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| Today's Rates - IRA Savings |
Rates as of December 24, 2008
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| Ultima Bank Minnesota offers a complete set of Individual Retirement Accounts ("IRAs") as presented below. |
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Interest accrual begins on the first business day after the day we receive your deposit. Interest is calculated daily based on your available balance, then compounded and credited to your account quarterly. No minimum balance is required. The Interest Rate is variable, subject to change without notice and tiered according to your account balance.
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Product
Name
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Available
Balance
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Interest Rate
(In %)
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Annual Percentage
Yield (APY In %)
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| Traditional IRA ... |
0 - 9,999
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.75
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.75
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10,000 - 24,999
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1.00
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1.00
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| Roth IRA ... |
25,000 - 49,999
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1.25
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1.26
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50,000 - 74,999
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1.40
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1.41
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| Education IRA ... |
75,000 - 99,999
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1.55
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1.56
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100,000 & Over
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1.75
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1.76
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| Today's Rates - IRA Certificates of Deposit |
Rates as of December 24, 2008
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| Ultima Bank Minnesota offers a complete set of Individual Retirement Accounts ("IRAs") as presented below. |
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Minimum balance to open a certificate of deposit is $1,000.
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Product
Name
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Term
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Interest Rate
(In %)
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Annual Percentage
Yield (APY In %)
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| Traditional IRA ... |
12 Month
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2.35
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2.37
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24 Month
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2.60
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2.62
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| Roth IRA ... |
36 Month
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2.85
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2.88
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48 Month
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3.10
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3.13
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| Education IRA ... |
60 Month
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3.10
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3.13
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Interest Computation- You will be paid the interest at the stated rate for the term you choose until the maturity date of the certificate. Interest accrual begins on the first business day after the day we receive your deposit then compounded and credited to your account semiannually. The annual percentage yield (APY) assumes the interest remains on deposit until maturity and that any withdrawals will reduce earnings.
Balance Computation Method- We use the daily balance method to calculate the interest on your account. This method applies to a daily, periodic rate to the principal in the account each day.
Early Withdrawal Penalty- The penalty for early withdrawal of any CD with a term to maturity of 12 months is an amount equal to one month of interest. The penalty for early withdrawal of all other CD's will equal three months of interest.
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Revised December 24, 2008
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