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  Redwood Capital Bank Basic Savings Account
Redwood Capital Bank Basic Savings Account Unaffiliated

Redwood Capital Bank Basic Savings Account

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Highlights
Monthly Fee N/A
APY (Annual Percentage Yield) N/A
Minimum Balance to Earn APY N/A

Redwood Capital Bank Basic Savings Account Review

Redwood Capital Bank Basic Savings Account is offered by Redwood Capital Bank, founded in 2003 and based in Eureka, CA. Redwood Capital Bank Basic Savings Account is available in 1 state across the USA.

Key Takeaways
  • $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
Redwood Capital Bank Basic Savings Account Pros & Cons
Pros Cons
  • No signup bonus.
  • Does not earn interest.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Not FDIC-insured.
  • Only available in one state.
Redwood Capital Bank Basic Savings Account FAQ

Are savings accounts from Redwood Capital Bank federally insured?

No, your Redwood Capital Bank savings accounts are not insured by a federal insurance agency. This means that if Redwood Capital Bank were to fall into financial difficulties, your deposits are not covered by a government backed insurance fund like the FDIC or NCUSIF.

Does Redwood Capital Bank offer a signup bonus?

Redwood Capital Bank Basic Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Redwood Capital Bank Basic Savings Account?

The minimum deposit to open a Redwood Capital Bank Basic Savings Account is $100.
Redwood Capital Bank Basic Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $300
Minimum Opening Deposit Starting at $100
Minimum Required Balance $300

What APY does Redwood Capital Bank offer?

Redwood Capital Bank Basic Savings Account is not an interest-bearing account.

What fees does Redwood Capital Bank Basic Savings Account charge?

Redwood Capital Bank Basic Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $300.

What features and perks does Redwood Capital Bank Basic Savings Account offer?

This savings account includes the following features:

Can you set up a direct deposit to Redwood Capital Bank Basic Savings Account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Redwood Capital Bank Basic Savings Account?

The customer support email for Redwood Capital Bank Basic Savings Account is inquiries@redwoodcapitalbank.com.

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Availability

  Available in 1 state
California
Availabile in all of California

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $300
Minimum Opening Deposit Starting at $100
Minimum Required Balance $300
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
Account Features
  • Interest Bearing Account
  • Branch Access
  • Member FDIC

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