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Deposits (Tables) | 12 Months Ended
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Dec. 31, 2021
Banking and Thrift, Interest [Abstract] |
Schedule of Deposits | The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities:
| December 31,
(in thousands) | 2021 |  | 2020
Interest-bearing money market deposits 1 | $ | 370,813 |  |  | $ | 439,894 |
Customer deposits | 129,180 |  |  | 116,694 |
HSA deposits 2 | 960,000 |  |  | — |
Contractual deposits with maturities within 1 year 1,3,4 | 566,427 |  |  | 354,807 |
Short-term deposits | 2,026,420 |  |  | 911,395 |
Contractual deposits with maturities greater than 1 year and less than 5 years 1,3,4 | 652,214 |  |  | 148,591 |
Total deposits | $ | 2,678,634 |  |  | $ | 1,059,986 |
Weighted average cost of HSA deposits outstanding | 0.03 | % |  | — | %
Weighted average cost of funds on contractual deposits outstanding | 0.48 | % |  | 1.81 | %
Weighted average cost of interest-bearing money market deposits outstanding | 0.20 | % |  | 0.27 | %
1 As of December 31, 2021 and 2020, all certificates of deposit and money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Deposits held associated with the HSA custodial assets managed and invested by WEX Bank through an investment manager. 3 Original maturities range from 9 months to 5 years, with interest rates ranging from 0.12 percent to 3.52 percent as of December 31, 2021. At December 31, 2020, original maturities ranged from 1 year to 5 years with coupon interest rates ranging from 1.35 percent to 3.52 percent. 4 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate.
Schedule of Average Interest Rates | The following table presents the average interest rates on contractual deposits, HSA deposits and interest-bearing money market deposits for the years ended:
| December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Average interest rate: |  |  |  |  |
Contractual deposits outstanding 1 | 0.78 | % |  | 2.21 | % |  | 2.46 | %
HSA deposits | 0.03 | % |  | — | % |  | — | %
Interest-bearing money market deposits | 0.22 | % |  | 0.61 | % |  | 2.28 | %
1 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate.

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