Utah-based TAB Bank has announced a new checking account and debit card. The new TAB Flow Card offers cardholders up to 1% back in stock rewards from companies like Amazon, McDonald’s, Chevron, Walmart, Disney, and Starbucks.
TAB Bank Announces New Stock Rewards Debit Card
TAB Bank is Ogden, Utah-based fintech and digital bank. The bank offers a full selection of banking products for small businesses and consumers. Despite having no physical branches, TAB Bank is fully FDIC-insured. TAB Bank is now hyping a new debit card and checking account combination, called TAB Flow.
About TAB Flow
TAB Flow offers accountholders rewards, which isn’t unheard of. There are plenty of rewards debit and prepaid cards on the market, including the Current Debit Visa Card, the Fold Visa, and Aspiration’s debit card.
TAB Flow differs because it offers 0.5% back as stock with select retailers. In this regard, TAP Flow is somewhat similar to the M1 Visa Debit Card. However, that card works with an investment account and doesn’t directly provide stock rewards.
The TAB Flow debit card and checking account features contactless payment and digital wallet compatibility, no overdraft fees, budgeting tools, and more. And a Mastercard debit card, the TAP Flow Card features a selection of protections, including Mastercard Global Services, ID Theft Protection and credit monitoring, and Mastercard Airport Concierge (for an additional charge).
The Tab Flow product is currently at the waitlist stage, with interested consumers able to sign up here.
“Help Consumers Start Saving”
“Wealth is built by owning assets. We all work for a living, I get a paycheck, so I want to figure out how I’m going to take that money and build wealth,” said TAB Bank CEO and Bank President Curt Queyrouze in a release. “Ownership is extremely important to create that foundation of financial strength and then build upon it and then participate.
“I think everybody now can have the opportunity to participate, and we believe this is the right way to get people in. It’s not as scary when you’re not putting your own capital at risk,” he added. “If you just have cash back and you have $1,000 in your checking account, and at the end of the month, I put an extra $5 in your checking account, it just gets spent, right? It’s just fungible; even if we put it in a savings account, you can tie your savings account checking account together, and it just gets spent.
“The stock is separate, and in order to take it out of the stock fund, you have to actually liquidate your ownership and transfer, so there’s a natural barrier. It is not as fungible as the money that gets deposited in your account, and that helps people not only create that savings account but maintain it because it is separate and it has its own kind of behavioral engagement. And people are reluctant to then liquidate stocks out where they might have seen some value creation, and they’ll look at other alternatives. So this was the best solution we saw to help consumers start saving.”
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Featured image by TAB Bank
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