Timberland Bank Review

Timberland Bank Savings

0.01% APY

Timberland Bank was founded in 1915 and has its headquarters in Hoquiam, Washington. Timberland Bank handles assets totaling $1.89 billion and $1.63 million in deposits, classifying it as a medium-size bank. Timberland Bank does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. On the whole, Timberland Bank is a great bank that you should seriously consider at a rating of 4.3 stars out of 5 from the SmartAsset team. 

Timberland Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Timberland Bank has a fair savings rate, which means other popular banks have higher rates. A great, everyday account, the bank's standard checking does not carry a monthly fee. Using the same bank for checking and savings is ideal for getting the largest interest rates on your money while retaining access to your money without getting penalized for withdrawing.

Service Quality

Timberland Bank is a brick-and-mortar bank, with 23 total branches in Washington. With mobile and web apps, Timberland Bank makes account access easy, even on the go.  

Timberland Bank gets fairly decent ratings from users for its mobile app: with 250 customer reviews across both Apple and Android platforms, the Timberland Bank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). Timberland Bank's mobile app lets you control your accounts by checking current statements, transferring money as well as reaching support representatives. Timberland Bank gets a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Timberland Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Timberland Bank does not have the best savings rate, which means you should consider taking a look elsewhere 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. Timberland Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

Timberland Bank has a savings rate of 0.01%, which is fair compared to the average U.S. bank. Its one-year CD has a rate of 2.02% and the five-year CD earns at a rate of 2.02%, while its highest-yielding money market account earns at an APY of 0.01%. It has a fair savings rate, which means other popular banks have higher rates. Think about other options to earn more on your deposits.

Fees

Timberland Bank typically has extremely low fees as compared against the national average. Timberland Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. 

Financial Health

Timberland Bank is currently a medium-size bank with $1.89 billion in assets as well as deposits totaling $1.63 billion. Its Texas Ratio is 1.33%, indicating that Timberland Bank is in terrific financial shape and very unlikely to fail. Additionally, Timberland Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Timberland Bank Near Me

Timberland Bank has 23 branches in the U.S.