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Personal Savings

Accounts that grow with you.

Put your money to work - you'll earn competitive interest on all of the savings and money market accounts that Lake Elmo Bank has to offer.  It's never to late to start saving!

Our full-service Investment Department is available for alternative options. 

  • Minimum balance of $1,000.
  • Below balance monthly charge of $10.00 and $1.00 per withdrawal or debit in excess of three per month.
  • Tiered interest rates.
  • Interest compounded monthly.

ATM Fees
  • Free transactions at any Lake Elmo Bank (LEB) ATMs.
  • No LEB fee for 8 non-LEB ATM transactions monthly; additional at $2.00 each.
  • ATM surcharges unrelated to our accounts may be assessed by out of network ATMs.
  • ATM/ISA, International Service Assessment fee may be charged.
  • Minimum balance of $200.
  • Below balance monthly charge of $5.00 and $1.00 per withdrawal or debit in excess of three per month.
  • Interest compounded quarterly.

ATM Fees
  • Free transactions at Lake Elmo Bank (LEB) ATMs.
  • No LEB fee for 4 non-LEB ATM transactions monthly; additional at $2.00 each.
  • ATM surcharges unrelated to our accounts may be assessed by out of network ATMs.
  • ATM/ISA, International Service Assessment fee may be charged.
  • $50 minimum opening deposit.
  • Minimum average balance of $50.
  • Below balance monthly charge of $5.00 and $1.00 per withdrawal or debit in excess of three per month.
  • Daily minimum balance of $100 required to earn interest.
  • Not available to businesses.
  • Interest compounded quarterly.
  • Minimum opening deposit waived if a recurring AFT or ACH deposit is established.
  • Account limited to one annual withdrawal the first week of November. If more than one withdrawal is made a $5.00 fee will be charged for additional withdrawals.
  • Not available for business accounts.
  • Interest compounded quarterly.
At Lake Elmo Bank we understand the importance of teaching children to save.  Our Youth Banking Club Accounts help facilitate early saving habits.


lake elmo savers club logo  Little Elmo Savers Club
Our Little Elmo Saver’s Clubsm is designed to make saving fun and easy for kids.
  • Special account opening gift.
  • Birthday greetings from Little Elmo and a chance to win prizes.*
  • Invitations to Little Elmo Savers Clubsm events.
To join, simply open any Lake Elmo Bank Savings Account which best fits your child's needs and he/she automatically becomes a member.
Designed for kids ages 10 and under.  

lake elmo with kids

My Savers Club
My Savers Clubsm is designed to help kids save and budget.
  • Invitations to My Savers Clubsm events.
  • Birthday recognition and a chance to win prizes.*
  • “Add-vantage CD” – Use this 9-month CD as a great tool for college savings.
To join, simply open any Lake Elmo Bank Savings Account which best fits your needs and you are automatically a member.
Designed for kids ages 11-15.  

Already a Little Elmo Savers Clubsm member?
No need to do anything. On your 11th birthday, you automatically become a member of My Savers Clubsm.

U Savers Club
At Lake Elmo Bank, we understand the importance of teaching students the value of saving, budgeting and planning for the future.  We have designed our U Savers Clubsm to help our young adults learn and practice the basics of financial planning.
  • Traditional Savings Account – Minimum Balance Waived while attending school.
  • Traditional Checking Account – No Minimum Balance.
  • Debit Card – No Annual Fee (upon approval).
  • Free Online/Mobile Banking.
  • “Add-vantage CD” – Use this 9-month CD as a great tool for college savings.
To join, simply open either a Lake Elmo Bank Traditional Checking, Traditional Savings or both depending on your needs and you automatically become a member.
Designed for students ages 16-23. Post-high school student must provide continuing education documentation.  

Already a My Savers Clubsm member?
No need to do anything. On your 16th birthday, you automatically become a member of Lake Elmo Bank’s U Savers Clubsm.

Child or Student's Social Security number is required to open any account.
*Birthday drawing is open to the public and not limited to customers
A Health Savings Account (HSA) allows you to pay for current health expenses and save for future qualified medical expenses and retiree health expenses on a tax-free basis. In order to establish an HSA, you must have a qualified High Deductible Health Plan (HDHP). The IRS determines the guidelines for qualified HDHPs. The current guidelines are:
Eligibility - You are eligible for an HSA if you:
  • Are covered under an HDHP
  • Are not covered by any other health plan that is not an HDHP
  • Are not enrolled for benefits under Medicare
  • Are not eligible to be claimed as a dependent on another person’s tax return
Benefits and Features
  • Contributions may be excluded from your federal taxable income. Consult your tax advisor for more information
  • Earnings on the account grow tax-free
  • Withdrawals are tax-free when used for qualified medical expenses
  • Unused funds remain in the account for future use

LEB Account - Account Features
  • No opening deposit requirement
  • Tiered interest rates*
  • Free HSA debit card
  • Free internet banking access
  • Account set-up fee of $25.00
  • Monthly account statements
  • Free eStatements
  • $3 paper statement, no images
  • $5 paper statement with images
  • Checks available upon request
  • Minimum balance of $250**
  • Below balance monthly charge of $3.00**
*Please refer to our Rate Chart for current interest rates.
**Minimum balance and below balance monthly charge of $3.00 are waived for the first year.

How to Use
You can use the money in the account to pay for any “qualified medical expense” permitted under federal tax law. This includes most medical care and services, dental care, vision care and prescriptions.
You can use the money in the account to pay for medical expenses for yourself, your spouse or your dependent children even if they are not covered by your HDHP. Interest compounded monthly.

Qualified HDHP Requirements
2020 | Single Plan | Family Plan
Annual Deductible | $1,400 or more | $2,800 or more
Maximum Out-of-Pocket | $6,900  | $13,800

2021 | Single Plan | Family Plan
Annual Deductible | $1,400 or more | $2,800 or more
Maximum Out-of-Pocket | $7,000 | $14,000

HSA Contribution Limits | 2020 | 2021
Single Plan | $3,550 | $3,600
Family Plan | $7,100 | $7,200

Catch-Up Contributions
If you are at least age 55 by the end of the calendar year and not covered by Medicare, you may also contribute an additional amount known as a “catch-up” contribution. For eligible individuals who are married and have family coverage, each spouse who is age 55 or older must make the catch-up contribution to his or her own HSA. The spouse must also be covered under the plan.

Catch-Up Contributions
  • 2020 – 2021 - $1,000
Low-risk savings solutions with a variable term options.  Choose a Certificate of Deposit that meets your term and balance needs. 

A minimum of $100 is required to open all savings accounts unless otherwise stated.  Please refer to our Rate Chart for current interest rates.