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RiverWood Bank Review

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RiverWood Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


RiverWood Bank first started operating in 1910 and its headquarters are located in Baxter, Minnesota. RiverWood Bank manages $389 million in assets as well as $327 million in deposits, making it a small bank. RiverWood 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 4.1 stars out of 5, RiverWood Bank should be solidly in contention for your choice of bank. RiverWood Bank has a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, RiverWood Bank's standard checking account does not have a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for returning the most income from your deposits alongside 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

RiverWood Bank features a savings rate of 0.03%, which is fair in comparison to the average U.S. bank. Its CDs feature a rate of 0.55% and 1.31% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.25%. Given RiverWood Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How RiverWood Bank's Savings Rates Compare

RiverWood Bank Savings 0.03 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

RiverWood Bank has typically extremely low fees compared to the average U.S. bank. RiverWood Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. RiverWood Bank does not reimburse out-of-network ATM charges, which means you'll be required to find a RiverWood Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

RiverWood Bank is a brick-and-mortar bank, with 11 total bank locations in Minnesota. With mobile and web apps, RiverWood Bank makes mobile banking convenient, even on the go. RiverWood Bank's online and mobile banking platforms receive fairly satisfactory scores from users. The RiverWood Bank mobile app has been given a 4.0 out of 5 (out of 10 ratings on Apple and Android) compared to the national average of 3.8. RiverWood Bank's mobile app allows you to control your accounts by looking at current statements, sending and receiving funds as well as accessing customer service. RiverWood Bank receives a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

RiverWood Bank is a small bank owning $389 million in assets as well as deposits totaling $327 million. Its Texas Ratio is 15.37%, denoting a small opportunity of failure. 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

High Risk 75% 50% 20% 10% Low Risk

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 RiverWood Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $100
Checking Account 0.03% APY $500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.31% APY
$10000 for all terms
Money Market Account 0.2% APY $10000

RiverWood Bank offers 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 think about taking a look 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 compared to other U.S. banks.

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Find a RiverWood Bank Near Me

RiverWood Bank has 11 physical branches across the U.S.

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