The Bank of Elk River savings, CD and money market rates
The Bank of Elk River's Everyday Savings advertises 0.20% APY on balances of $10,000 or more, and 0.10% to 0.15% below that. That is 0.18 percentage points below the national savings average of 0.38% (FDIC, Oct 2026).
Ranked #1952 of 3150 tracked savings rates by advertised APY. For a $10,000 balance it would rank #1733.
Estimate your earnings·What The Bank of Elk River actually pays
The Bank of Elk River at a glance
| Savings | |
|---|---|
| Top savings APY | 0.20% · Everyday Savings · needs at least $10,000 |
| Minimum to open | $25 · Everyday Savings |
| Against the national average | 0.18 percentage points below the 0.38% FDIC savings average (Oct 2026) |
| CDs | |
| Top CD APY | 4.01% · 15 months · 15 Month CD Special |
| Minimum to open | $200 · 15 months CD |
| Money market | |
| Top money market APY | Up to 2.84% · Momentum Money Market · needs at least $250,000 |
| Minimum to open | $25 · Momentum Money Market |
| Against the national average | 2.21 percentage points above the 0.63% FDIC money market average (Oct 2026) |
| FDIC certificate | 1607 · Elk River, MN |
|---|---|
| Website | www.thebankofelkriver.com |
| Branches | 5 branches in MN |
| Availability | Available in MN |
The Bank of Elk River savings, CD and money market rates
Personal
How the rate applies
How the rate applies
How the rate applies
IRA
Business
How the rate applies
How the rate applies
Rates are annual percentage yields (APY). A variable rate may change after the account is opened. Fees could reduce the earnings on the account. A penalty may be imposed for early withdrawal.
The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.20% or more. See the highest savings rates.
The Bank of Elk River CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 3 months | 2.27% | $200 | 91 Day CD |
| 5 months | 3.95% | $200 | 5 Month CD Special |
| 6 months | 2.77% | $200 | 182 Day CD |
| 12 months | 3.29% | $200 | 12 Month CD |
| 15 months | 4.01% | $200 | 15 Month CD Special |
| 18 months | 3.39% | $2,500 | 18 Month Added Advantage CD |
| 24 months | 3.34% | $200 | 24 Month CD |
| 30 months | 3.44% | $2,500 | 30 Month Added Advantage CD |
| 33 months | 3.70% | $200 | 33 Month CD Special |
| 36 months | 3.39% | $200 | 36 Month CD |
| 48 months | 3.44% | $200 | 48 Month CD |
| 60 months | 3.55% | $200 | 60 Month CD |
| IRA CDs | |||
| 12 months | 3.29% | $200 | 12 Month IRA CD |
| 15 months | 4.01% | $200 | 15 Month IRA CD Special |
| 18 months | 3.39% | $2,500 | 18 Month Added Advantage IRA CD |
| 24 months | 3.34% | $200 | 24 Month IRA CD |
| 30 months | 3.44% | $2,500 | 30 Month Added Advantage IRA CD |
| 36 months | 3.39% | $200 | 36 Month IRA CD |
| 48 months | 3.44% | $200 | 48 Month IRA CD |
| 60 months | 3.55% | $200 | 60 Month IRA CD |
Interactive Tool
Calculate Savings for The Bank of Elk River
All calculations are based on APY.
Tiered rates: 0.25% to 2.69% APY across 5 balance tiers.
Savings Breakdown
- Interest Earned+$93.40(0.7%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,093.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What The Bank of 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 the savings and money market deposits it already holds, 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. The 0.20% needs a balance of at least $10,000. Below that, the account advertises 0.10%.
In Q2 2026, The Bank of Elk River paid a higher average rate on savings and money market deposits than 69% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- The Bank of Elk River, savings and money market
- 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 savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
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 savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. 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 rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. 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. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Personal | ||||||||
| Health Savings Account | 2.02% | not stated | $0 | None | not stated | not stated | Tiered | |
| Fine print: A paper statement fee of $3 a month applies unless the holder enrolls in eStatements. | ||||||||
| Everyday Savings | 0.20% | $25 | $0 | None | not stated | not stated | Tiered | |
| Fine print: The monthly service charge is also waived for account owners age 24 and under, whatever the balance. A fee of $0.50 applies to each withdrawal or transfer above six in a statement cycle. | ||||||||
| Momentum Money Market | Up to 2.84% | $25 | $0 | None | not stated | not stated | Tiered | |
| Business | ||||||||
| Summit Business Money Market | Up to 2.69% | $50 | $0 | None | not stated | not stated | Tiered | |
| Ascend Business Savings | 0.15% | $50 | $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 | 2.27% | $200 | not stated | not stated |
| 5 Month CD Special | 5 months | 3.95% | $200 | not stated | not stated |
| Fine print: At maturity the certificate renews at the 91 day rate the bank offers on that date, not at a 5 month rate. The terms and the features stay the same as the original certificate. | |||||
| 182 Day CD | 6 months | 2.77% | $200 | not stated | not stated |
| 12 Month CD | 12 months | 3.29% | $200 | not stated | not stated |
| 15 Month CD Special | 15 months | 4.01% | $200 | not stated | not stated |
| 18 Month Added Advantage CD | 18 months | 3.39% | $2,500 | not stated | not stated |
| 24 Month CD | 24 months | 3.34% | $200 | not stated | not stated |
| 30 Month Added Advantage CD | 30 months | 3.44% | $2,500 | not stated | not stated |
| 33 Month CD Special | 33 months | 3.70% | $200 | not stated | not stated |
| Fine print: At maturity the certificate renews at the 36 month rate the bank offers on that date, not at a 33 month rate. The terms and the features stay the same as the original certificate. | |||||
| 36 Month CD | 36 months | 3.39% | $200 | not stated | not stated |
| 48 Month CD | 48 months | 3.44% | $200 | not stated | not stated |
| 60 Month CD | 60 months | 3.55% | $200 | not stated | not stated |
| IRA CDs | |||||
| 12 Month IRA CD | 12 months | 3.29% | $200 | not stated | not stated |
| 15 Month IRA CD Special | 15 months | 4.01% | $200 | not stated | not stated |
| 18 Month Added Advantage IRA CD | 18 months | 3.39% | $2,500 | not stated | not stated |
| 24 Month IRA CD | 24 months | 3.34% | $200 | not stated | not stated |
| 30 Month Added Advantage IRA CD | 30 months | 3.44% | $2,500 | not stated | not stated |
| 36 Month IRA CD | 36 months | 3.39% | $200 | not stated | not stated |
| 48 Month IRA CD | 48 months | 3.44% | $200 | not stated | not stated |
| 60 Month IRA CD | 60 months | 3.55% | $200 | not stated | not stated |
Fine print for 2 CDs above: At maturity the certificate renews at the 12 month rate the bank offers on that date, not at a 15 month rate. The terms and the features stay the same as the original certificate.
Fine print for 2 CDs above: The holder can raise the rate once during the term to the rate the bank then offers on this certificate.
Fine print for 2 CDs above: The holder can raise the rate twice during the term to the rate the bank then offers on this certificate.
Opening and using the account
| Availability | Available in MN |
|---|---|
| Footprint | 5 branches in MN |
| Eligibility | not stated |
How The Bank of Elk River behaves over time
Every observation of the advertised Everyday Savings rate in the last 12 months was 0.20% (observed through Nov 2, 2026). The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Oct 21, 202691 Day CDRaise:2.02%to2.27%
- Obs. Oct 21, 202612 Month CDRaise:3.03%to3.29%
- Obs. Oct 21, 202624 Month CDRaise:3.14%to3.34%
- Obs. Oct 21, 202636 Month CDRaise:3.19%to3.39%
- Obs. Oct 21, 202648 Month CDRaise:3.24%to3.44%
- Everyday Savings
- The same as 30 days ago.
- 15 months CD
- Up 0.10 percentage points from 30 days ago.
$10,000 at the 0.20% APY The Bank of Elk River advertises on Everyday Savings grows to $10,020 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,659 does today. See how the federal funds rate shapes savings rates.
The Bank of Elk River CD rates over time
Who is The Bank of Elk River?
| Headquarters | Elk River, MN |
|---|---|
| Founded | 1885 |
| Scale | $719M assets · $661M deposits, $505M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 1607 |
| Charter state | Minnesota · one of 223 insured banks chartered there (Q2 2026, FDIC) |
| Size | 1,262nd-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 28% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What The Bank of Elk River pays on deposits above.
Common questions about The Bank of Elk River
Is The Bank of Elk River FDIC insured?
Yes. The Bank of Elk River is FDIC insured under certificate 1607, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at The Bank of Elk River?
The Bank of Elk River requires a minimum deposit of $25 to open its Everyday Savings account, as observed on Nov 2, 2026. Check the bank's current terms before you open an account.
Does the 0.20% apply to my whole balance?
The 0.20% needs a balance of at least $10,000. Below that, the account advertises 0.10%. Rates are as observed on Nov 2, 2026.
Does The Bank of Elk River have branches?
Yes. The Bank of Elk River operates 5 branches according to FDIC branch records, in addition to its website and mobile apps.
The Bank of Elk River against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| The Bank of Elk River | 0.20% | 1.95% | $25 | 5 branches in MN |
| Aroostook County Federal Savings and Loan Association | 0.20% | 1.92% | $5 | 2 branches in ME |
| Bank Forward | 0.20% | 3.74% | $200 | 12 branches in MN, ND |
| Bank of Prairie du Sac | 0.20% | 2.46% | $100 | 2 branches in WI |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to The Bank of Elk River's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Minnesota, nearest to The Bank of Elk River in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: money market rates in Minnesota, and banks in Minnesota.