The Bank of Elk River serves the financial needs of individuals and businesses in Elk River, Otsego, and Zimmerman Minnesota.
- Interest compounded daily, paid quarterly1 (A $50.00 minimum is required to earn the stated APY)
- Quarterly statement (monthly if on combined statement)
- Free deposit and withdrawal slips
$3.00 monthly balance fee if average balance falls below $50.00.2
(Monthly balance fees and transaction fees waived for age 18 and under.)
6 free withdrawals per month, $0.50 for each additional withdrawal.
$25.00 minimum opening deposit required on all accounts.
1) Your interest rate and annual percentage yield may change at any time at our discretion. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example checks). Interest will be compounded daily and credited to your account on your monthly or quarterly statement. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
2) Average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.