BEST High Yield Online Savings Account
As the CEO of a financial services business, I communicate with hundreds of banks and credit unions. As a consumer who constantly wants my $$$ sitting where it earns the highest interest, I move $$$ 2 or 3 times a year. This means I've experienced the best and worst, so I know EXACTLY what questions to ask BEFORE I apply for a new account.
TIMBR's FAQs did not answer all my questions but very cordial phone calls with Sandi and Denise did. Their responsiveness is VERY impressive. I will share that info here in case you have the same questions:
BALANCE LIMIT:. $1,000,000 is the balance limit.
FUNDING: ACH from external account you link.
ACH IN & OUT $ LIMIT: No limit on available funds.
LINK LIMIT: One external account
RATE CHANGE(S): They will attempt to notify.
CUSTOMER SERVICE PHONE: 877-812-5739
Bottom Line: Most impressive online banking customer service experience I've yet to encounter.
TIMBR: A Good Place To Park Money
I am a newly minted account holder. The account opening process was straightforward. I opted for the two deposit method of account verification.
A few things to be aware of with TIMBR, and these are all explained in the disclosures you are required to acknowledge. All of the disclosures are presented to you prior to you confirming any transfer of funds. So, if there is something you can't live with, simply log off and don't come back.
1. You can only deposit and withdraw funds from a single funding account via ACH. Thus, no wire transfers. There appears to be no limits on withdrawals. I observed none in the disclosures. If you close your initial funding account without first transferring all of your TIMBR funds back to it, your TIMBR funds will be frozen for 60 days before being able to transfer those monies to a new funding account
2. All deposits are held for 5 business days before availability.
3. Accounts are single-owner accounts only. No joint account holders. Multiple beneficiaries may be added to the account. This option is readily available to you during the formal account opening process.
4. No additional funds may be added to your newly opened account for 5 business days. Meaning, your initial funding amount is all you can deposit during the first 5 business days.
So, in short, TIMBR offers one of the highest HYSA. It is not an account to be used for immediate access to your money, although there appears to be virtually no dollar limitations on ACHs.
Basic As It Gets....
...which is fine for me. Opened account end of 2024 and have had zero issues. Opening process was simple. Adding a beneficiary was simple. Their website is simple. Their offering of just one type of account is simple. Everything with them has been just straightforward. They do not hide behind fine print or asterisks or confusing rules. Only giving 4 stars because they have 5 business day hold on every deposit (add in a weekend and basically it is a 7 day hold). Have moved funds out when needed and money was in my local checking account next day. They are just a simple no frills online bank that has excellent rates comparatively speaking.
Very Limited Functionality
According to an email from TIMBR,
"Direct Deposits and bill pay are not supported."
So apparently you can manually ACH money in and out from ONLY the funding account. And that's it.
Also, from the website:
"Only ACH transfers to and from your funding account are allowed on your TIMBR High Yield Savings account. No other account activity is allowed."
VERY limited account.
Customer Service answered my questions about the account same-day -- So that's good.
And... If they maintain the rate, this could be a good savings vehicle.
I'm just not used to such limited functionality.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58210 |
| Year Established | 2005 |
| Employees | 292 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.85% |
| Return on Equity - YTD | 8.14% |
| Annual Interest Income | $65.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $5.13B$4.72B |
| Loans | Q1 2025vs Q1 2024 | $3.96B$3.73B |
| Deposits | Q1 2025vs Q1 2024 | $4.18B$3.83B |
| Equity Capital | Q1 2025vs Q1 2024 | $538.7MM$501MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $53.8MM$51.3MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $10.2MM$154K |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |