First Bank Elk River savings, CD and money market rates
First Bank Elk River advertises 0.10% APY on its Traditional Savings account. That is 0.28 percentage points below the national savings average of 0.38% (FDIC, Aug 2026).
Ranked #596 of 803 tracked savings rates by advertised APY. For a $10,000 balance it would rank #547. The advertised rate has not changed in the 2 weeks since Banksparency began tracking it.
Estimate your earnings·What First Bank Elk River actually pays
First Bank Elk River at a glance
| Savings | |
|---|---|
| Top savings APY | 0.10% · Traditional Savings |
| Minimum to open | $100 · Traditional Savings |
| Against the national average | 0.28 percentage points below the 0.38% FDIC savings average (Aug 2026) |
| CDs | |
| Top CD APY | 3.14% · 48 months · 4 Year CD |
| Minimum to open | $500 · 48 months CD |
| Against the national average | 1.87 percentage points above the 1.27% FDIC 48-month CD average (Aug 2026) |
| Money market | |
| Top money market APY | Up to 0.70% · Premium Money Market Savings · needs at least $250,000 |
| Minimum to open | $100 · Premium Money Market Savings |
| Against the national average | 0.07 percentage points above the 0.63% FDIC money market average (Aug 2026) |
| FDIC certificate | 5136 · Elk River, MN |
|---|---|
| Website | www.elkriver.bank |
| Branches | 4 branches in MN |
| Availability | Available in MN |
First Bank Elk River savings, CD and money market rates
Personal
How the rate applies
How the rate applies
IRA
Rates are APY. The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%. Across 60 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.50%, and one account in ten advertises 4.01% or more. See the highest savings rates.
First Bank Elk River CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 3 months | 2.52% | $500 | 91 Day CD |
| 6 months | 2.78% | $500 | 182 Day CD |
| 12 months | 3.09% | $500 | 1 Year CD |
| 18 months | 3.08% | $500 | 18 Month CD |
| 24 months | 3.03% | $500 | 2 Year CD |
| 36 months | 3.08% | $500 | 3 Year CD |
| 48 months | 3.14% | $500 | 4 Year CD |
| IRA CDs | |||
| 3 months | 2.52% | $500 | 91 Day IRA CD |
| 6 months | 2.78% | $500 | 182 Day IRA CD |
| 12 months | 3.09% | $500 | 1 Year IRA CD |
| 18 months | 3.08% | $500 | 18 Month IRA CD |
| 24 months | 3.03% | $500 | 2 Year IRA CD |
| 36 months | 3.08% | $500 | 3 Year IRA CD |
| 48 months | 3.14% | $500 | 4 Year IRA CD |
Interactive Tool
Calculate Savings for First Bank Elk River
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$37.30(0.3%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,037.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What First Bank Elk River pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced all of its deposits over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined.
In Q1 2026, First Bank Elk River paid a higher average rate than 27% of U.S. banks (all-bank median 2.27%).
- First Bank Elk River, avg rate paid
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers every account that earns interest: savings, interest checking, money market accounts, CDs, and personal and business accounts at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older balances at the rates of earlier years, everyday transaction balances, and CDs that were priced in a different rate environment. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rate paid on interest-bearing deposits, quarterly. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Traditional Savings | 0.10% | $100 | $0 | None | not stated | not stated | One rate | |
| First Dollars Savings | 0.10% | $25 | $0 | None | not stated | not stated | One rate | |
| Premium Money Market Savings | 0.70% | $100 | $0 | None | not stated | not stated | Tiered | |
| Money Market Savings | 0.40% | $100 | $0 | None | not stated | not stated | Tiered |
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| Personal CDs | |||||
| 91 Day CD | 3 months | 2.52% | $500 | not stated | not stated |
| 182 Day CD | 6 months | 2.78% | $500 | not stated | not stated |
| 1 Year CD | 12 months | 3.09% | $500 | not stated | not stated |
| 18 Month CD | 18 months | 3.08% | $500 | not stated | not stated |
| 2 Year CD | 24 months | 3.03% | $500 | not stated | not stated |
| 3 Year CD | 36 months | 3.08% | $500 | not stated | not stated |
| 4 Year CD | 48 months | 3.14% | $500 | not stated | not stated |
| IRA CDs | |||||
| 91 Day IRA CD | 3 months | 2.52% | $500 | not stated | not stated |
| 182 Day IRA CD | 6 months | 2.78% | $500 | not stated | not stated |
| 1 Year IRA CD | 12 months | 3.09% | $500 | not stated | not stated |
| 18 Month IRA CD | 18 months | 3.08% | $500 | not stated | not stated |
| 2 Year IRA CD | 24 months | 3.03% | $500 | not stated | not stated |
| 3 Year IRA CD | 36 months | 3.08% | $500 | not stated | not stated |
| 4 Year IRA CD | 48 months | 3.14% | $500 | not stated | not stated |
Opening and using the account
| Availability | Available in MN |
|---|---|
| Footprint | 4 branches in MN |
| Eligibility | not stated |
How First Bank Elk River behaves over time
Every observation of the advertised Traditional Savings rate in the last 12 months was 0.10% (observed through Sep 9, 2026). The series includes promotional tiers where one applied.
First Bank Elk River has not changed its advertised savings rate in the 2 weeks since Banksparency began tracking it.
- Traditional Savings
- The same as 7 days ago.
- 48 months CD
- The same as 7 days ago.
- Premium Money Market Savings
- The same as 7 days ago.
- Rate last changed
- Aug 15, 2026(effective date)
$10,000 at the 0.10% APY First Bank Elk River advertises on Traditional Savings grows to $10,010 in a year. Prices rose 3.4% in the year to July 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,685 does today. See how the federal funds rate shapes savings rates.
First Bank Elk River CD rates over time
Who is First Bank Elk River?
| Headquarters | Elk River, MN |
|---|---|
| Founded | 1907 |
| Scale | $362M assets · $272M deposits, $193M of it interest-bearing (Q1 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 5136 |
Financial detail is in What First Bank Elk River pays on deposits above.
Common questions about First Bank Elk River
Is First Bank Elk River FDIC insured?
Yes. First Bank Elk River is FDIC insured under certificate 5136, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at First Bank Elk River?
First Bank Elk River requires a minimum deposit of $100 to open its Traditional Savings account, as observed on Sep 9, 2026. Check the bank's current terms before you open an account.
Does First Bank Elk River have branches?
Yes. First Bank Elk River operates 4 branches according to FDIC branch records, in addition to its website and mobile apps.
First Bank Elk River against its closest alternatives
| Bank | Savings APY | Rate paid (Q1 2026) | Min deposit | Branches |
|---|---|---|---|---|
| First Bank Elk River | 0.70% | 1.88% | $100 | 4 branches in MN |
| Alliance Bank | 1.00% | 1.44% | not stated | 7 branches in IN |
| Andover State Bank | 0.55% | 2.62% | not stated | 2 branches in KS |
| Bank of Lake Mills | 3.82% | 3.64% | $50,000 | 2 branches in WI |
Alternatives are the three tracked banks whose highest savings APY is closest to First Bank Elk River's.
Similar banks and rate hubs
Banks in the same rate band with the same product mix:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.