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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


Deerwood Bank first started operating in 1910 with headquarters located in Deerwood, Minnesota. Deerwood Bank manages assets of $505 million and $433 million in deposits, classifying it as a medium-size bank. Deerwood Bank 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 apps. With a score of 4.1 out of 5 stars, Deerwood Bank should be solidly in contention for your choice of bank. Deerwood Bank has numerous product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Using a bank with free checking, in addition to a high savings APY is the best bet for getting the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Deerwood Bank features a savings rate of 0.30%, which is poor as compared against the national average. Its one-year CD has a rate of 0.80%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Deerwood Bank's Savings Rates Compare

Deerwood Bank Savings 0.30 National Average 0.26 Compare Offers
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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

SmartAsset Average: 3.7

Deerwood Bank is a brick-and-mortar bank, with 13 total branches in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. Deerwood Bank gets inferior reviews from customers for its mobile app. Out of 40 ratings on both iOS and Android platforms, the Deerwood Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). Deerwood Bank's mobile app allows you to control your bank accounts by checking account balances, sending and receiving funds and accessing customer service. Deerwood Bank receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

Deerwood Bank is currently a medium-size bank owning assets totaling $505 million and deposits totaling $433 million. Its Texas Ratio is 1.93%, signifying a minute 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
$1000 for all terms

Deerwood Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Deerwood Bank does not have the best savings rate, which means you should think about 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 in comparison to the average U.S. bank.

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Find a Deerwood Bank Near Me

Deerwood Bank has 13 branches in the U.S.

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