Do you want to get your kid to save more money for college? The Ultima Bank Minnesota SMART Smart Savings account can help. SMART, which stands for School Money at Right Time, is for savers who are 18 or younger. Details of the savings account include:
- No minimum deposit required
- Savings rate of 2.02% APY on any amount
- Interest begins accruing on first business day after deposit and is credited quarterly
- Savings rate is subject to change at any time
- Withdrawals before 18th birthday are subject to a penalty equal to six months interest
- Limited number of monthly transactions after 18th birthday
- SMART savings converts to a regular savings account on 19th birthday
The SMART savings account is designed to complement Ultima Bank Minnesota’s student checking account. Using the savings and checking accounts can help kids learn to manage money responsibly from a young age.
The checking account has no minimum balance requirement and has no limitations on writing checks. The account also offers the following freebies if the account is administered electronically–online statements, direct deposit, transfers between accounts, and bill payment. Statements received by mail are free, but if check images are included there is a $3 fee.
- 6 Month CD 0.60 %
- 1-year CD 0.92 %
- 2-year CD 1.47 %
- Money Market Account 0.37 %
- Savings Account 0.60 %
- 30-year Fixed Mortgage 4.27 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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