Boundary Waters Bank

Overview / Commentary
601 East Sheridan Street
Ely, MN 55731

Boundary Waters Bank is headquartered in Ely and is the 148th largest bank in the state of Minnesota. It is also the 3,685th largest bank in the nation. It was established in 1999 and as of September of 2020, it had grown to 21 employees at 3 locations. Boundary Waters Bank's money market rates are 3X the national average, and it has a B+ health rating.

Reviews (1)

Boundary Waters Bank

Posted by: |

This bank is awesome. I have been banking here for 10 years despite moving away from their locations. I keep thinking it would make sense to change banks to one closer to my current location but I haven't found a comparable bank. They offer online deposit and ready reserve overdraft. They have the same amenities as a larger bank but they have a small town feel. It is the only bank I have ever had that has not surprised me with hidden fees and their customer service has always been great.


Health Grade Components

FDIC Certificate #35172
Year Established1999
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.03%
Return on Equity - YTD0.24%
Annual Interest Income$4.1MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$131.7MM$111.2MM
LoansQ3 2020vs Q3 2019$89.4MM$95.0MM
DepositsQ3 2020vs Q3 2019$113.2MM$84.5MM
Equity CapitalQ3 2020vs Q3 2019$14.3MM$13.9MM
Loan Loss AllowanceQ3 2020vs Q3 2019$678.00K$727.00K
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$1.1MM$2.8MM
Real Estate OwnedQ3 2020vs Q3 2019$1.3MM$261.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Boundary Waters Bank Savings Account Rates

0.80%*$250k*-IRA Savings
OTHER TIERS: 0.15% $1k - $10k | 0.25% $10k - $25k | 0.50% $25k - $50k | 0.60% $50k - $100k | 0.75% $100k - $249k
0.20%--Superior Savings

Boundary Waters Bank Money Market Rates

1.15%*$500k*-Outfitter MMDA
OTHER TIERS: 0.15% $1k - $10k | 0.50% $10k - $50k | 0.75% $50k - $100k | 0.95% $100k - $250k | 1.00% $250k - $500k

Boundary Waters Bank Checking Account Rates

0.15%--NOW Account

Boundary Waters Bank Locations
Blaine Branch11800 Aberdeen Street N.E.Blaine, MN 55434
Woodbury Branch2230 Eagle Creek LaneWoodbury, MN 55125
Boundary Waters Bank601 East Sheridan StreetEly, MN 55731

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