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Earn money market rates and a lower balance requirement with our Money Market Savings Account.

June 17, 2019


Learn more about the other savings options available!

If you are an existing Bank of Elk River customer enrolled in online banking, you can quickly and easily open a new account! Log into online banking and select ‘Open an Account’ and all of your information with auto-populate. Not enrolled in online banking? Click here to begin.


  • Interest compounded daily, paid monthly¹,²
  • Tiered interest rate²
  • ATM cash withdrawals allowed with The Bank Cash & Check Card
  • Free monthly statement
  • Safekept images of cancelled checks and deposit slips
  • Free deposit and withdrawal slips or duplicate Money Market checks
  • Free Online Banking
  • Free Mobile Deposit Banking
  • Free The Bank Cash & Check Card*


  • $25 minimum opening deposit.
  • Maintain a minimum monthly balance of $1,000 or a $5 monthly balance fee will be charged.
  • For every withdrawal and/or transfer over six in a calendar month, a debit item fee of $1.50 fee will be charged.³

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. Fees may reduce earnings.

² This is a tiered rate account. Your interest rate and annual percentage yield may change based on the daily balance in your account.

³Transfers from a money market savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, or similar order to third parties are limited to six per calendar month.

*Lost or damaged card fees may apply.