First Bank Elk River: Savings Accounts, CDs, Money Market & Rates

By Aviel Fahl

Updated: 8/15/2026

Mission: Banksparency aims to make First Bank Elk River's deposit accounts transparent and comparable to the market.

Interest rates reported as APY

Analysis of First Bank Elk River

Our verdict

CD Analysis

First Bank Elk River offers CDs paying up to 3.14% APY on its 48 months term, across 7 term lengths.

Tracking 14 active CD products, useful for locking in today's rate before further moves at the Fed.

Best CD use: locking in 3.14% APY for a 48 months term and laddering across multiple maturities.

First Bank Elk River also offers Premium Money Market Savings, a money market account paying 0.70% APY with a $100 minimum deposit.

At 0.70% APY, First Bank Elk River pays above the national money market average of 0.63%.

Additional Accounts

Money Market Savings, a money market account at 0.40% APY.
Traditional Savings, a savings account at 0.10% APY.
First Dollars Savings, a youth savings account at 0.10% APY.

Ideal User Profile

Best for: simple saving without extra requirements.

Important Considerations

First Dollars Savings is a youth savings account. Age-restricted to young account holders.

No app ratings available for this bank.

iOS app rating is not available.

Android app rating is not available.

Deposit Accounts Overview

First Dollars Savings

Savings

0.10% APY

Min: $25 Branch Access

Rank #252 of 337 tracked.

Traditional Savings

Savings

0.10% APY

Min: $100 Branch Access

Rank #253 of 337 tracked.

Money Market Savings

Money Market

0.40% APY

Tiered Range: 0.10% - 0.40%

Min: $100 Branch Access

Premium Money Market Savings

Money Market

0.70% APY

Tiered Range: 0.30% - 0.70%

Min: $100 Branch Access

Market Reality Check

This institution offers rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.

See Top Rates

National Avg: 0.38% (FDIC, 8/1/2026).
Banksparency tracks live rates daily.

Bank Overview

HQ LocationElk River, MN
Deposit InsuranceFDIC Insured(Cert: 5136)

Visit Official Website

Featured Offers

Axos ONE - High Yield Savings & Checking

Over 95,000 fee-free ATMs
Get paid up to 2 days early with Direct Deposit
One convenient app for spending & saving

FDIC Insured

Savings4.21%APY

Checking0.51%APY

Go to Axos Bank

FDIC or NCUA insured

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	0
Min. Balance in Savings Account	0
How to qualify for APY	OPTION ADirect Deposit $1,500+ AND Maintain $1,500+ avg daily checking balance. OR OPTION BDeposit $5,000+ total/mo AND Maintain $5,000+ avg daily checking balance.
Mobile Ratings	iOS:4.7 Android:4.5

The APY is available with the Axos ONE savings and checking bundle. The checking account also earns interest. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.

EASY TRANSFERS, LOW MINIMUMS

SponsoredVerified Aug 19, 2026

FDIC Insured

Quontic High Yield Savings

Apply in 3 minutes or less
No monthly service fees
Transfer with Zelle, Apple Pay, G-Pay, and more

FDIC Insured

Savings3.20%APY

Go to Quontic Bank

FDIC or NCUA insured

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	10000
Min. Balance in Savings Account	0
Mobile Ratings	iOS:4.8 Android:4.9

Deposit Accounts: In-Depth View

Savings Accounts Offered by First Bank Elk River

Feature	First Dollars Savings	Traditional Savings
APY	0.10%Verified: 8/15/2026	0.10%Verified: 8/15/2026
APY Trend	N/A	N/A
Min. Deposit	$25	$100
Min. Balance	$0.01	$0.01
Monthly Fee	N/A	N/A
Direct Deposit	None	None
Checking Bundle	No	No
In-Branch Access	Yes	Yes
Compounding	N/A	N/A
FDIC Insured	Yes	Yes
Eligibility	United States	United States
Next Steps	-	-

Interactive Tool

Calculate Savings for First Bank Elk River

All calculations are based on APY.

Choose savings account

Initial deposit

Recurring deposit

Frequency

Duration

Savings Breakdown

Interest Earned
+$37.30(0.3%)
Total Contributions
$13,000
Initial Deposit
$1,000

Projected Balance

$14,037.30

Effective APY

0.10%

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

First Bank Elk River Deposit Rates Over Time

No historical data available.

Compare with First Bank Elk River

Feature	Current View First Bank Elk River	Empty Slot
Product		-
APY	0.10%Verified: 8/15/2026	-
APY Trend	N/A	-
Min. Deposit	$25	N/A
Monthly Fee	N/A	-
Direct Deposit	No	-
Checking Bundle	No	-
In-Branch Access	Yes	-
Eligibility	United States	-
Compounding	N/A	-
FDIC or NCUA Insured	Yes	-
Next Steps	-	-

CD Overview

3.14% Highest APY

Across 14 CD products with terms: 24 months, 36 months, 48 months, 3 months, 6 months, 12 months, 18 months

CD Products Offered by First Bank Elk River

Feature	91 Day CD 3 months	91 Day IRA CD 3 months	182 Day CD 6 months	182 Day IRA CD 6 months	1 Year CD 12 months	1 Year IRA CD 12 months	18 Month CD 18 months	18 Month IRA CD 18 months	2 Year IRA CD 24 months	2 Year CD 24 months	3 Year CD 36 months	3 Year IRA CD 36 months	4 Year IRA CD 48 months	4 Year CD 48 months
APY	2.52%Verified: 8/19/2026	2.52%Verified: 8/19/2026	2.78%Verified: 8/19/2026	2.78%Verified: 8/19/2026	3.09%Verified: 8/19/2026	3.09%Verified: 8/19/2026	3.08%Verified: 8/19/2026	3.08%Verified: 8/19/2026	3.03%Verified: 8/19/2026	3.03%Verified: 8/19/2026	3.08%Verified: 8/15/2026	3.08%Verified: 8/15/2026	3.14%Verified: 8/15/2026	3.14%Verified: 8/15/2026
Term	3 months	3 months	6 months	6 months	12 months	12 months	18 months	18 months	24 months	24 months	36 months	36 months	48 months	48 months
Min. Deposit	$500	$500	$500	$500	$500	$500	$500	$500	$500	$500	$500	$500	$500	$500
Early Withdrawal	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FDIC Insured	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

First Bank Elk River CD Rates Over Time

Not enough rate history to show a chart. We have CD rates for this bank from one day only. The chart shows when we collect more data.

Money Market Accounts Offered by First Bank Elk River

Feature	Premium Money Market Savings	Money Market Savings
APY	0.70%Range: 0.30% - 0.70%Verified: 8/15/2026	0.40%Range: 0.10% - 0.40%Verified: 8/15/2026
Min. Deposit	$100	$100
Min. Balance	$0.01	$0.01
Monthly Fee	N/A	N/A
Direct Deposit	None	None
In-Branch Access	Yes	Yes
Compounding	N/A	N/A
FDIC Insured	Yes	Yes
Eligibility	United States	United States

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