Deerwood Bank
Quick Summary
- HSA savings account
The Verdict
Deerwood Bank provides essential HSA features with zero monthly maintenance fees and basic savings functionality, earning a 0/5.0 rating from HSA Orbit.
To this day, Deerwood Bank continues to be a community based bank. Our expansions and growth represents our desire to broaden our services and convenience to our customers. Our business philosophies are based on the belief that, “to be a successful community bank, we must be committed to our communities and have a unique ability to know and serve our markets”.
We are consistently working to better our customer experience by having financial and market experts on hand at each office. We offer tools that make life easier. And we take the time to get to know you.
Because we are, after all, your neighbors. We volunteer on local community boards, coach youth sports, and mentor students. We shop at the local stores and see each other on vacations at the lake. We still share the values that matter most to you.
Key Features
Banking & Access
Includes debit card and online banking.
Investment Options
This provider focuses on cash savings without investment options.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $25.00 | $1.95 | ABOVE AVG |
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Savings-Only Account
Deerwood Bank currently offers a savings-focused HSA without investment options. Your funds earn interest in a cash account.
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0 - $1,000 | 0.10% |
| $1,000 - $2,500 | 0.20% |
| $5,000 - $10,000 | 0.30% |
| $10,000 - $20,000 | 0.40% |
| $20,000+ | 2.63% |
Last updated: 11-11-2024
Contact Information
Address
14986 Lynwood Drive Baxter, MN 56425 Customer Service Mailing Address PO Box 628 Brainerd, MN 56401
Customer Service
800-291-6597
14986 Lynwood Drive Baxter, MN 56425 Customer Service Mailing Address PO Box 628 Brainerd, MN 56401
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •FDIC/NCUA insured deposits
- •Competitive APY up to 2.63%
The Bad
- •No investment options available
User Sentiment
Based on community feedback
Sentiment data coming soon
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