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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

Overview

Lake Elmo Bank was founded in 1911 and has its headquarters in Lake Elmo, Minnesota. Lake Elmo Bank handles assets of $397 million as well as deposits totaling $357 million, making it a small bank. Lake Elmo Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4 out of 5 stars, Lake Elmo Bank should be near the middle of the pack in your search for a bank. Lake Elmo Bank has a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Lake Elmo Bank's most basic checking account does not have a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for accruing the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Lake Elmo Bank has a savings rate of 0.05%, which is fair as compared against the national average. Lake Elmo Bank's one-year and five-year term lengths CDs earn at a rate of 0.90% and 1.70%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given Lake Elmo Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Lake Elmo Bank's Savings Rates Compare

Lake Elmo Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Lake Elmo Bank typically has average fees in comparison to the national average. With no monthly fee, Lake Elmo Bank is perfect for people who want a simple banking experience. For those who visit the ATM often, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to the national average. Lake Elmo Bank unfortunately does not refund out-of-network ATM fees, meaning you'll be required to locate a Lake Elmo Bank ATM or accept the 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

4.0
SmartAsset Average: 3.7

Lake Elmo Bank is a brick-and-mortar bank, with six total bank locations in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. Lake Elmo Bank's online and mobile banking platforms receive moderately decent feedback from customers. The Lake Elmo Bank mobile app is rated at 4.1 out of 5 (out of 7 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Lake Elmo Bank's mobile app to control your finances by checking monthly statements, sending and receiving money and accessing customer service. Lake Elmo Bank receives an exceptional consumer satisfaction score due to 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

4.8
SmartAsset Average: 4.8

Lake Elmo Bank ranks as a small bank with $397 million in assets as well as $357 million in deposits. Its Texas Ratio is 4.34%, denoting a negligible chance of 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

4.34%
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: 0.90% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.70% APY
$1000 for all terms
Money Market Accounts 0.12% APY 0.15% APY $10000 $15000

Lake Elmo Bank has several deposit products like 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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