TIMBR High Yield Savings Account 2025 Review
TIMBR, a division of Bridgewater Bank, offers a high-yield savings account for people who want to optimize their money. This account earns a competitive rate when your balance is $1,000 or higher.
TIMBR High Yield Savings is an online savings account with no monthly maintenance fees. It's currently the only account available from TIMBR.
This savings account could be right for people who:
- Want to earn a competitive rate on savings
- Typically keep $1,000 or more in savings
- Don't need branch banking access to manage their savings
- Are comfortable with an online-only savings option
TIMBR keeps saving as simple as possible, from online account opening to how you can deposit or withdraw funds. You'll need $1,000 for your initial deposit. If you don't make your first deposit within 31 days of opening your account, TIMBR will close it.
TIMBR High Yield Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Fruitful High Yield Savings Account
Fruitful High Yield Savings pays a solid APY with no minimums, no fees, and no nonsense. You can open an account online in minutes and deposits are FDIC-insured. Fruitful offers unlimited transfers and you have the option to open a joint account if you'd like to save with someone else.
Read our full editorial review of the Fruitful High Yield Savings account
RBMAX Max Interest Savings Account
The RBMAX Max Interest Savings account pays a little less than the TIMBR account but the rate is still competitive. There's no minimum balance requirement and no monthly fee with electronic statements. You can withdraw cash at more than 90,000 ATMs nationwide fee-free for convenient access.
Read our full editorial review of the RBMAX Max Interest Savings account
One Savings Account
One combines debit card rewards with high-yield savings in a single account. There are no monthly fees or minimum balance requirements and the savings APY is on par with what you'll find at top online banks. You can withdraw or deposit cash at Walmart locations, plus get cash back on Walmart purchases.
Read our full editorial review of the One Savings account
TAB Bank High Yield Savings Account
TAB Bank offers a high-yield savings account with no minimums and no monthly fees. You can also open a rewards checking account to earn interest. There's no minimum deposit requirement to open this account and the APY is well above what you'll get from a traditional bank.
Read our full editorial review of the TAB Bank High Yield Savings account
Interest Rates
TIMBR's savings rate is exceptional, with one small hitch. You'll need to maintain a minimum balance of $1,000 or more to earn the highest advertised rate.
That may be a challenging target to hit if you're just getting started with savings. You might need to check out other online savings options that have a lower threshold for earning interest.
TIMBR's rate applies to all balances, above the $1,000 minimum. Some banks use a tiered approach, with your rate determined by how much you keep in savings.
Fees
TIMBR is as fee-friendly as it gets for savers. Online banks, in general, tend to charge fewer fees than traditional banks.
Here's how the fee schedule breaks down.
Other Service Fees - TIMBR High Yield Savings
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Excess withdrawals | $0.00 |
| Official checks | $0 |
| Returned deposit items | $0.00 |
| Stop payment | $0.00 |
| Nonsufficient funds fee | $0.00 |
| Incoming wire transfers (domestic and international) | N/a |
| Outgoing wire transfers (domestic and international) | N/a |
| Legal process fee | $0 |
As you can see, there are no fees. That means you'll keep every penny of the interest you earn.
ATM Access
Some savings accounts offer an ATM card that you can use to withdraw cash. You won't get that with TIMBR.
Is the lack of an ATM card a dealbreaker? It depends on how you prefer to manage your savings.
If you'd like to be able to withdraw cash directly from your account, then you may want to consider other banks. On the other hand, if you don't want an ATM card to be a temptation to drain your savings then TIMBR could be a good fit.
Account Management
TIMBR offers online banking to help you manage your savings. There is no mobile banking app.
If you need to deposit or withdraw money you have one option: ACH transfers.
TIMBR doesn't offer mobile check deposits or wire transfers. You can't deposit cash either.
You could use Zelle to send or receive payments with your TIMBR account. You'll need to download the Zelle app and then link your TIMBR savings account to it.
Compared to other banks, TIMBR's account management options are more limited. You'll have to decide if the available features and deposit/withdrawal options line up with what you need from a savings account.
FDIC Insurance
FDIC insurance protects depositors if a bank fails. TIMBR is FDIC-insured through Bridgewater Bank.
When a bank fails, which is rare, the FDIC steps in to help depositors get their money back. Your accounts are covered up to the standard insurance limit, which is $250,000.
What to Look for in a Savings Account
It's always a good idea to compare savings accounts to see what's out there. Banks can offer some variety in terms of features, benefits, fees, and convenience.
Weigh these questions as you shop for a new savings account.
- Is an online savings account suitable for your needs, or do you prefer a traditional bank?
- What's the APY?
- Is interest tiered or capped in any way?
- Are there specific requirements to earn interest?
- How much will you need to open the account?
- Is there a monthly fee?
- Are there limits on deposits or withdrawals?
- What other fees will you pay?
- What do you need to open an account?
- Do you need to open an account with new money to get the advertised APY?
- Does the bank offer online and mobile banking access?
- Can you use mobile check deposit or deposit cash?
- Does the account include an ATM card?
- Which ATMs can you use? Are foreign ATM fees reimbursed?
- Does the bank offer any built-in savings or money management tools?
- Can you link your savings account to a checking account for overdraft protection?
- How easy is it to get in touch with customer service?
- What other types of accounts does the bank offer?
- What do other people like or dislike about the bank?
Reading reviews can help you decide which savings account may be best for your needs. You can check out what your current bank offers, then cast the net wider to consider other banks.
Frequently Asked Questions
Is TIMBR a legit bank?
TIMBR is a legitimate bank that's associated with Bridgewater Bank, member FDIC. TIMBR currently offers just one banking product, which is a high-yield savings account with no monthly maintenance fees.
Are online savings accounts safe?
Online savings accounts are generally safe when your money is held at an FDIC-member bank. There's very little risk of losing money in a savings account unless the bank fails and your deposits are uninsured.
Is an online savings account the best way to save?
Online savings accounts are a good way to save if you want to get the best rate for your money while paying the lowest amount in fees. The downside of online savings accounts is that you don't always have access to your money at ATMs. Branch access usually isn't a feature either.
