Elk River, Minnesota (MN) Savings Rates - March 2026
Content reviewed by
Brian McKay
i
Editorial Disclosure
Brian McKay
Brian McKay
Founder & Data ArchitectExpertise
- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Brian is the Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.
Read Full Bio →
Editorial Disclosure
The savings rates displayed are actual, verified rates sourced directly from the official websites of banks and credit unions. Our editorial content is independent of any advertiser relationships.
The best savings rates for Elk River, Minnesota and the surrounding area include MidWestOne BankMidWestOne Bank18233 Carson Ct Nw, Elk River, MN 55330A+5.0 ★Texas Ratio: 4.78% Business High Yield Savings at 3.60% APY, The Huntington National BankThe Huntington National Bank19270 Freeport St Nw, Elk River, MN 55330A+5.0 ★Texas Ratio: 4.60% High-Yield Savings at 2.98% APY, First Bank Elk RiverFirst Bank Elk River812 Main St Nw, Elk River, MN 55330A+5.0 ★Texas Ratio: 0.26% Premium Money Market Savings at 0.70% APY, The Bank of Elk RiverThe Bank of Elk River630 Main St Nw, Elk River, MN 55330A+5.0 ★Texas Ratio: 5.00% Business Savings at 0.15% APY, and Wells FargoWells Fargo19290 Freeport St Nw, Elk River, MN 55330A5.0 ★Texas Ratio: 7.44% Platinum Savings at 0.05% APY. Savings rates as of March 26, 2026 according to verified data from MonitorBankRates.
To see how these savings rates in Elk River, Minnesota, and the surrounding area, compare, use our comprehensive tables below for side-by-side comparisons to find the best savings rates available. Rates in Elk River, Minnesota (MN) are continually updated — we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Elk River, Minnesota and the surrounding area. Last Updated and Verified: March 26, 2026
Compare the Best Savings Rates in Elk River, Minnesota & Surrounding Communities
Source: Verified Savings Rate Data provided by MonitorBankRates
Institution
Product
APY
Min Deposit
Profile
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
3.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High-Yield Savings
3.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Contact your local banker for more details!
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
3.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High-Yield Savings
3.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Contact your local banker for more details!
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
3.35%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
3.35%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
3.10%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
3.10%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
The Huntington National Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.60%
19270 Freeport St Nw, Elk River, MN 55330
High-Yield Savings
2.98%
$5,000
▼
Rate0.00%
Min Deposit$5,000
Min Balance—
UpdatedMar 20, 2026
Details
Minimum of $5,000 not currently deposited at Huntington.
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
2.85%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
2.85%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
2.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
2.60%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
Business High Yield Savings
2.35%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
MidWestOne Bank
Institution Rating:
A+5.0 ★Texas Ratio: 4.78%
18233 Carson Ct Nw, Elk River, MN 55330
High Yield Savings
2.35%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Introductory APY
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Premium Money Market Savings
0.70%
$100
▼
Rate0.70%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Premium Money Market Savings
0.60%
$100
▼
Rate0.60%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Premium Money Market Savings
0.50%
$100
▼
Rate0.50%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Money Market Savings
0.40%
$100
▼
Rate0.40%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Premium Money Market Savings
0.40%
$100
▼
Rate0.40%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Money Market Savings
0.30%
$100
▼
Rate0.30%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Premium Money Market Savings
0.30%
$100
▼
Rate0.30%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Money Market Savings
0.20%
$100
▼
Rate0.20%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
The Bank of Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 5.00%
630 Main St Nw, Elk River, MN 55330
Business Savings
0.15%
$0
▼
Rate0.15%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
First Dollars Savings
0.10%
$25
▼
Rate0.10%
Min Deposit$25
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Money Market Savings
0.10%
$100
▼
Rate0.10%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
First Bank Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 0.26%
812 Main St Nw, Elk River, MN 55330
Traditional Savings
0.10%
$100
▼
Rate0.10%
Min Deposit$100
Min Balance—
UpdatedMar 25, 2026
Details
The Bank of Elk River
Institution Rating:
A+5.0 ★Texas Ratio: 5.00%
630 Main St Nw, Elk River, MN 55330
Business Savings
0.10%
$0
▼
Rate0.10%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
Wells Fargo
Institution Rating:
A5.0 ★Texas Ratio: 7.44%
19290 Freeport St Nw, Elk River, MN 55330
Platinum Savings
0.05%
$25
▼
Rate0.05%
Min Deposit$25
Min Balance—
UpdatedMar 22, 2026
Details
Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.; $25 minimum opening deposit
Wells Fargo
Institution Rating:
A5.0 ★Texas Ratio: 7.44%
19290 Freeport St Nw, Elk River, MN 55330
Retirement High Yield Savings
0.05%
$0
▼
Rate0.05%
Min Deposit$0
Min Balance—
UpdatedMar 22, 2026
Details
Genisys Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.03%
3300 Central Park Village Dr, Eagan, MN 55121 7707
High Yield Youth Savings
5.12%
$0
▼
Rate5.00%
Min Deposit$0
Min Balance—
UpdatedMar 26, 2026
Details
Qualifying balance up to $500.00
West Metro Schools Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 7.84%
1001 Highway 7, Hopkins, MN 55305
Holiday Savings
5.00%
$0
▼
Rate5.00%
Min Deposit$0
Min Balance—
UpdatedMar 24, 2026
Details
max $300 deposit per month
Southpoint Financial Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 2.84%
920 Main St E, Sleepy Eye, MN 56085 4380
EzMoney Savings
4.07%
$0
▼
Rate4.00%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
Qualifying balance up to $5,000.00
Southpoint Financial Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 2.84%
920 Main St E, Sleepy Eye, MN 56085 4380
EzMoney Savings+
4.07%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
Qualifying balance up to $5,000.00
Genisys Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.03%
3300 Central Park Village Dr, Eagan, MN 55121 7707
Business High Yield Savings Account
3.75%
$0
▼
Rate3.69%
Min Deposit$0
Min Balance—
UpdatedMar 26, 2026
Details
Fairmont School Employees Federal Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 7.99%
110 Eltinge Pl, Fairmont, MN 56031 3423
Share Savings Account
3.50%
$0
▼
Rate3.50%
Min Deposit$0
Min Balance—
UpdatedMar 24, 2026
Details
At the December board meeting, it was voted by the board to raise our dividend rate to 3.50%.
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
High Yield Savings
3.40%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
High Yield Savings Account
3.40%
$75,000
▼
Rate0.00%
Min Deposit$75,000
Min Balance—
UpdatedMar 20, 2026
Details
APY accurate as of 1/1/2026 and may change after account opening. Opening balance of High Yield Savings Account is $75,000. High Yield Savings Account (HYSA)
South Metro Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.00%
2573 Credit Union Dr, PRIOR LAKE, MN 55372
Money Market Savings
3.40%
$2,500
▼
Rate3.36%
Min Deposit$2,500
Min Balance—
UpdatedMar 21, 2026
Details
Mayo Employees Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 0.10%
130 23rd Ave SW, Rochester, MN 55902
Premium Money Market Savings
3.40%
$0
▼
Rate3.36%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
Estate Savings
3.39%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Rates as high as
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
High Yield Savings
3.25%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Rates as high as; Qualifying balance up to $199,999.00
Ideal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.40%
8499 Tamarack Rd, Woodbury, MN 55125 9201
High Yield Savings
3.20%
$0
▼
Rate3.15%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Ideal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.40%
8499 Tamarack Rd, Woodbury, MN 55125 9201
High Yield Savings
3.10%
$0
▼
Rate3.05%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Mayo Employees Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 0.10%
130 23rd Ave SW, Rochester, MN 55902
Premium Money Market Savings
3.05%
$0
▼
Rate3.02%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Building Trades Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 1.14%
12080 73rd Ave N, Maple Grove, MN 55369
MONEY MARKET SAVINGS
3.04%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 16, 2026
Details
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
YES (Youth Education Savings)
3.00%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Rates as high as; Qualifying balance up to $500.00
Mid Minnesota Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.30%
13283 Isle Dr, Baxter, MN 56425 8554
Youth Education Savings (YES) Account
3.00%
$0
▼
Rate0.00%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Qualifying balance up to $500.00
Toro Employees Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 3.15%
8111 Lyndale Ave S, Bloomington, MN 55420
IRA SAVINGS (Traditional, Roth, or Educational)
3.00%
$2,500
▼
Rate2.96%
Min Deposit$2,500
Min Balance—
UpdatedMar 22, 2026
Details
Ideal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.40%
8499 Tamarack Rd, Woodbury, MN 55125 9201
High Yield Savings
3.00%
$0
▼
Rate2.95%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
SharePoint Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 4.61%
3670 AQUILA AVE S, SAINT LOUIS PARK, MN 55426
eSavings
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
Qualifications Required; Qualifying balance up to $10,000.00
SharePoint Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 4.61%
3670 AQUILA AVE S, SAINT LOUIS PARK, MN 55426
eSavings^ - Introductory Rate
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 21, 2026
Details
Qualifications Required: 50 minimum direct deposit per month; enroll in online banking; Intro rate expires: 24; Qualifying balance up to $10,000.00
Baxter Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 7.73%
2 Scimed Pl, Maple Grove, MN 55311 1565
SafeGuard Savings, Consumer
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 25, 2026
Details
Baxter Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 7.73%
2 Scimed Pl, Maple Grove, MN 55311 1565
SafeGuard Savings, Municipal
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 25, 2026
Details
Genisys Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 5.03%
3300 Central Park Village Dr, Eagan, MN 55121 7707
Business High Yield Savings Account
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 26, 2026
Details
Credit Union 1 Credit Union Rantoul, IL
Institution Rating:
A5.0 ★Texas Ratio: 8.23%
18146 198th Ave NW, Big Lake, MN 55309 4653
High Yield Savings Plus
3.00%
$100,000
▼
Rate0.00%
Min Deposit$100,000
Min Balance—
UpdatedMar 25, 2026
Details
$1,000 bonus
TopLine Financial Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 6.64%
9353 Jefferson Hwy, Maple Grove, MN 55369
TopLine Savings
3.00%
$0
▼
Rate2.96%
Min Deposit$0
Min Balance—
UpdatedMar 22, 2026
Details
Mayo Employees Federal Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 0.10%
130 23rd Ave SW, Rochester, MN 55902
Premium Money Market Savings
2.90%
$0
▼
Rate2.87%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
Riverview Credit Union
Institution Rating:
A+5.0 ★Texas Ratio: 0.00%
115 Hardman Ave S, South Saint Paul, MN 55075 2421
Premium Money Market Savings
2.90%
$0
▼
Rate2.87%
Min Deposit$0
Min Balance—
UpdatedMar 20, 2026
Details
TopLine Financial Credit Union
Institution Rating:
A5.0 ★Texas Ratio: 6.64%
9353 Jefferson Hwy, Maple Grove, MN 55369
TopLine Savings
2.80%
$0
▼
Rate2.76%
Min Deposit$0
Min Balance—
UpdatedMar 22, 2026
Details
Powered by
MonitorBankRates
The Annual Percentage Yields (APYs) displayed are based on the highest APY offered for the specified deposit amount or less. Rates may change without prior notice.
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Elk River, MN Savings Rate Trends
Compare local Elk River, MN savings rate quotes against the statewide average
Weekly savings rate averages tracked across our database of 8,500+ banks and credit unions — updated every evening.
High-Yield Savings — MN Avg
1.186%
▲ 0.348 from last week
Minnesota high-yield savings rates rose 0.348 points this week to 1.186% APY, up from 0.838% last week.
Standard Savings — MN Avg
0.409%
▼ 0.064 from last week
Minnesota standard savings rates fell 0.064 points this week to 0.409% APY, down from 0.473% last week.
As of Mar 27, 2026 •
Rate data sourced from 8,500+ monitored institutions
Powered by MonitorBankRates
Methodology & Data Sources
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Elk River, Minnesota directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Elk River, Minnesota. We feature a comprehensive mix of institutions — from neighborhood credit unions and competitive regional banks to large national institutions available to savers in MN.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Elk River, Minnesota
What is a High-Yield Savings Account (HYSA)?
A High-Yield Savings Account (HYSA) typically pays significantly higher interest than standard accounts at national brick-and-mortar banks. These accounts, often found at online banks or local credit unions in Minnesota, help your money grow faster through a higher APY.
Are savings accounts in Elk River, Minnesota safe?
Yes, as long as the institution is FDIC insured (for banks) or NCUA insured (for credit unions). This provides federal protection for your deposits in Minnesota up to $250,000 per depositor, per institution.
How often do savings rates change in Elk River, Minnesota?
Savings rates are variable and can change at any time based on market conditions and Federal Reserve decisions. We update our local Minnesota rate tables daily to ensure you see the most current high-yield options.
Do I need a minimum deposit to open a savings account?
It depends on the bank. Many online high-yield savings accounts have no minimum deposit requirement, while some traditional banks in Elk River, Minnesota may require $25–$100 to open an account.
What is the difference between a Savings Account and a Money Market Account?
Both pay interest and are federally insured. Money Market Accounts (MMAs) often come with check-writing privileges or a debit card, making them more flexible, whereas standard savings accounts typically do not.
Are online banks better than local banks in Elk River, Minnesota?
Online banks often offer higher APYs because they have lower overhead costs. However, local banks in Elk River, Minnesota offer in-person customer service, which some customers prefer.
How do I open a savings account in Elk River, Minnesota?
You can open a savings account online or in-person. You will generally need a government-issued ID, your Social Security number, and an initial deposit to get started.
Best Savings Rates in Elk River, Minnesota
Here are recent savings rates observed in Elk River, Minnesota and the surrounding area:
- MidWestOne Bank
Business High Yield Savings — 3.60% APY - The Huntington National Bank
High-Yield Savings — 2.98% APY - First Bank Elk River
Premium Money Market Savings — 0.70% APY - The Bank of Elk River
Business Savings — 0.15% APY - Wells Fargo
Platinum Savings — 0.05% APY
Savings Rates reflect actual verified offers from banks and credit unions actively accepting deposits in Elk River, Minnesota. Your final available rate may depend on deposit amount and daily market movements. Last Updated and Verified: March 26, 2026
