Lake Elmo Bank

Overview / Commentary
11465 39th Street North
Lake Elmo, MN 55042

Lake Elmo Bank is headquartered in LAKE ELMO and is the 50th largest bank in the state of Minnesota. It is also the 1,800th largest bank in the nation. It was established in 1911 and as of March of 2024, it had grown to 75 employees at 9 locations. Lake Elmo Bank's money market rates are 2X the national average, and it has a B+ health rating.

Reviews (1)

Not Impressed

Posted by: |

I was looking for a new community bank in my area and decided to try Lake Elmo Bank. I had recently moved to the area and did not yet have a new driver license due to Covid-19 restrictions on in person visits to the DMV. But having opened other accounts online, I figured this wouldn't be too much of an issue. Upon arrival, I entered an empty lobby for a teller to look at me like I was lost. I said I wanted to open an account after which I was told to wait in the lobby area. The banker came out to greet me and brought me to his office. I told him I recently moved and wanted to open a new local account. Again, he looked at me like I was lost or out of place. Soon after he began the account opening process. I don't carry cash and have been able to open accounts with debit cards in the past. He said that they didn't do that there and that I'd need cash. So I had to use their ATM and incur a fee from my current bank and them... For which they did not refund me. Then the issue of my new address came up. I told him the circumstances of the move and DMV/Covid-19 issue. He asked his manager and was told he can't open the account without something showing my new address. I tried to pull an Xcel Energy statement, which didn't work. Then sent him my purchase agreement for the home, which they barely accepted. Again, I have never needed to prove an address at any previous account openings. After about 30min my accounts were opened and I wasn't impressed by the service so far. A few days later I had a paper check to deposit, so I figured I'd use mobile deposit. I made the deposit and received an auto email stating my deposit was not made and that I did not have approval to use mobile deposit. Even though I enrolled and accepted the terms and conditions. I contacted the bank and was told that I need to build up some time/tenure with the institution before using this type of feature. At this point I was irritated. They advertise mobile deposits as a feature of their accounts online. The rep referenced some underwriting guidelines, and as an underwriter myself. I have never heard of underwriting guidelines for mobile deposits, to which I called BS on. At this point I decided the account was more trouble than it was worth and transferred my remaining funds and closed the accounts. There was a mediocre attempt to save my business by rushing through an approval for mobile deposit. However, at that point I had had enough.


Health Grade Components

FDIC Certificate #15443
Year Established1911
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.73%
Return on Equity - YTD17.74%
Annual Interest Income$5.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$494.7MM$531.3MM
LoansQ1 2024vs Q1 2023$379.9MM$367.3MM
DepositsQ1 2024vs Q1 2023$437.5MM$474.5MM
Equity CapitalQ1 2024vs Q1 2023$49.5MM$44.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$5.2MM$4.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$3.5MM$3.1MM
Real Estate OwnedQ1 2024vs Q1 2023$300K$0
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Always verify rates and promotions with the bank or credit union. We are not Lake Elmo Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Lake Elmo Bank Savings Account Rates

0.75%*$500k*-Health Savings Account
OTHER TIERS: 0.11% $0 - $1k | 0.45% $1k - $10k | 0.55% $10k - $25k | 0.65% $25k - $50k | 0.68% $50k - $100k | 0.70% $100k - $500k
0.17%$0-Christmas Club
0.17%$200-Traditional Savings
0.17%$200-Youth Savings
0.17%$200-Custodial Savings
0.12%$50-Thrift Savings

Lake Elmo Bank Money Market Rates

1.05%*$500k*-Money Market Savings
OTHER TIERS: 0.16% $0 - $1k | 0.80% $1k - $25k | 0.85% $25k - $50k | 1.00% $50k - $500k

Lake Elmo Bank Checking Account Rates

0.21%*$25k*-Integrity Checking
OTHER TIERS: 0.10% $0 - $25k
0.10%$0-Relationship Checking
0.10%$0-Interest Checking
0.10%$0-Benefit Checking

Lake Elmo Bank CD Rates

5.03%*$25k*-9 Month Add-vantage CD
OTHER TIERS: 4.93% $1k - $25k
4.32%*$25k*-15 Month CD Special
OTHER TIERS: 4.21% $1k - $25k
4.30%*$25k*-6 Month CD
OTHER TIERS: 4.05% $1k - $25k
1.36%*$25k*-60 Month CD
OTHER TIERS: 1.26% $1k - $25k
1.15%*$25k*-48 Month CD
OTHER TIERS: 1.05% $1k - $25k
1.00%*$25k*-30 Month CD
OTHER TIERS: 0.90% $1k - $25k
1.00%*$25k*-36 Month CD
OTHER TIERS: 0.90% $1k - $25k
0.90%*$25k*-24 Month CD
OTHER TIERS: 0.80% $1k - $25k
0.85%*$25k*-18 Month CD
OTHER TIERS: 0.75% $1k - $25k
0.80%*$25k*-12 Month CD
OTHER TIERS: 0.70% $1k - $25k
0.68%*$25k*-24 Month Step-Up CD New Money
OTHER TIERS: 0.63% $1k - $25k

Lake Elmo Bank IRA Rates

4.30%*$25k*-6 Month IRA
OTHER TIERS: 4.05% $1k - $25k
1.36%*$25k*-60 Month IRA
OTHER TIERS: 1.26% $1k - $25k
1.15%*$25k*-48 Month IRA
OTHER TIERS: 1.05% $1k - $25k
1.00%*$25k*-30 Month IRA
OTHER TIERS: 0.90% $1k - $25k
1.00%*$25k*-36 Month IRA
OTHER TIERS: 0.90% $1k - $25k
0.90%*$25k*-24 Month IRA
OTHER TIERS: 0.80% $1k - $25k
0.85%*$25k*-18 Month IRA
OTHER TIERS: 0.80% $1k - $25k
0.80%*$25k*-12 Month IRA
OTHER TIERS: 0.70% $1k - $25k

Lake Elmo Bank Locations
Lake Elmo Bank11465 39th St NLake Elmo, MN 55042
Stillwater Branch1937 South Greeley StreetStillwater, MN 55082
Inwood Avenue North Branch600 Inwood Avenue NorthOakdale, MN 55128

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