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Lobby Closing

In response to the resurgence of COVID-19 cases in Steele County, Community Bank Owatonna will be closing our lobby to normal customer traffic effective Friday, November 27, 2020. Our drive-up will be open regular hours. The lobby will also be open by appointment for access to safe deposit boxes and banking needs that cannot be accommodated via the drive-up or the CBO Digital Banking Suite. As required by MN Emergency Order 20-81, all individuals entering the lobby will be required to wear a mask.

Business Classic Savings

A Flexible Way to Save

With a CBO Business Classic Savings Account, you earn interest on balances as low as $200.00 and have access to your funds when you need it — up to four withdrawals per month.

Business Classic Savings Details

  • Minimum opening deposit: $200.00
  • Minimum balance: $200.00
  • Monthly minimum balance charge: $5.00 (if below required minimum)
  • Earns interest quarterly
  • Account statements: quarterly
  • Withdrawals per month: 4
  • Free debit card
  • Online Banking and Bill Pay


* APY = Annual Percentage Yield

Business Classic Savings

Comparison table of Business Classic Savings
Min. Opening Deposit Balance/Term Interest Rate APY*
$200 $0.01 - $4,999.99 0.01% 0.01%
$200 $5,000.00 - $9,999.99 0.02% 0.02%
$200 $10,000.00 and above 0.03% 0.03%

Savings Calculator

Visit our office to open an account.

Your Business Banking Team

Shannon Rhoades
Shannon Rhoades Operations Supervisor About Me
Hope Allen
Hope Allen Personal Banker About Me
Roxanne Rezac
Roxanne Rezac Personal Banker About Me
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