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Ultima Bank Rates & Review

Rate This Bank : 1 Stars 2 Stars 3 Stars 4 Stars 5 Stars 3.32  (96 User Voted)

Ultima Bank Review

Based in Winger, Minnesota, Ultima Bank offers checking, savings, investments, and loans to individuals, businesses, and agricultural business in the area.

Ultima Bank Minnesota was founded as Farmers State Bank of Winger in 1904 in Winger, Minnesota, and has grown to include four banking locations in Winger, Fosston, Plummer, and Bemidji. In addition, it has a loan-production office in East Grand Forks, Minnesota. The Ultima Bank name has been used since 1999.

Ultima Bank has been a member of the FDIC since 1934 when FDIC coverage was launched. Deposits are insured in accordance with current FDIC requirements, usually $250,000. (FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010.) According to the FDIC, "The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category."

Online banking capability

You can access and manage accounts online and with your phone, even depositing your checks with their MobileBanc app. You can receive your statements via email and also pay bills online. With checking accounts, using online banking capabilities eliminates most service fees such as a monthly statement fee. Even though you can manage most of the common accounts online, some accounts must be opened initially at one of their branches, and it is not clear whether all accounts are eligible for online services.

Checking account plans

Customers can choose among student, premier, commercial, NOW, and money market checking accounts. The Ultima Checking account offers a tiered interest rate to reward higher balances. A liquid asset checking account is designed for organizations such as school districts and governments, offering competitive interest rates. (Follow this link for the best money market account rates in order to compare.)

Savings account options

Savings account options at Ultima Bank include a money market savings account, regular savings, Ultima Savings, SMART (School Money At Right Time) Savings account, and Christmas Club. Clients may also choose the UBM Direct Savings account, a high-interest savings account available to any individual, business, or farming operation.

Certificates of Deposit, investments, loans and services

Among its investment choices, Ultima Bank offers CD rates for a range of maturities. (Compare Ultima Bank's current CD rates.)

Other investment options are offered, such as, a Coverdell Education Savings Account (CESA), a Health Savings Account, and both Traditional and Roth IRA plans. Ultima Bank is an Equal Housing Lender that specializes in agricultural, commercial, consumer and real estate loans. Other bank services include safe deposit boxes, a notary public, and online banking.

Deposit insurance information

FDIC Certificate #: 8867

Locations: 4

Primary Internet Web Address: www.ultimabank.com

  • Account Type
  • APY
  • Adverstiser Comments
  • Savings
  • 2.02%
    Min to Earn APY: $0
  • SMART Savings Account - for young adults 18 yrs or younger, withdrawals prior to 18th birthday may result in a penalty
  • Checking Account
  • 0.60%
    Min to Earn APY: $100,000
  • Ultima Checking - $100,000
  • CD Rates
  • 12 month.
  • Term
  • APY
  • Min. To Earn APY
  • Compounding Method
  •  
    • 1 year
    • 0.65%
    • $0
    • Compounding Daily
Required parameter not set.

Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author's alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program. UGC Disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.