Bridgewater Bank (MN) Review

Bridgewater Bank Savings

0.10% APY

Bridgewater Bank first started operating in 2005 with headquarters in Bloomington, Minnesota. Bridgewater Bank manages $2 billion in assets and $1 billion in deposits, making it a large bank. Bridgewater Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Bridgewater Bank 4.2 out of 5 stars, suggesting it is a great bank that you should seriously consider. 

Bridgewater Bank provides customers with a complete suite of product offerings, including savings accounts, checking accounts, money market accounts and CDs. Bridgewater Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $5.00 monthly fee, which is not too bad compared to the national average. Opening accounts in one place is perfect for getting the highest return on your money while retaining access to your funds without having to wait for money to transfer between accounts.

Service Quality

Bridgewater Bank is a brick-and-mortar bank, with seven total branches in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go.  

Bridgewater Bank receives great scores from customers for its mobile app: the Bridgewater Bank mobile app rates a 4.9 out of 5 (out of 8 customer reviews on iOS and Android) compared to the national average of 3.8. Bridgewater Bank's mobile app lets you control your bank accounts by monitoring current statements, transferring funds and accessing customer service. Bridgewater Bank gets a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Bridgewater Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Bridgewater Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bridgewater Bank's CD rates are fairly competitive compared to other U.S. banks.

Rates

Bridgewater Bank features a savings rate of 0.10%, which is fair as compared against the national average. Bridgewater Bank's one-year CD has a rate of 0.35% and the five-year CD earns at a rate of 0.75%, while its highest-yielding money market account earns at an APY of 0.25%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

Fees

Bridgewater Bank has generally high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $5.00, which makes it slightly worse for anyone looking for a hassle-free account. 

Financial Health

Bridgewater Bank is currently a large bank with $2 billion in assets and $1 billion in deposits. Its Texas Ratio is 0.98%, signifying an exceedingly small chance of failure. Additionally, Bridgewater Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bridgewater Bank Near Me

Bridgewater Bank has seven physical locations across the U.S.