2.02% APY high interest savings account with Ultima Bank Minnesota
Ultima Bank Minnesota offers its consumers a money in the bank deal thru their SMART (School Money At Right Time) savings account. This best savings account has a current interest rate of 2.02% APY. The interest rate of this savings account is variable and is set to be 2.5 percentage points below the prime rate with a possible lowest of 2% and ceiling of 5%.
This online savings accoutn is specifically designed for young adults who are 18 years of age or lower. The bank imposes penalties in case the account holder takes out money from the savings account before his or her 18th birthday. The penalty may be up to six months of its earnings. This account converts to a regular savings acccount upon the 19th birthday of the consumer.
We cannot find the online form to open an account when we visited the bank’s website which is pretty odd. Perhaps you need to drop by their office to open this savings account. The SMART savings account is designed by UBM to complement the Student Checking account which basically teaches youngsters how to manage their finances well.
This savings account gives consumers free access to electronic bank statement, direct deposit, and online banking. You have two free manual withdrawals per month with a $1 fee for every exceeding transaction. After the 18th birthday of the account holder, the transaction limit of six per month wil appy as required by law.
Take note that the savings interest rates that we have here may change any time without notice. Also other fees that may affect your earnings may be applicable. If you want you can call the bank thru 1800-421-2588 or drop by one of their offices. Ultima Bank Minnesota has offices in Winger, Fosston, Bemidji, and Plummer in Minnesota.
The Ultima Bank Minnesota has been in business since 1904 with good healthy reviews compared to its peers in the state of Minnesota. The bank is covered by the FDIC.
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