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Deposits (Tables)
 12 Months Ended
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)20212020
Interest-bearing money market deposits1
$370,813 $439,894 
Customer deposits 129,180 116,694 
HSA deposits2
960,000 — 
Contractual deposits with maturities within 1 year1,3,4
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 outstanding0.03 %— %
Weighted average cost of funds on contractual deposits outstanding0.48 %1.81 %
Weighted average cost of interest-bearing money market deposits outstanding0.20 %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)202120202019
Average interest rate:
Contractual deposits outstanding1
0.78 %2.21 %2.46 %
HSA deposits0.03 %— %— %
Interest-bearing money market deposits0.22 %0.61 %2.28 %
1 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate.