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The Bank of Elk River Review

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The Bank of Elk River Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1885, The Bank of Elk River has $411 million in assets as well as deposits totaling $373 million, making the institution a medium-size bank. The Bank of Elk River, whose headquarters are in Elk River, Minnesota, 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. With a score of 4 out of 5 stars, The Bank of Elk River should be near the middle of the pack in your search for a bank. The Bank of Elk River offers the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for returning the most income on your deposits while maintaining easy 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

The Bank of Elk River has a savings rate of 0.01%, which is poor compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.61%, respectively, while its highest-yielding money market account has a rate of 0.05%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

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 bank locations in Minnesota. With mobile and web apps, The Bank of Elk River makes account access straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 5:00 p.m. CT. The Bank of Elk River receives average marks from users for its mobile banking services. With 34 customer reviews on both iOS and Android platforms, the The Bank of Elk River mobile app is scored at 3.7 out of 5 (compared to the national average of 3.8). You can access The Bank of Elk River's app to manage your funds by checking current statements, transferring money as well as accessing customer service. The Bank of Elk River gets a superb consumer satisfaction rating based on relatively 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 ranks as a medium-size bank owning $411 million in assets and $373 million in deposits. Its Texas Ratio is 2.54%, suggesting that The Bank of Elk River is in terrific 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 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.76% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.61% APY
$200 for all terms
Money Market Account 0.05% APY $10000

The Bank of Elk River offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Elk River does not have the best savings rate, which means you should consider looking 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. The Bank of Elk River's CD rates are fair in comparison to the average U.S. bank.

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Find a The Bank of Elk River Near Me

The Bank of Elk River has five branches across the U.S.

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