FAQ

What is a TIMBR High Yield Savings account?

TIMBR’s High Yield Savings account is a consumer savings account designed for individuals to earn a competitive rate.

Where are the funds for my TIMBR High Yield Savings account held?

Your funds are held by TIMBR, a division of Bridgewater Bank.

Are deposits in my TIMBR High Yield Savings account FDIC insured?

Your TIMBR High Yield Savings account deposits are insured by the FDIC up to the maximum limits allowed by law. Deposits made through TIMBR and deposits made through other accounts at Bridgewater Bank are not separately insured by the FDIC and all deposits count towards the FDIC deposit insurance limit at Bridgewater Bank. Please visit www.fdic.gov for current deposit insurance limits.

Are there any fees for using the TIMBR High Yield Savings account?

There are no fees, including service or monthly maintenance fees, charged by TIMBR for the TIMBR High Yield Savings account.

Is there a minimum deposit required to open a TIMBR High Yield Savings account?

Yes, the minimum deposit required to open a TIMBR High Yield Savings account is $1,000.00.

Is there a minimum balance required after opening a TIMBR High Yield Savings account?

No, however, if your TIMBR High-Yield Savings account has a zero balance for 90 consecutive days, it will be resticted. To reinstate your account, please contact us at [email protected].

How is interest calculated on my TIMBR High Yield Savings account?

Interest is calculated by using the daily balance computation method. This method applies a daily periodic rate to the principal in the account each day. Interest will be compounded and credited to your account monthly. Interest begins to accrue on the next business day after you initiate a transfer from your funding account. If you close your account or your account reaches a zero balance before interest is credited, the accrued but uncredited interest will not be paid. You will resume earning interest upon a positive balance.

Is the TIMBR High Yield Savings account a variable rate account?

Yes, TIMBR’s High Yield Savings account is a variable rate account. Interest rates and Annual Percentage Yields (APYs) may change at any time at TIMBR’s discretion.

Is the TIMBR High Yield Savings account a tiered rate account?

No, TIMBR’s High Yield Savings account is not a tiered account.

How soon does TIMBR High Yield Savings account need to be funded?

TIMBR High Yield Savings accounts not funded within 31 days are automatically closed.

When will funds be available after I deposit them into my TIMBR High Yield Savings account?

Transactions may take up to five (5) business days to complete.

How long does it take to transfer funds from my TIMBR High Yield Savings account back into my designated funding account?

Transactions may take up to five (5) business days to complete.

What can I use to fund my TIMBR High Yield Savings account?

A checking or savings account maintained at a U.S. financial institution either owned by you individually or jointly with another person as long as you maintain control over such account.

Can I add more than one account to fund my TIMBR High Yield Savings account?

No, only one funding account may be used to make deposits to and receive withdrawals from your TIMBR High Yield Savings account.

What types of transactions can I conduct on my TIMBR High Yield Savings account?

Only ACH transfers to and from your funding account are allowed on your TIMBR High Yield Savings account. No other account activity is allowed.

Can I have more than one TIMBR High Yield Savings account?

Not at this time.

Can I add a joint account holder on my TIMBR High Yield Savings account?

Not at this time. The TIMBR High Yield Savings account is a single ownership account; however, you can designate a beneficiary.

Can I add a beneficiary to my TIMBR High Yield Savings account?

Yes, after your TIMBR High Yield Savings account has been opened you may add a beneficiary and may change your beneficiary at any time within the account portal.

Can I list a trust as a beneficiary on my TIMBR High Yield Savings account?

Not at this time.

How do I change my funding account?

Any change to your funding account must be made by logging into the account portal and sending a secure message to TIMBR customer service. TIMBR may require you to complete additional information in order to authenticate and validate the change of your funding account. Changes to your linked account are subject to TIMBR’s approval and, depending on the circumstances, may result in your TIMBR High Yield Savings account not being accessible for a period of time.

My funding account has been closed. How do I update my funding account and transfer funds to and from my TIMBR High Yield Savings account?

Any change to your funding account must be made by logging into the account portal and sending a secure message to TIMBR customer service. TIMBR will then restrict your High Yield Savings account and may require you to complete additional information in order to authenticate and validate the change of your funding account.

Will I receive monthly account statements for my TIMBR High Yield Savings account?

Yes, you will receive email notifications when your monthly TIMBR High Yield Savings account statement is ready and will be available within the account portal.

Will I receive year-end tax forms for my TIMBR High Yield Savings account?

Yes, you will receive a year-end IRS 1099-INT form for your TIMBR High Yield Savings account. An email notification will be sent when the form is ready and will be available within the account portal.

How do I close my TIMBR High Yield Savings account?

You may close your TIMBR High Yield Savings account by withdrawing all available funds and selecting “Close my account.” Alternatively, you my contact TIMBR customer service via the secure message center within the account portal or email us at [email protected].

Is there a downloadable app for my mobile phone or other devices for my TIMBR High Yield Savings account?

No; however, you can access your TIMBR High Yield Savings account on your computer, smartphone or mobile device at timbrfinancial.com.

How do I contact customer service regarding my TIMBR High Yield Savings account?

You can contact TIMBR customer service via the secure message center within the account portal or email us at [email protected].

I have forgotten the email I used to open my TIMBR High Yield Savings account. How do I gain access to my account?

Please email us at [email protected] and we will help you regain access to your TIMBR Yield Savings account.

I have forgotten my TIMBR High Yield Savings account password. How can I have it reset?

Click “I forgot my password” below the login box to receive an email with instructions. You can also reach out to us at [email protected].

Is my financial information secure with TIMBR?

Data security is TIMBR’s top priority. We use industry-leading RSA 256-bit encryption technology.