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The Bank of Elk River Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Bank of Elk River Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of Elk River started in 1885 with headquarters located in Elk River, Minnesota. The Bank of Elk River handles assets of $411 million along with deposits totaling $373 million, classifying it as a medium-size bank. The Bank of Elk River lacks premium access to support representatives, 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. Overall, The Bank of Elk River is a respectable bank that deserves your consideration, with a rating of 4.0 out of 5 stars from the SmartAsset team. The Bank of Elk River offers the complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Locating a bank with free checking, in addition to a high savings APY is the best bet for returning the most income from your deposits while maintaining convenient access to your money.

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

3.2
SmartAsset Average: 3.5

With a savings rate of 0.01%, The Bank of Elk River ranks poorly as compared against the national average. Its one-year CD has a rate of 1.26% and the five-year CD earns at a rate of 1.86%, while its highest-yielding money market account earns at a rate of 0.15%. Given The Bank of Elk River's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Bank of Elk River's Savings Rates Compare

The Bank of Elk River Savings 0.01 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on The Bank of Elk River's fees to provide a full SmartAsset rating.

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

3.8
SmartAsset Average: 3.7

The Bank of Elk River is a brick-and-mortar bank, with five total branches in Minnesota. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:30 a.m. to 5:00 p.m. CT. The Bank of Elk River gets average feedback from customers for its online presence. The The Bank of Elk River mobile app scored a 3.7 out of 5 (with 34 customer reviews on iOS and Android) compared to the national average of 3.8. You can access The Bank of Elk River's app to manage your bank accounts by monitoring monthly statements, sending and receiving money as well as reaching customer service. The Bank of Elk River receives an outstanding consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Bank of Elk River is a medium-size bank and manages $411 million in assets as well as $373 million in deposits. The Bank of Elk River's Texas Ratio is 2.54%, indicating that The Bank of Elk River is in outstanding financial well-being and far from failure. Additionally, The Bank of Elk River is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 The Bank of Elk River to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $50
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.26% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.76% APY
  • 48 Month: 1.81% APY
  • 60 Month: 1.86% APY
$200 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

The Bank of Elk River has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Elk River does not have the best savings rate, which means you should think about other options 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. The Bank of Elk River's CD rates are fair compared to the national average.

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Find a The Bank of Elk River Near Me

The Bank of Elk River has five locations in the U.S.

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