News from Interest for Others

Interest for Others online giving program is introduced at The Bank of Elk River

Interest for Others, a nonprofit online giving platform, was introduced today to customers at The Bank of Elk River, the first bank in the nation to give customers an easy way to donate earned interest to local charities.

The bank’s customers can make donations to local charities electronically via without charge for transaction fees. Fully 100 percent of the donation goes to the charities the customers choose. Other giving platforms retain up to 12 percent of donations.

Bill Dolan, Interest for Others founder, expressed delight in working with The Bank of Elk River. “Our relationship with The Bank of Elk River exemplifies the bank’s culture of supporting its communities and its courage to be a community bank innovator. This is an important development for Interest for Others. We are hopeful that this becomes a model for banks nationally. A bank customer’s access to our online giving platform adds up to significant support for local charities.”

From its beginning, Interest for Others innovative online giving method was designed to work in unison with financial institutions—that’s where interest is earned.

Bill LaVigne, The Bank of Elk River Chief Operating Officer, noted, “When Interest for Others explained how our participation can make a difference to our community, we understood the potential. This is a simple, yet powerful idea: match your charitable interest(s) with your earned interest to make a difference in your community.”

The 12 local charities selected by The Bank of Elk River join 52 other charities in Minnesota and South Dakota that already receive donations through Interest for Others.