TIMBR, the new online division of Minnesota-based Bridgewater Bank, is currently offering 5.25% APY on its TIMBR High Yield Savings account. This new savings account is in the top 30 Savings/Money Market Accounts post published earlier today.
All U.S. citizens and other U.S. persons (as defined in IRS W9 instructions), 18 years or older, are eligible to open a TIMBR High Yield Savings account online.
TIMBR has a FAQ page that provides a great deal of helpful information, including the following.
Are there any fees for using the TIMBR High Yield Savings account?
There are no fees, including service or monthly maintenance fees, charged by TIMBR for the TIMBR High Yield Savings account.
Is there a minimum deposit required to open a TIMBR High Yield Savings account?
Yes, the minimum deposit required to open a TIMBR High Yield Savings account is $1,000.00.
Is there a minimum balance required after opening a TIMBR High Yield Savings account?
No, however, if your TIMBR High-Yield Savings account has a zero balance for 90 consecutive days, it will be restricted.
How soon does TIMBR High Yield Savings account need to be funded?
TIMBR High Yield Savings accounts not funded within 31 days are automatically closed.
How long does it take to transfer funds from my TIMBR High Yield Savings account back into my designated funding account?
Transactions may take up to five (5) business days to complete.
What can I use to fund my TIMBR High Yield Savings account?
A checking or savings account maintained at a U.S. financial institution either owned by you individually or jointly with another person as long as you maintain control over such account.
Can I add more than one account to fund my TIMBR High Yield Savings account?
No, only one funding account may be used to make deposits to and receive withdrawals from your TIMBR High Yield Savings account.
What types of transactions can I conduct on my TIMBR High Yield Savings account?
Only ACH transfers to and from your funding account are allowed on your TIMBR High Yield Savings account. No other account activity is allowed.
Is there a downloadable app for my mobile phone or other devices for my TIMBR High Yield Savings account?
No; however, you can access your TIMBR High Yield Savings account on your computer, smartphone or mobile device at timbrfinancial.com.