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.
Is TIMBR secure and backed by a reliable financial institution?

Yes, TIMBR is a division of Bridgewater Bank. As part of Bridgewater Bank, TIMBR benefits from the same robust security measures and regulatory oversight that you would expect from a well-established bank.

Are my savings with TIMBR covered by FDIC insurance?

Absolutely. As a division of Bridgewater Bank, TIMBR accounts are covered by FDIC insurance. This means that your deposits are protected up to the maximum limit allowed by law, which is currently $250,000 per depositor, per insured bank, for each account ownership category. This coverage provides an added layer of security and peace of mind for your savings and investments with TIMBR.

Please note that deposits made through TIMBR and deposits made through other accounts at Bridgewater Bank are not separately insured by the FDIC; all deposits count towards the FDIC deposit insurance limit at Bridgewater Bank. For the most current information on deposit insurance limits, please visit www.fdic.gov.

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.
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.
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.
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.
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.
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].
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