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Lake Elmo Bank Review

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Lake Elmo Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1911, Lake Elmo Bank has assets totaling $397 million as well as $357 million in deposits, ranking it as a small bank. Lake Elmo Bank, whose headquarters are in Lake Elmo, Minnesota, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4 out of 5 stars, Lake Elmo Bank proves it is a respectable bank that should be given a look. Lake Elmo Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for returning the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

With a savings rate of 0.05%, Lake Elmo Bank ranks poorly in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.45% and 1.21%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given Lake Elmo Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Lake Elmo Bank's Savings Rates Compare

Lake Elmo Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Lake Elmo Bank has generally average fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to the national average. Lake Elmo Bank doesn't reimburse out-of-network ATM charges, meaning you will have to locate a Lake Elmo Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Lake Elmo Bank is a brick-and-mortar bank, with six total branches in Minnesota. It also offers access to mobile and web apps for a simple mobile-banking experience. Lake Elmo Bank receives reasonably high marks from users for its mobile banking services. The Lake Elmo Bank mobile app rates a 4.1 out of 5 (out of 7 customer reviews on Apple and Android) compared to the national average of 3.8. Lake Elmo Bank's mobile app allows you to control your funds by reviewing monthly statements, sending and receiving money and reaching customer service. Lake Elmo Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Lake Elmo Bank ranks as a small bank with $397 million in assets as well as $357 million in deposits. It has an excellent Texas Ratio of 4.34%, indicating that the bank is in excellent financial shape and far from failure. Additionally, Lake Elmo Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Lake Elmo Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.04% APY $1
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.21% APY
$1000 for all terms
Money Market Account 0.12% APY $10000

Lake Elmo Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Lake Elmo Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Lake Elmo Bank's CD rates are fair as compared against the national average.

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Find a Lake Elmo Bank Near Me

Lake Elmo Bank has six physical locations in the U.S.

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