Ultima Bank of Minnesota CD Rates and Review(s)

July 31, 2011 2 Comments »

Ultima Bank of Minnesota is a relatively small community bank with some decent rates on their CDs (certificates of deposit) and savings accounts. However, most of us will probably not be eligible to take advantage of these products as Ultima Bank operates in Minnesota with just 2 branches and 25 full time employees. In the state of Minnesota they are just the 176th largest banking institution (for both banks and credit unions serving the state) and they control roughly $88 million in assets. Ultima Bank is a subsidiary of the holding company Financial Services of Winger Inc. which was established in 1904.

Like many small rural banks, Ultima Bank frequently offers “specials” or “promotional” savings account and CD features interest rates that are well above the national averages.

Ultima Bank of Minnesota CD Rates:

(Rates accurate as of July 2011. Visit Ultimabank.com for updated rates, terms and conditions.)

3 Months
0.30
0.30
6 Months
0.60
0.60
9 Months
0.70
0.70
12 Months
0.90
0.90
18 Months
1.05
1.05
24 Months
1.30
1.30
36 Months
1.64
1.65
48 Months
1.79
1.80
60 Months
2.04
2.05

This week’s “Special Offers” from Ultima Bank:

- 12 month CD yielding 1.05% APY with a minimum deposit requirement of $1,000.

- 24 month CD yielding 1.35% APY with a minimum deposit requirement of $1,000.

UltimaBank uses the daily balance method to calculate the interest rate on your CD. They also impose a penalty for early withdrawal and your funds will automatically be reinvested into the CD if you don’t give them notice within 10 days of its maturity.

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  • http://www.baselineJ.com Patrick

    Wow these rates are phenomenal! Too bad you don’t have a similar deal based out of Las Vegas… Or maybe you do? Please keep me informed. Great site btw.

  • http://www.ultimabank.com Dawn

    Dear Patrick,

    Our rates ARE some of the best in the country! While we don’t have a physical location in Las Vegas, we are a fully functioning online bank and pride ourselves on staying on the “cutting edge” of technology. As a matter of fact, we have customers in 49 states!

    Please visit our website (www.ultimabank.com) and check out our “UBM Direct” account, our highest yielding product. Please do not hesitate to contact us directly at 1-800-421-2588, ext. 101 or 106, with any questions you may have.

    Regards,
    Dawn Skeie Crane