Lake Elmo Bank

savings/money market rates
effective as of:  July 1, 2014
A minimum of $100 is required to open all checking and savings accounts unless otherwise stated.Interest compounded monthly or quarterly using an accrual basis of 365 for each day in the year.
Money Market Savings6
$1,000 Daily Minimum Balance4 Compounded Monthly
Interest Rate APY
(annual percentage yield)
$500,000 + .15% .15%
$100,000 + $499,999.99 .15% .15%
$50,000.00 - $99,999.99 .12% .12%
$25,000.00 - $49,999.99 .08% .08%
$10,000.00 - $24,999.99 .07% .07%
$1,000.00 - $9,999.99 .05% .05%
$0.01 - $999.99 .03% .03%
     
Traditional, Youth, and Custodial Savings1 & 6
$200 Daily Minimum Balance4 Compounded Quarterly
 Interest Rate  APY
All Balances .05% .05%
     
Christmas Club Account6
Compounded Quarterly with no minimum to open
 Interest Rate  APY
 All Balances  .05%  .05%
     
Thrift Savings6
$50 Minimum to open
$50 Minimum Average4 Compounded Quarterly
 Interest Rate  APY
 Interest payable on balances $100 and over  .03%  .03%
1Minimum Balance and minimum opening deposit waived for the children until the age of 18.  On the minor's 18th birthday, this account is automatically subject to the monthly service fees of the Traditional Savings account.
4To avoid below balance monthly charge.
6The Interest rate may change after the account is opened.

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