TAB Bank partners with Bumped to disrupt checking account industry with an account that rewards in fractional shares of stock for up to 1% of every eligible purchase, among other consumer-friendly features
TAB Bank announced TAB Flow, a new checking account that offers customers fractional stock rewards of up to 1% of every eligible purchase they make. TAB has partnered with Bumped, a leading tech company on a mission to create an ownership economy, to leverage Bumped’s stock reward platform to enable customers to make their day-to-day spending work for them in the ownership economy.
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While many financial apps and tools are emerging to help consumers, very little innovation has happened in the realm of checking accounts, with many banks marketing primarily by offering the same “free toaster” type incentives for new customers to sign up. With TAB’s new accounts, customers can sign up for TAB Flow in minutes, with no minimum balance or overdraft fees. Fractional stock rewards are automatic for eligible purchases. Customers simply use their debit cards on daily transactions to build a stock portfolio of some of the world’s most popular brands. TAB Flow can provide a simpler, safer path to investing by allowing customers to build up stocks in these companies, providing an upside that traditional cash rewards can’t match.
“TAB Flow makes your ‘checking’ account work for you,” said Curt Queyrouze, CEO and president of TAB Bank. “It’s part of the bold financial solutions TAB Bank is providing to lift and empower our customers to financial success. TAB Flow is putting other financial services companies on notice that banks can create innovative products. As a digital pioneer in banking, TAB Bank will bring on additional services that will help our customers succeed financially even more.”
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Customers build up stock rewards through the TAB Flow and TAB Flow+ accounts. With Flow, account holders earn 0.5% in rewards through qualified purchases they make with their debit card at six well-known companies. For $5 per month, customers can join Flow+ and receive stock rewards of up to 1% from a group of 20 major companies for qualified, debit card transactions. With Flow+, most debit card purchases receive stock rewards, whether they are made at those brands or elsewhere.
Customers can set up a TAB Flow account online with $0. Deposits are FDIC Insured. Customers work directly with the bank for all services, instead of working through a separate financial services company backed by a bank. New customers can learn more or sign up to participate at https://go.tabbank.com/flow. The companies expect the checking accounts to go online in about four weeks.
TAB Bank is an innovative and technology-forward bank offering custom banking solutions to consumers and commercial businesses across a wide range of industries. Our bank is and always has been a completely mobile online solution that makes banking easier and more intuitive. More than 20 years later, we are still completely obsessed with making our clients happy and watching them succeed.
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