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Deerwood Bank Review

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Deerwood Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1910, Deerwood Bank has assets totaling $505 million along with $433 million in deposits, making the institution a medium-size bank. Deerwood Bank, whose headquarters are in Deerwood, Minnesota, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.1 out of 5 stars, Deerwood Bank proves it is a good bank that gets the job done. Deerwood Bank has a choice of product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Deerwood Bank has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best bet for returning the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.30%, Deerwood Bank ranks poorly compared to the average U.S. bank. Deerwood Bank's one-year CD has a rate of 0.80%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Deerwood Bank's Savings Rates Compare

Deerwood Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Deerwood Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Deerwood Bank is a brick-and-mortar bank, with 13 total bank locations in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. Deerwood Bank receives poor feedback from users for its mobile app. With 40 ratings across both iOS and Android platforms, the Deerwood Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). You can use Deerwood Bank's mobile app to manage your finances by looking at current statements, sending and receiving money and accessing support representatives. Deerwood Bank gets an excellent consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Deerwood Bank is currently a medium-size bank with $505 million in assets and $433 million in deposits. Deerwood Bank's Texas Ratio is 1.93%, denoting a low probability of failure. Additionally, Deerwood Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Deerwood Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1000
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.76% APY
  • 48 Month: 2.07% APY
$500 for all terms

Deerwood Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Deerwood Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Deerwood Bank's CD rates are fair compared to the average U.S. bank.

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Find a Deerwood Bank Near Me

Deerwood Bank has 13 branches across the U.S.

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