Started in 1910, RiverWood Bank has $389 million in assets as well as $327 million in deposits, classifying it as a small bank. RiverWood Bank, whose headquarters are in Baxter, Minnesota, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, RiverWood Bank proves it is a respectable bank that gets the job done. RiverWood Bank has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, RiverWood Bank offers an option without a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for accruing the most income from your deposits while maintaining easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
RiverWood Bank has a savings rate of 0.03%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.65% and the five-year CD has a rate of 1.41%, while its highest-yielding money market account earns at an APY of 0.35%. Given RiverWood Bank's poor savings rate, you should consider other options to earn more on your deposits.
How RiverWood Bank's Savings Rates Compare
RiverWood Bank generally has extremely low fees compared to the national average. With no monthly fee, RiverWood Bank's checking account is perfect for those who want a hassle-free banking experience. RiverWood Bank unfortunately doesn't refund out-of-network ATM fees, which means you will have to find a RiverWood Bank ATM or pay the cost of withdrawal.
RiverWood Bank is a brick-and-mortar bank, with 11 total bank locations in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. RiverWood Bank gets fairly high marks from customers for its online presence. Out of 10 customer reviews across both iOS and Android platforms, the RiverWood Bank mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). You can access RiverWood Bank's mobile app to control your accounts by reviewing monthly statements, transferring money as well as reaching customer service. RiverWood Bank receives an outstanding consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
RiverWood Bank is currently a small bank and handles $389 million in assets as well as $327 million in deposits. RiverWood Bank's Texas Ratio is 15.37%, indicating that RiverWood Bank is in good financial well-being and unlikely to fail. Additionally, RiverWood 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.Back to Overview
Compare RiverWood Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.03% APY||$100|
|Checking Account||0.03% APY||$500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.3% APY 0.35% APY||$10000 $15000|
RiverWood Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. RiverWood 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. RiverWood Bank's CD rates are fair as compared against the national average.Back to Overview
Find a RiverWood Bank Near Me
RiverWood Bank has 11 locations in the U.S.Back to Overview