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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 kid’s 1K at 9:30.

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

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

 

 

 

 

      

 

 

 

 

 

 

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Personal Savings

As with all of our deposit products, our savings products also take full advantage of the cost saving, convenient features of Internet Banking. The following products have been priced accordingly.

UBM Direct Savings, pays our most competitive rate with the convenience of accessing your account online. We are able to offer such an attractive rate because it is an all electronic account that you manage completely online. UBM Direct Savings account holders must have a checking account (at any financial institution chartered in the U.S.) to transfer money to and from their UBM Direct Savings account.The interest rate is variable and may change daily. Interest is calculated based on the available daily balances using simple interest and is compounded and credited to your account monthly.

SMART Savings, which stands for School Money At Right Time, is designed specifically for young adults who are 18 years of age or younger. The interest rate is variable at two and a half (2.5) percentage points below the Prime Rate, as published in the Wall Street Journal, with a floor rate of 2 percent and ceiling rate of 5 percent. Interest is calculated daily, then compounded and credited to your account quarterly. Any withdrawals prior to your 18th birthday may result in a penalty of six months of interest. In short, the SMART Savings account is designed to complement the Student Checking account and thereby encourages sound financial management at an early age. Note that on your 19th birthday, this account converts to a Regular Savings account. *PLEASE NOTE ON ALL SMART ACCOUNTS: Unfortunately, if you are under the age of 18, you can’t apply online.  To open an account, please stop in at any one of our UBM locations*

Regular Savings requires no minimum balance and no service charges apply when the account is administered electronically. It is available to any person, business, non-profit or public service organization. Its moderate rate and annual percentage yield (APY) are subject to change without notice.  We do have a Kids Club tied to the Regular Savings for kids age 12 and under at no charge.

Christmas Club Savings is available to individuals only. It requires no minimum balance and no service charges apply when the account is administered electronically. Its interest rate and annual percentage yield (APY) are variable and are set one-half a percentage point higher than UBM's Regular Savings rate and subject to change without notice.

Money Market Savings is available to any person, business, non-profit or public service organization. Its attractive rates and annual percentage yields (APY) are subject to change without notice and tiered according to your available balance.

Ultima Savings is available to any individual, business, farm operation, non-profit or public service organization. Its attractive rates and annual percentage yields (APY) are subject to change without notice and tiered according to your available balance.

 

UBM Direct

SMART

Regular

Christmas Club

Money Market

Ultima

Account Restrictions All electronic 18 and under None Personal only None None
Minimum Balance required to earn Interest $1000 None None None $2,500 $10,000
Stetements mailed or emailed No charge – email only No charge No charge No charge No charge No charge
Minimum amount per deposit None None None None None None
Withdrawal or Transfer Limitations *Six/Month *Six/Month *Six/Month *Six/Month *Six/Month *Six/Month
Withdrawal Fee – Manual (All electronic are Free) n/a **Two Free/$1.00 Thereafter **Two Free/$1.00 Thereafter **Two Free/$1.00 Thereafter **Two Free/$1.00 Thereafter **Two Free/$1.00 Thereafter
Online NetBanc or MobileBanc Access Free Free Free Free Free Free
Direct Deposit Free Free Free Free Free Free
Other   Penalty for withdrawal prior to age 18 Free Kids Club Withdrawal restrictions(see below) Tiered Rates Tiered Rates
Service Charge $10/month if fall below $1,000 None None None None None
Account Closing Fee $25 if in first 90 days, otherwise none No No No No No

For UBM Direct Savings and  Money Market Savings Accounts … 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 monthly. The Interest Rate is variable and subject to change without notice. Fees could reduce earnings.


For SMART Savings,  Regular Savings, Christmas Club Savings and Ultima Savings Accounts … 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. The Interest Rate is variable and subject to change without notice. Fees could reduce earnings.


*Government regulation requires a limit of six withdrawals or transfers per month to another account of yours or to a Third Party by means of a preauthorized or automatic transfer or telephone order.


** Per Statement Cycle

*** Christmas Club Accounts … All Interest Will Be Forfeited On Any Withdrawals Before November Of Each Year. Withdrawals And/Or Transfers Are Limited To Six During November Through January.

Open a UBM Direct Savings Account    Other Fees