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News & Information

Happenings and Dates to Remember

Fosston Rotary 5K will be held on Saturday, May 3rd at 10:00 a.m. with a kidís 1K at 9:30.

Highway 2 Cruisers annual car show is Saturday, August 23, from 10:00 to 2:00.

First Care Foundationís 4th Tango & Cash will be held on Saturday, October 18, at the Fosston Civic Center.

 

 

 

 

      

 

 

 

 

 

 

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Current Rates - Individual Retirement

IRA Savings

Ultima Bank Minnesota offers a complete set of Individual Retirement Accounts ("IRAs") as presented below.

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.                                                                                                                                               

Product
Name
Available
Balance
Interest Rate
(In %)
Annual Percentage
Yield (APY In %)

Traditional IRA ...

0 - 9,999 .20 .20
  10,000 - 24,999 .45 .45

Roth IRA ...

25,000 - 49,999 .70 .70
  50,000 - 74,999 .85 .85

Education IRA ...

75,000 - 99,999 1.00 1.00
  100,000 & Over 1.20 1.21

Request An Application Packet

IRA Certificates of Deposit

Ultima Bank Minnesota offers a complete set of Individual Retirement Accounts ("IRAs") as presented below.  Minimum balance to open a certificate of deposit is $1,000.

Product
Name
Term Interest Rate
(In %)
Annual Percentage
Yield (APY In %)

Traditional IRA ...

12 Month 0.45 0.45
  24 Month 0.75 0.75

Roth IRA ...

36 Month 0.90 0.90
  48 Month 1.20 1.20

Education IRA ...

60 Month 1.50 1.51

Request An Application Packet

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.

 Rates are accurate as of  .