on your accounts, as you are responsible for them. Even all those paperless statements that probably never get read.
Here we go again…interest rates are changing.
nm
Does credit card payments count towards the 15 transactions?
If you pay the CC with the TAB debit card…. sure. Are there CC’s that even allow this anymore?
How much is too much if I want to regularly buy Walmart and gas gift cards?
I would go one less than the number of transactions that would be flagged.
How many accounts are allowed…
https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/#comment-752694
1 per SSN it looks like
I messaged TAB earlier this week asking if there was any way to track progress of the qualifications for 4% interest, and this is the response I got:
“We don’t currently have a tracker on the site at this time, but we are currently working on completely overhauling the website by the start of next year, and that is one of the new features we are looking to add.
As long as the transaction comes over to us as a card transaction, (credit/debit, pin, signature, or online), and it is at least $5.00, it will count toward qualifying. The only things that won’t count when using your card is withdrawing money from an ATM and person to person transactions using a mobile phone application like Zelle, Venmo, or Cash App.”
So looks like Venmo and stuff are out…unless they were talking about transactions that debit directly from the bank account, instead of the debit card? Also, when I checked my transactions this morning, my oldest Venmo payment finally cleared and is now listed as “Transfer to Venmo”. When I click on it though, the transaction details says “POS Payment PIN VENMO”…so I don’t know if Venmo will count or not. Guess I will use this first month with the account as a trial for me.
Well that suggests a simple algorithm, and they don’t have any actual software to implement their scare language “we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. … Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether.”
From what I understand they have Kasasa run the “algorithm”. That is at least what I was told when I called to inquire about how I would know if I have followed the Terms or not (I don’t have an account with them yet).
Did the Venmo end up counting or not?
Did Venmo count for you in the end? Thanks.
With respect to the qualifying spendings, I saw conflicting informations in the comment area. I just opened an account this month, can we compile a list of qualifying spendings?
– Organic purchases, that must be good
– Utility bills, looks good to me
– Purchase gift card @walmart, looks good to me
– Amazon reload, looks good to me
– Google pay transfer, – showing as “transfer” instead of “shopping” by default, not sure
– Cash App reload, – showing as “transfer” instead of “shopping” by default, not sure
– Venmo, can’t add the any card to the app, I only used it once 🙁
+1. I’d really like DPon Google Pay/Square Cash, etc.
Just opened account. They only allow 3k transfer per day. Need to move money from orion to this account. Does Orion allow bigger transfer amounts?
Thanks
No, Orion’s ach limit is pitiful, $1500 or $2500. You have to find other ways if you want to be fast.
Thanks. I need to move to other bank and then to Tab. It is going to take more than 2 weeks I guess.
You can have another bank send the 50K to TAB.
That is what I will likely do.
Called them yesterday.
Can I call Orion and ask them to transfer to TAB account? Do they charge any transaction fee?
Not sure, never worked with Orion. You may want to call them.
I had my money in Purepoint.
The TAB guy also said some banks that limit electronic transfers will alllow wires.
No transaction fee for the electronic transfer.
There is a wire fee.
Fitness Bank, my 2.75% interest bank for unlimited funds, volunteered to pay the wire fee from another bank, but unnecessary with Purepoint.
Other bank is willing to pay wire transfer fee. But Orion doesn’t have wire transfer facility over phone.
Also does anyone use their 2.4% savings account as well? I don’t see any thread for that account.
i’m also interested in people’s experiences around this
I would imagine that the thought process most people go through is 2.4%<4%, soooo …
But 0<15, sooo…
I probably also should’ve said $50,000 < $250,000 (or unlimited).
I recently opened the 2.4%APY High Yield Savings with the 4% checking. It seems like that account also does not have any fee to worry about.
Since I opened a Kasasa Checking Account with TAB and the high-yield “no strings attached” savings account I was using had a lower rate due to a recent decrease, I also opened TAB’s 2.4% savings account. Although it has only been a couple of months, I haven’t had any issues with it and actually like having both the checking and savings together, which makes it easier to maximize both (i.e., leave as little above $50k in the checking account).
I’m currently testing this combination for a few months and plan to make these my main accounts if all goes well and the rates remain high…
Do you have any specific questions about the savings account? It’s a pretty painless and simple account to setup and use.
I was using it (it’s the only one I have there currently). All the debit card transactions for these Kasasa type accounts really annoy me. I already have 16 of them I’m doing for the Orion accounts but Orion doesn’t really police it heavily and it can be any amount so it’s easier to do than this bank and it still annoys me! Anyway, I don’t like TAB’s online system at all. It’s not very intuitive. I hope their update will bring a better system. I’m thinking of trying this 4% account now that the interest rates are so low everywhere. I took most of the money out of my TAB savings and put it elsewhere. I’ll probably just close it and try this one, see how much it annoys me. I’m not sure if you have a specific question about the savings account? I haven’t had any issue with their savings account the short amount of time I’ve had it.
I messaged customer service and asked them to reduce the daily transaction limit to $500 (for debit card only, not online banking transactions or bank-to-bank transfer). Together with the daily $500 ATM withdrawal limit, it comes to $1000 in daily limit for me. Also, I believe mastercard would anyway be liable for frauds. Am I right?
From my own experience, TAB is definitely a good bank, I have been with them since early June and received around $250 interest as of the end of Sept. Every month I used the debit card to pay utilities bill online such as Xfinity, electricity, water, etc. Luckily all my suppliers allow multiple debit card payments without minimum amount. This can keep your card safe enough. I usually paid $5-8, did 3-5 transactions every week to cover 15 times in a month. At the end of each month, I would receive a monthly chart of the qualifications implying how many debit card transactions I have done. The information is always consistent with my own calculation record based on the transaction description when the transaction is just authorized, like “Debit Card W/D [ST] xxx”. Therefore, it is pretty easy to track yourself. As my other DPs show, the following transaction types also qualify: 1) Venmo payment to others using debit card, 2) Citi credit card phone call payment using debit card, 3)money order fees in store using debit card, etc. Let alone your organic spending everyday(if safety is your concern, you can avoid this type of transactions). All in all, it is a great product with high APY and high limit up to 50k.
However, I received an email survey just a few days ago asking for my inputs on their potential change, including under which low APY I feel unacceptable(I chose 3.5%), what if the monthly APY is dependent on the number of debit card purchase, i.e., 3% with 10 purchases, 2% with 5 purchases(I chose “No, I don’t want a change”). Perhaps they are also struggling to keep APY so high given that all other banks lowered the interest recently.
Authorized as “debit card W/D [ST] xxx water”, posted as “POS Payment PIN xxx water”. From my summary, anything posted as “POS Payment PIN” is qualified. I believe POS and PIN indicate it is debit card transaction
I see just a “PIN ” and nothing else for posted transactions (at least in the app not in statement). Also, for Amazon Prime membership transaction, it got posted as “Amazon Prime”. Pending transactions are showing up as “Debit card Preauth [xx] …”. I have a couple of questions since I’m still new to this account:
* Does getting posted as “Amazon Prime” mean it is not qualified?
* Is bill pay considered to be different from regular transactions?
* Is it okay if I complete the 15 transactions in the first 15 days?
Regular purchases such as Amazon purchase definitely qualify, I mentioned “Debit card Preauth [xx] …” just for these online utilities transactions. I am not sure about bill pay directly from TAB end, all my utilities transactions were finished at the utility company portal. I think 15 transactions in the first half is okay, but be cautious not to finish them in just a few days(though I haven’t seen any negative DPs up to now)
Thanks for this feedback. Sounds like the account is okay to maintain. I won’t need this account until next year, so I’ll just have to hope it stays around. The survey makes it sound like changes could be coming.
Thanks for the DPs. I try to keep my debit card exposure as low as possible, and really only use debit cards for Venmo payments to co-workers/friends. Good to hear your experience with Venmo is that it works.
A few questions though:
– My Venmo payments are 1-2 per day, but are throughout the month (usually for lunch). Do you think it’s an issue if I satisfy all 15 debits through a single vendor (Venmo), but it is normal spending throughout the month?
– My Venmo purchases first show up as “Debit Card Preauth [ST] VENMO”, then converted to “Debit Card W/D* [ST] VENMO”. I have not seen any move to “POS” or “PIN” sales. How long does that take usually? A few days, a week?
For those who have this account do transactions need to be coded as purchase to count? For eg bill pay will not.
This TAB thread has much less comments than the Orion thread, and Orion seems the more popular choice, perhaps due to easier requirements (I definitely agree with that). But is anyone here actually using TAB, and how has it been? Can you easily meet the requirements early in the month, spending little over 15*$5 in easy ways? Or are you pressured by the menacing terms? Anyone been denied interest due to their judgements? I.e. is their bite as bad as their bark?
[[crickets]]
This account has some hoops and strict-sounding rules, but with 4% interest on up to $50k, I’d’ve thought there’d be more people going for it.
[chirp chirp] bark, no bite
So you are using TAB and doing 15*$5 in easy ways?
I varied the amounts within a range of $5-$6, a few different stores, got 4% ($0.25 interest) on the small experimental balance, didn’t want to risk not getting interest on a large balance.
Thanks.
The first month automatically gets the 4%, so your conclution may not stand.
I absolutely love my TAB. getting paid extra for stuff u do anyway.
Doesn’t anybody worry about potential risks of having $30k in a debit card that has little protection against fraud and using it willy nilly at gas stations and starbucks to meet spend reqs? I’m in Miami and fraud here is as hot as the weather
$30K is Orion FCU Premium Checking limit for 4% interest. $50K is TAB’s limit. To which bank’s debit card security did you refer?
Yes, it is absolutely a concern. (I have Orion, not TAB, but same issue.) You could avoid the shadier transaction points, but no matter what, someone has your info, and the whole point of these accounts is to have a large balance, so yes it’s a concern.
Heritage let you set debit card transaction $ limit. I don’t see such options for Orion. I don’t have a tab account either.
Interesting! Thanks!
Rolando, isn’t it possible that if an unauthorized PIN-less debit transaction is made and you file a claim within the correct time period and you were not negligent, Orion & TAB have to give you your money back? (I specify “PIN-less” because I am going to assume the thieves would not have access to your debit card PIN.)
What about when you write a check, which gives the recipient your account number and routing number? What is the danger of someone misusing that knowledge, and what is the recourse?
Thanks for the info.
Yes, SamL, anyone can order checks for cheap and put any name and address they want, using someone else’s routing & account numbers. Most banks, as far as I know, would allow you to file a claim that someone stole your money, and as long as you’re within their required time frame and you were not negligent, you should then eventually get your money back. It’s very important that people regularly check their accounts, looking for any unauthorized transactions. It’s also a good idea to make sure Alerts are turned on.
One option to mitigate the danger is using service that offers virtual private credit card numbers. They shield your actual debit card number from the merchants. In addition you should be able to set maximum spending on each virtual number. I don’t know if these services can be used of line though.
One of the stipulations in their fine print is purchases with the debit card that are “non-retail payment transactions” will not count. Does this mean payment apps like Venmo or Square Cash won’t work? Can anyone confirm those types of apps work or not?
I make a lot of little Venmo payments each month to friends and co-workers to cover lunch and stuff, and the 15 x $5 would not be hard for me to meet I think…provided those apps work.
Anyone confirmed Serve yet?
Been doing it for three months already, no problems
pass…
So 15 purchases x 5 dollars or 15 purchases/ 5 dollars?
15 purchases x $5. You have to make 15 purchases and they must be at least $5 each.
Would it count if I use the card to make 5$ bill pay (like cable) multiple times a month?
Before commiting a large amount I’m experimenting to find out if those scary TAB warnings are just a fake ‘Beware of Dog’ sign. Doing my regular gaming debits to see if that’s detected or pays the high 4%. I’ve had kasasa accounts that post those boilerplate kasasa terms but don’t go to the extra expense of enforcing it. To enforce it the bank would have to detect it and that costs them money, either to pay kasasa.com for the optional analytics service or to spend in-house time on someone/thing looking for so-called gaming.
I agree, I don’t share EVERYTHING for fear I’d suffer an expensive tragedy of the commons effect and lose some really good things. I think we’ll never know exactly why Orion scaled back the multiple accounts other than they didn’t find them profitable enough.
Well, kroger now charges fee for cash back, so…
When do you see the fee? Is it on the screen where you enter the dollar amount or on the next screen?
Very difficult account to use. Placed 10 business day hold on my first two deposits in first month when my account was opened. Extremely un-user friendly website. Customer service unhelpful. Put $125 pre-auth hold on my account when I purchased less than $20 worth of gas. Unless you are really committed to earning the high interest, this might not be the best account for you.
I was denied an account. I called in and they said they could not provide any additional information. My chex is 2/24 and my credit reports were frozen. I couldn’t find any information about people getting denied by TAB. I’m at a loss for what to do.
Unfreeze your CR and try again.
So for the 15 transactions, each PIN-transaction larger than $5 will count, right? Will several transactions in the same store and same day count? Thanks!
When do you expect to receive the debit card once the application is approved? Thanks!
Typically takes about a week for any bank to mail a debit card. If it’s been 10 business days, I would call. It’s not like they need to expedite it, but they do want you to be able to spend your money.
Thank you!
one of the requirements to earn the 4% is At least 1 direct deposit, ACH payment (use of routing number and account number to complete a transaction), or bill pay. for the ACH payment, i can just go to, say, my cellphone company, put in the routing and account number of TAB and have them withdraw the bill payment automatically every month?
Yes, that would be an ACH payment. You could also do it the other way and pay your cell bill payment using the bank’s bill pay.
It’s the debit requirement that is the hard part, IMHO.
Thanks for the suggestion. However, the terms seem to discourage that… and just like the Amex RAT, they are “always watching”. LOL
“we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range.”
My level of interest in putting real spend on a debit card is about zero. My wide range would be $1-2. Somehow I don’t think I will make it.
Have money parked in Discover.
What is the normal time to do an ACH pull from TAB?
to push it from Discover it would take 5 business days. would like to do the transfer as quickly as possible
No it doesn’t show that the requirements were met during the month. There is an email they sent after the statement closes (at the end of the month) which show if you qualified or not, and how many of the transactions counted.
Does this account have ACH push/pull capability, or do transactions need to be initiated from an outside bank?
If it does has ACH, what are the limits?
I couldn’t initiate push/pull from this account. I think that somebody mentioned that one doesn’t qualify for the first year or something (kinda stupid). So I initiate everything from my Alliant CU account (which has a $25,000 daily limit).
Thanks Joanna! I really need an Alliant account for the higher ACH limits. Hey
William Charles – scrape me up an Alliant bonus, ok? 😀
Ally had that promo the end of last year, so that’s when i jumped in. Ridiculously high ACH limits, and quick transfers, so they have become my primary hub. Most accounts can be added W/O time-suck micro trial deposits, if you are willing to provide the other bank’s login credentials. (similar to Plaid, but I think farther reaching, probably using Yodlee)
If they lower their rates later on, will I be locked-in at the higher 4% rate?
The Truth-In-Savings Disclosure says “We may change the interest rate on your accounts at any time”.
You will not be locked-in at 4%.
It will be interesting to see how long it Tab keeps it at 4%.
I just opened a TAB checking 4% plus the high yield savings at 2.4% interest. Not a bad combo besides I can use the latter for overflow. They also have a business Money Market @ 1.8% that I am considering. It’s also nice that the bank has at least (1) brick and mortar branch although in Utah only!
The plan is to use the debit card for small daily routine charges, Starbucks, Amazon, fuel, grocery, etc…. and bigger items with a CC that awards cash back. Seems too hard try to game the system here as it seems to be designed for people (business) that actually uses the account and too much to worry about beating their audit.
So far, pretty sure it was a soft pull and got accepted almost immediately online.
The Orion account is just as alluring even if the signature requirement on the debit charges adds an annoying layer. Plus, for those looking for an automobile, like myself might enjoy a 1.99% auto loan offer that is quite enticing.
Thanks for letting me share my personal experience and blueprint with the group.
I have received my interest on this account successfully for the second time.
As others have pointed out, the qualification cycle for 4.0% APY is not the same dates as the monthly statement cycle. For June it was May 31 to June 27. For July it will be June 28 to July 30. You can find the qualification calendars for 2019 and 2020 here (you have to scroll down a bit):
https://www.tabbank.com/kasasa-cash-checking/
I would recommend this account only if you normally make at least 15 card purchases worth at least $5. Things like amazon reload, Venmo, google pay, etc will not count!
The way I view it is I use my TAB debit card for most of my purchases. Getting 4% APY on what is in my TAB account is much better than any credit card reward or cash back offer.
Besides, studies show that you spend more than what you need to spend when you use a credit card versus a debit card.
Best of luck!
Amazon reloads and Venmo counted for me.
Thanks. That’s good to know.
So Amazon reloads and Venmo are considered pin-based / signature-based debit card purchases? What about things like Circle Pay?
…as long as the purchase is over $5 then I doesn’t matter if it is pin based or signature based. I actually like this better than the Orion account where you have to find a vendor that allows signature based purchases which are hard to find.
Amazon allows you to change the Orion Debit card to signature based. If you go to select payment options and select edit for the Orion card, you can deselect “process as debit card”. The $0.50 GC reloads then qualify as signature based
This is trash, didn’t give me 4% for last month.
They ended the statement period on 6/28 so my last few debits didn’t get counted.
They send you an email with status of how you did, what’d it say?
How much did you fund the account during account opening or is suggested?
~$25
Are they putting a hidden hold on funds? Once I went over my initial deposit amount it was declined, even though I added more money a week ago which shows as available. Also, could be because too many amazon reloads..
Can’t add TAB Bank debit card to my venmo account and google play account. Anything wrong?
Was anyone able to add this to a Pay app?
Orion is better hands down. With Tab Bank you have to make at least 75.00 in purchases per month. $75.00 x 12 is $750 per year. With Orion you can make 8- 2 cents gas purchases every month. .16×12 is $1.92 per year.
Orion-30,000x.04=$1,200-$1.92=$1,198.08. So you can keep about $2.00 extra in this account to cover your purchases for one year
Tab A Bank- $50,000x.04=2,000-750.00=$1,250.00.
Isn’t it $900/ year? $75 x 10 = $750/yr. For 12 months it’s $900 you will need to spend at the minimum at TAB.
Yes it is harder to fake debit transactions and their arbitrary terms introduces high uncertainty.
If you are going to run numbers, it helps to remember that purchases are generally not considered 100% losses, as in, one pay that $75 for something that one truly sees value in.
Further more, keeping $900 ‘extra’ in the account is:
1. Very very far from optimal, for example, one can DD in $75 per month instead (which is still not optimal but much better)
2. Not a reason to claim Orion being better, $900 even at 5% APY only gives $45 per year, not even close in terms of closing the $800 gap between the two.
I agree that at 5% a year, $45 is hardly anything to be concerned about when you are up to $2,000 in interest.
First, one can purchase things they needed to buy anyway. The only loss is the cash back/ rewards those purchases would earn using a credit card. Second, you forget that Tab bank counts PIN based purchases as well. One would be able to spend very little or nothing at all if one wants to.
Also, I noticed that many people actually use the debit card to make real purchases. I think that for them a TAB account would be more useful, since Orion doesn’t count many of those purchases.
But I agree that The TAB account requires more work. I have both, but I didn’t apply for another Orion account because I didn’t want a hard pull at that time (I was past the 90 days from opening the first one).
Good point! With TAB, one does not have to be concerned with whether one made a PIN or Sig based transaction, they both count. I wouldn’t say that one could spend very little or nothing at all because the TAB debits must be at least $5. If you are using the card for general spending, it seems it would be difficult to stay at $5 per transaction, so most transactions would be over $5. Since the terms say one cannot make multiple transactions at one vendor, how many would be safe? I could ring up separate orders at Walmart, but would that trigger an inquiry because they would be made in a short period of time at the same vendor. There are only 30 days in most months, so it seems I’d have to double-up on transactions because I don’t go out every day to buy things. Do you find this to be an issue?
I can use the card at Smiths for a small purchase and still “spend” over $80, if you know what I mean. But it is more work, indeed. I didn’t try to make many small succesive purchases because I am afraid I will lose the interest.
Thank you for your reply. I’m not sure what you mean re your shopping trips at Smiths unless you are saying you make a purchase and then return items and yeah that could be a pain. I could do $5 gas fill ups but then I hardly drive and my gas tank only holds so much (can’t keep filling a full tank!). Or I could ring up items at Walmart until I reach $5+ So far, I am not opening any 3% accounts because there is Orion & TAB at 4%. I am thinking about opening a TAB account but haven’t yet, so far I only have accounts at Orion.
I wouldn’t advise doing $5 transactions for the TAB account. You can always use your debit card to get cash at certain stores, can’t you?
Are you talking about cash back?
Does cash back work/count?
How do you spend over $80, do you get cash back?
Yes. It’s a PIN based transaction, so why not? And I actually need lots of cash to pay my house cleaner.
So u withdrew cash at atm’s and it worked ?
First month reqs are waived – I got the “you qualified” email with zero transactions. So don’t be overconfident that your debits are counting. I’m gonna try amazon reloads and bill paying
Empower at 4.3% when boosted by referrals is still better. No DD or Debits required.
LOL, you need to find a new referral victim every 30 days to keep that rate. Unless you’re the Duggers, much easier just to lock in a few debit transactions online each month with another bank.
Yeah, I hear ya. I don’t play the debit card transaction game. I plan to ride Empower out as long as possible. I got 4 referrals in April when they were offering a $50 bonus, so I am good til Sept.
Can this be a business checking account? Or do you have to open this as a personal account?
I applied last April and finally after a month they e-mailed me late May asking to send a copy of my driver’s license and soc. sec. card via e-mail. No other bank has ever asked for a copy of the soc. sec. card.
I got cold feet because this is totally unusual. With all other online banks you can open your accounts hassle free on the same day you apply.
What are your experiences with TAB?
Been there for almost 2 months. So far so good. Wasn’t asked for DL nor SS copies. Opened hassle free.
same here, opened an account hassle free. Was never asked for any documents.
Played by the rules and got my first full months of interested credited yesterday
Did they ask for a copy of your driver’s license AND soc sec card?
I have received 4% interest for the month of May!
I opened my account towards the end of April. I ended up having 18 debit purchases that were over $5 in May. I used TAB’s bill pay tool to make a payment to my credit card.
The only thing to be aware of is the first 30 days they put a lengthy hold on checks that are mobile deposited. I think it is 8 business days.
Overall, I would recommend this account.
I would like to open TAB Bank checking first to see whether i can easily get 4% easily, just because it has no hard pull. If it is hard to get 4%, then I may consider Orion.
Applied online 2 days ago. On screen message confirmed successful submission but didn’t receive email confirmation (have checked spam folder etc). Should I be patient and wait, or should I call them? Suggestions much appreciated!
I received a message a few minutes after I applied, from postmaster at tab dot com with instructions on how to login to see the secure message they had sent with information about my account.You need to contact them if you didn’t receive anything.
Thanks! I just called new account CS, they said everything is backlogged and that my application is pending review, fingers crossed.
Orion is hands down the best of these 2 accounts. There is not a card limit. And you can open more than one account in your name. I currently have 3 accounts and I make 2 cent gas purchases on all 3 cards to qualify for the 4% interest rate. there are 8 card transactions required per card per billing cycle (per month). At 2 cents per transaction, I spend .48 cent per month for $300.00 in interest per month.
Do you get a hard pull for each account opened?
Dennis, yes there is a hard pull for the first account. If you open subsequent accounts within 90 days, there is no additional hard pull.
Derrick Pierce, that is a good tip. How many trips to the gas station does it take to fulfill the requirement? Can you do more than 2 transactions per card during one visit? I imagine you could go from one card to the next, but then can you start over with the first card or is the transaction denied which requires you to wait for an undetermined amount of time? Congratulations on your good reflexes and being able to just pump 2 cents!
DERRICK PIERCE
I usually do it in one day. I just did all 24 transactions yesterday on all 3 cards and it took about 10 minutes total. Walmart gas station works the best
I do 8 transactions on each card one at a time. Takes about 10 minutes to complete all 24.
I’m glad I’m not the one waiting behind you to get my gas-LOL!
Derrick Pierce, when I use my debit card, the gas station will only let me do 2 transactions on the card before giving me an error message, so I am wondering if you truly do 8 transactions in a row on card #1 and then you do 8 in a row on card #2? Perhaps that’s why you say Walmart gas stations are so accommodating.
Sounds like a hassle. I want 4% but only if I can set it to autopilot.
Orion is hands down the best of these 2 accounts. There is not a card limit. And you can open more than one account in your name. I currently have 3 accounts and I make 2 cent gas purchases on all 3 cards to qualify for the 4% interest rate. there are 8 card transactions required per card per billing cycle (per month). At 2 cents per transaction, I spend .48 cent per month for $300.00 in interest per month
Just opened an account, anyone know what the routing # is?
For the reward requirement, not sure what “ACH Payment” means.
Does that just mean any ACH push from any external bank?
MK, yes, any ACH money you push into the TAB account from your external bank account would qualify. (The only question I would like confirmed regarding this TAB account: Their disclosure says “non-retail payment transactions” do not count toward earning account rewards. If taken literally, one might assume that debit card use to pay utilities such as cable/internet and/or cell phone bills would not count for the 15 minimum. But, maybe paying utilities is considered a “retail payment”…I don’t know and hope someone eventually confirms yes or no. I called TAB to ask, but the rep said she did not know the answer, and since I did not have an account she wasn’t gonna call me back.)
I have doubts if they will actually enforce that.
Have to wait for the data points after people get their first statement.
Origin Bank has 4% up to $40k but 16 debit card transactions.. no min amount. rate good till June 2020
Not nationwide.
Yes, sadly, Abe is correct: only available in Louisiana, Mississippi, and Texas.
I believe the maximum balance at 4% is 30K.
Orion is way better. No silly restrictions of $5 and such . I won’t be getting account here
Yes, but Orion requiring $500 deposit per month can be hard for certain people. I also value my HPs and wouldn’t want another simply for a checking account. TAB doesn’t HP from current DPs.
Can would email me as well how you were ale to achieve so many card purchase in minutes? Thanks. left1820 at yahoo dot com
any ACH counts as direct deposit
Just opened and no HP on any CRs. Going to test out with Serve reloads and report back as to whether that qualifies. No HP to open and no ETF to close so not really much risk in trying it out.
@Chris C
Did Serve work?
For those who utilize Mint.com the bank is listed as ‘Transportation Alliance Bank’ within Mint.com’s provider list.
Also, my Chex inquiry count is 21 in the last 12 months and I was instantly approved for the account so either they don’t utilize Chex or they have a very generous Chex inquiry threshold.
TAB Bank = Transportation Alliance Bank. You can connect it in Mint by searching for the full name, not for the shortened TAB name. I just connected it.
Have you gotten your Chex since then? Curious to know if they pulled it or not.
anyone know if paying $5 to comcast internet bill 15x a monthly would satisfy the requirements? would it code ok and would they crack down on it or its likely a valid way of satisfying the debit requirement?
15 debits a month and especially at $5 minimum is a lot for me since i never use debit so just trying to think of the easiest work around for this
it meets the bare minimum requirements, so that’s not an issue, but read midas89’s comment as an FYI.
Changing the amount slightly each time and spreading it out over the month could be good practice. The TOS mainly focuses on the the same dollar amount multiple purchases at the same merchant at the end of the month in a small amount of time. Throwing in one to three “different” purchases could also work. Gas could work for this. But YMMV as always.
is this link to the orion offer and discussion what u were referring to & is now 3%?
https://www.doctorofcredit.com/tn-ms-ar-orion-federal-credit-union-premium-checking-4-apy-on-balances-up-to-30000-dd-not-required/
Orion is now 3% up to 15k.
https://www.doctorofcredit.com/tn-ms-ar-orion-federal-credit-union-premium-checking-4-apy-on-balances-up-to-30000-dd-not-required/
Looked like a good deal until I read the comment about the debit transactions. Too much hassle for me I think to do actual debits.
Warning regarding TAB Bank for those who “game the system” regarding completing the monthly debit card transactions requirements: There is a chance it won’t be successful. Read their disclosure, I pasted in (there are people below commenting on how you can just make $5 debit card transactions to utilities or Amazon reloads):
“Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards. TAB Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles”
great reminder!
For MSers who go to WM frequently, it’s easy to load WMgcs at SCO with $5 or more w/o doing the same amount per day so it looks like a regular purchase. For MSers already there to load their prepaids and/or buy MOs, this would maximize your visit while getting higher interest rate.
such bullshit.
“you must use debit to qualify for this rate.”
me: uses debit.
“we accuse you of using debit to qualify for this rate.”
It’s not that you used debit, it’s that you used it “in a calculated and limited fashion”. 😉
It would be so much easier if they would just come up with a minimum total dollar amount of the 15 combined debit card purchases they want per month. Obviously, if they do enforce the “rules” as listed in their disclosure, doing just 15 x $5 or close to $5 ($75) debits per month ain’t gonna cut it, and they might not count them at all to qualify you for the 4% interest, etc.
Basically anybody not legitimately making this their primary checking account and using its debit card for most purchases (i.e. not people who like using credit cards) is at risk of getting denied under these terms.
TL;DR translation: Don’t you dare try to make money off of our profits via this account.
I think it would be helpful if the original post included this information.
Here is the link to the disclosure that contains this verbage: https://www.tabbank.com/wp-content/uploads/2019/04/Combined-Kasasa-Accounts-TIS-Disclosure-Final.pdf
Did you notice that TAB underlined “will not” to make sure they emphasize this important point in the sentence: “…will be deemed inappropriate transactions and will not count toward earning the account’s rewards.”
Thanks, included in post
thanks so much for this comment & all discussion below
Quick to open and create online access. No hard pull (Have all my reports frozen).
nice ty for the dp!
Also opened the account. No hard pull for me during the process.
Very interesting!
1. It is a CHECKING account, which makes this rare to have such a high APR. In addition, on a $50K balance, that’s $750/yr vs. the 2.5% APR account I have with Northern Bank and Trust.
2. If Average Daily Balance is over $50K, is the entire balance subject to the 0.25%, or hopefully just the amount over $50K?
3. Fine print says “non-retail payment transactions” excluded. Someone posted about making $5 payments to cable, gas, electric, water. Are we sure those count as “retail”?
4. Why is this account better for 0%/$0 fee balance transfers?
5. Northern Bank only allows $5K or $10K max transfers OUT per day, or something along those lines. Does this bank have any max transfer limits?
That’s a good question, I want to know if plastiq would count for the debit card transactions.
Have you verified if Plastiq counts?
>>4. Why is this account better for 0%/$0 fee balance transfers?>>
this (and any of the high yield c/a offers) is great for those who get 0%/$0 fee balance transfers based on OPM(other people’s money) principle in doing business. This is for those who get the great balance transfers and are good with monitoring their accounts, thereby earning interest w/o using their own money.
I get the general idea of using money borrowed at 0% to earn interest elsewhere, but I’d like to learn more about how to maximize that strategy. Don’t expect anyone to lay it all out here in the comments section, but would much appreciate if someone could point me to more information on the subject (here on DoC or elsewhere). My web searches have only turned up ads for low interest loans.
Get a credit card that offers a 0% intro period on purchases or balance transfers. Use it to either fund a new high-interest bank account that accepts CC funding, or deposit the balance transfer check into your own existing high-interest bank account, or use it to delay the costs of normal expenses while you earn interest by keeping more money in your high-interest bank account until the 0% period ends. Just make sure you have enough liquid funds to pay off the card on time, and make the monthly minimum payments on time until them.
Thank you. I get the general idea, but I’m wondering if someone could direct me toward a more high-level discussion on the subject. I’m especially interested in the balance transfer check angle (as opposed to 0% APR cards).
It’s pretty simple really. Let’s say you hit up the Chase Slate for the 0% BT offer with 0% BT fee. Simply request a balance transfer “convenience” check, then write out said check to yourself. Deposit check into high yielding savings or checking account. Make minimum payments on the slate for 15 months. Pay off the Slate as soon as the intro period ends. You’ll generally need to be playing with at least $10k earning 4-5% to mark it worth the hassle, but some will gamble with less.
You will potentially take a credit score hit from high utilization if you completely max the card out, but with a strong enough file this won’t be too much of an obstacle. I’ve hit both the Slate and used a Chase Freedom promo. Been credit card kiting for years now, no issues. 0% Intro offers are literally a dime a dozen now, practically every entry level card offers them. It’s a great way to sweeten an otherwise mediocre SUB.
Lots of rewards checking accounts earn better than 2.5% on smaller amounts of money, and they all have these kind of debit card requirements or other types of requirements to deal with versus regular savings accounts. But it might be worth it for this rate on this quantity of money if you have a lot of liquid funds. It’s $750 extra per year if you have 50k parked in this versus a 2.5% account ($2000 versus $1250) very nice.
It’s usually just the amount over the limit that earns at a lower rate.
If you do a pull from another bank IE ALLY you don’t have to deal with small transfer limits with NBaT, and most banks.
3. Wonder if this means no BB or Serve reloads either
someone will have to try it and let us know if Tab disqualifies and doesn’t count them.
BB not working.
The maximum transfer limit for both inbound and outbound transfers initiated through TAB Bank is: $3,000.00.
There is no inbound/ outbound transfer limit for transfers initiated from an external bank.
In response to your question #2 “If the average Daily Balance is over $50K, is the entire balance subject to the 0.25%, or hopefully just the amount over $50K?”:
“Average daily balances over $50,000 earn an interest rate of 0.25% on the portion of the average daily balance over $50,000 resulting in a non-compounding range from 4.00% to 1.50% APY depending on the account’s average daily balance.”
2. Just the amount over 50k
I wonder who they use for their debit card servicer, amex, visa, or mastercard. I don’t have tons of utilities now so it would be great to pay my student loan with the debit card using plastiq….
Mastercard
mastercard
I just wonder why a lot of online banks or bank-related deals are based from UT. Have they been growing with banking industry lately?
plural banking is big in UT
so is plural marriage
Bank, and businesses in general will set up wherever taxes and laws are most favorable to them.
Also, there are a lot of decently educated people who live there who have a very mild to non-existent regional accent. A lot of the people are also bilingual – not just Spanish but in one of dozens of other languages, so a lot of call centers set up shop there to take advantage of that.
“A lot of the people are also bilingual – not just Spanish but in one of dozens of other languages”
Oh, I bet that’s from Mormon mission training!
id rather have multiple Orion accounts… easier requirements
Yes and Tab only allows one account per social sec number, while Orion allows unlimited accounts (at least up to 10 per one person’s post).
hows this banks health?
https://www.depositaccounts.com/banks/tab-bank.html
Thank you, can always count on you inspector Gadget!
Hey Doc – I was automatically approved in 1 minute upon signing up. The only option to fund the Bank account was bank ACH (no credit card option). Thanks for sharing this 4% bank account. Excellent for 0% APR transfers..
Do you have any credit monitoring services so you can check and see if they did a hard or soft pull? thanks for the info.
I have DiscoverCard and Credit karma alerts and have received no notifications since opening the account.
I just opened my account as well. Did they give you your account number? I finished funding my account, but I didn’t see the account number anywhere. I’m trying to download their app and sign up for online banking
The account number is via secured message to your personal email. A second email will come that shows your one time password to access the secured message.
Hi brandon
Easily opened online. No CC funding. Not sure if hard pull but I doubt it will be. Typically credit karma is 1 day delayed so will report in tomorrow if hard pull. Experian is typically real time and no report yet.
Interesting. Credit Karma is usually instant for me in notifying me of HPs.
Definitely NOT a hard pull. I opened easily without unfreezing my credit reports.
Are people still having issues with the Kasasa Cash back-end used by this and other banks? I haven’t looked into an account that uses that in some years, but I vaguely remember there being shutdown issues or quick terms changes or something like that.
What were the issues and how common were they?
joE, Not sure how common they were. You can read about them here or read their disclosure: https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-751951 (as posted by midas89)
joE
“This looks to be the new best high yield savings account” it’s actually a checking account.
Orion HPs though. We are still determining whether TAB does.
So there’s no limit to the number of accounts you can open up? I bet if you open too many they shut you down, that’s only a hunch, but doesn’t make sense they would allow unlimited accounts @ 4%. Now the question is who is going to be the guinea pig…
The person who opened 10 accounts said Orion was glad to have the money and encouraged more accounts. I have 3 Orion accounts. As long as you open them within 90 days of the last one you opened, there is no additional hard pull, so you don’t have to open them all at once like that other fellow did.
icemule1
I have 2 open and saving half my paychecks so I can open a 3rd one… they got no problem taking our $$$ so they can lend it out for an even higher %%% and make $$$ from our deposits… got to love capitalism.
I do. No communism for ME.
Are you bouncing your $500 back and forth to a separate bank each month? I only have 1 account and haven’t reached 30k yet so no need to withdraw.
Under TAB’s additional information:
“Limit of 1 account per Social Security Number (SSN)”
Question: Do you have to do 8 debits on each Orion account you open? Therefore, 2 x Orion accounts equal 16 debits and 3 accounts = 24 transactions and so on?
Yes edy, 8 debits per account but the debits can be any amount, even less than a dollar.
yes, that’s how it works. Each account at Orion requires 8 debits, so 10 accounts = 80 debits
honestly this is just a good problem to have…
Once (or if) you have Orion, Orion is much better. Same 4% and less debit card transactions (8 instead of 15) with no dollar limit. Open as many accounts as you want and you don’t have to deal with the fine print restrictions someone else posted re Kasasa. It’s on their disclosure. See post https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-751951 posted by midas89 @midas89
Until Orion drops the rate or starts actually enforcing their state restrictions and closing accounts because people on here have no concept of restraint.
@guest_752240 have you ever done cash app for first Advantage debit requirements? With low balance cancelation I get enough free amazon credit
They dropped rate!
Where did you see that? They homepage still says 4% APY.
Thanks, changed to rewards checking
On the other hand, Orion requires $500/month ACH deposit, right?
ACH deposits in and out can be automated, so this is not a big ordeal to complete.
This is KASASA bullshit. Not everyone is eligible for that – UC citizens only.
What is UC?
United canada?
united countries
True, but most people that live in the US are US Citizens..
There are 10,000,000 illegals who might say otherwise…
😂
That’s 3% of the population. LC said most. ‘Muhricans are bad at math too?
We’re all Americans here.
Where does it say that?
Doesn’t the screen say both Citizens and Resident Aliens, which is what these things generally say?
DP: Resident Aliens are also OK.
What is the best way to use the debit card 15 times a month? Amazon balance reloading counts?
make $5 payments to cable, electric, gas, water bill if they don’t charge you.
I tried use it for cellphone bill, didn’t give me 4% APY.
Did you repeated $5 transactions for the cellphone bill? Because the terms specifically say thats a no, and you will not get the higher percent
I used it for phone bill, and it says I am taking advantage buy paying 15 times for phone bill and they have the right to terminate my account. Shitty bank.
Yes
BB if your account is still active.
Will serve also work?
Yes, it’ll work the same way as BB.
Since I’m not a frequent amzn shopper, I will load WMgcs at SCO $5 or more at a time to fulfill the 15 POS requirement with DC. I’d avoid doing the same amount in one day so it’ll not be bunched together into one transaction.
Venmo – Sending money to a Family Member. For Provident credit union it works and counted as debit card transaction with no fees.
enigma, you don’t think that if TAB enforces the policy as stated in their Disclosure, sending a family member a lot of small Venmo payments every month in order to qualify for the 15 Debits would look suspicious?
Perhaps Venmo won’t report to TAB Bank who the recipient was, and TAB would just see a generic Venmo debit. The question is, for example, let’s say you do 10 Venmos and the other 5 are grocery and gas for the month. Ten Venmos spread out through the month at different amounts, might work. But if one does almost all 15 just at Venmo, that might not work. And if one just stops at 15, that also could trigger TAB to take a closer, especially if it’s just mostly Venmos month after month.
It’s a risk, and of course if it fails, one can simply transfer their money out and close the account.
Venmo used to work for Provident Credit Union in past when they wanted 10 debit transaction and now has moved to $300 a month and I use Sqaure Cash for that. But for Heritage bank which require 10 debit transaction, I use 5 transactions a day as debit card stops working after that and another 5 transactions the next day. Never been a problem with Provident Credit Union in the past and has not been problem with Heritage bank.
Until unless account goes for a manual review I think there is high chances computer will not catch it automatically.
Will Amazon reloads still work when it specifies PIN-based / signature-based transactions?
Sadly if you read the fine print, it says that if you essentially try to game the system with the debit transactions you won’t get the interest.
Of course it does…..
Lol.
Good find! Very tempting.
wow