Ultima Bank Minnesota savings and CD rates
Ultima Bank Minnesota advertises up to 4.00% APY on its UBM Direct Savings account. The 4.00% needs a balance of at least $1,000,000. Below that, the account advertises 2.38%.
On a $10,000 balance the account earns 2.38% overall, about $238 in a year, which is 2.01 percentage points above the national savings average of 0.37% (FDIC, Sep 2026).
Ranked #74 of 2786 tracked savings rates by advertised APY. For a $10,000 balance it would rank #257.
Estimate your earnings·What Ultima Bank Minnesota actually pays
Ultima Bank Minnesota at a glance
| Savings | |
|---|---|
| Top savings APY | Up to 4.00% · UBM Direct Savings · needs at least $1,000,000 |
| Minimum to open | $0 · UBM Direct Savings |
| Against the national average | 3.63 percentage points above the 0.37% FDIC savings average (Sep 2026) |
| CDs | |
| Top CD APY | 4.40% · 24 months · 24 Month CD Special |
| Minimum to open | $1,000 · 24 months CD |
| Against the national average | 2.79 percentage points above the 1.61% FDIC 24-month CD average (Sep 2026) |
| FDIC certificate | 8867 · Winger, MN |
|---|---|
| Website | www.ultimabank.com |
| Branches | 6 branches in MN |
| Availability | Available in MN |
Ultima Bank Minnesota savings and CD rates
Personal
How the rate applies
How the rate applies
How the rate applies
IRA
How the rate applies
Rates are APY. The national savings average is 0.37% (FDIC, Sep 2026). The top tracked savings rate on Banksparency is 5.50%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.65%, and one account in ten advertises 4.16% or more. See the highest savings rates.
Ultima Bank Minnesota CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 3 months | 1.15% | $1,000 | 3 Month CD |
| 6 months | 1.40% | $1,000 | 6 Month CD |
| 9 months | 1.65% | $1,000 | 9 Month CD |
| 12 months | 4.20% | $1,000 | 12 Month CD Special |
| 12 months | 2.11% | $1,000 | 12 Month CD |
| 18 months | 2.21% | $1,000 | 18 Month CD |
| 24 months | 4.40% | $1,000 | 24 Month CD Special |
| 24 months | 2.31% | $1,000 | 24 Month CD |
| 36 months | 2.82% | $1,000 | 36 Month Bump Up CD |
| 48 months | 2.92% | $1,000 | 48 Month CD |
| 60 months | 3.02% | $1,000 | 60 Month CD |
| IRA CDs | |||
| 12 months | 2.21% | $1,000 | 12 Month IRA CD |
| 24 months | 2.41% | $1,000 | 24 Month IRA CD |
| 36 months | 2.92% | $1,000 | 36 Month IRA CD |
| 48 months | 3.02% | $1,000 | 48 Month IRA CD |
| 60 months | 3.12% | $1,000 | 60 Month IRA CD |
Interactive Tool
Calculate Savings for Ultima Bank Minnesota
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,808.80(11.4%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,808.80
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Ultima Bank Minnesota pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined. The 4.00% needs a balance of at least $1,000,000. Below that, the account advertises 2.38%.
In Q2 2026, Ultima Bank Minnesota paid a higher average rate on savings and money market deposits than 82% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Ultima Bank Minnesota, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Personal | ||||||||
| SMART Savings | 4.58% | $100 | $0 | None | not stated | not stated | One rate | |
| Fine print: The rate is variable and is set from the Prime Rate. The account converts to a regular savings account at age 19. A penalty of six months of interest applies to a withdrawal made before the account holder turns 18. | ||||||||
| UBM Direct Savings | 4.00% | $0 | $1,000 | None | not stated | not stated | Tiered | |
| Fine print: A checking account at a US-chartered financial institution is required to transfer money to and from this account. The bank charges $25 to close the account within the first 90 days. No interest is earned in a month in which the balance falls below $1,000. | ||||||||
| Health Savings Account | 0.65% | $0 | $0 | None | No monthly maintenance fee. Annual maintenance fee: $25 | not stated | Tiered | |
| Fine print: The bank charges no monthly maintenance fee. It charges a maintenance fee of $25 each year. | ||||||||
| Ultima Savings | 0.55% | $0 | $0 | None | not stated | not stated | Tiered | |
| Personal Savings | 0.25% | $0 | $0 | None | not stated | not stated | One rate | |
| IRA | ||||||||
| IRA Savings | 0.75% | $0 | $0 | None | not stated | not stated | Tiered | |
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| Personal CDs | |||||
| 3 Month CD | 3 months | 1.15% | $1,000 | not stated | not stated |
| 6 Month CD | 6 months | 1.40% | $1,000 | not stated | not stated |
| 9 Month CD | 9 months | 1.65% | $1,000 | not stated | not stated |
| 12 Month CD Special | 12 months | 4.20% | $1,000 | not stated | not stated |
| 12 Month CD | 12 months | 2.11% | $1,000 | not stated | not stated |
| 18 Month CD | 18 months | 2.21% | $1,000 | not stated | not stated |
| 24 Month CD Special | 24 months | 4.40% | $1,000 | not stated | not stated |
| 24 Month CD | 24 months | 2.31% | $1,000 | not stated | not stated |
| 36 Month Bump Up CD | 36 months | 2.82% | $1,000 | not stated | not stated |
| Fine print: The rate can be increased one time during the term. | |||||
| 48 Month CD | 48 months | 2.92% | $1,000 | not stated | not stated |
| 60 Month CD | 60 months | 3.02% | $1,000 | not stated | not stated |
| IRA CDs | |||||
| 12 Month IRA CD | 12 months | 2.21% | $1,000 | not stated | not stated |
| 24 Month IRA CD | 24 months | 2.41% | $1,000 | not stated | not stated |
| 36 Month IRA CD | 36 months | 2.92% | $1,000 | not stated | not stated |
| 48 Month IRA CD | 48 months | 3.02% | $1,000 | not stated | not stated |
| 60 Month IRA CD | 60 months | 3.12% | $1,000 | not stated | not stated |
Opening and using the account
| Availability | Available in MN |
|---|---|
| Footprint | 6 branches in MN |
| Eligibility | not stated |
How Ultima Bank Minnesota behaves over time
- 12-month high
- 4.00%
- 12-month low
- 3.74%
- Advertised now
- 4.00%
- At the 12-month high
- Observed cuts, 12 months
- 0
- In a window with 2 Federal Reserve cuts
The advertised UBM Direct Savings rate, observed through Oct 10, 2026. The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Sep 26, 202624 Month CD SpecialRaise:4.10%to4.20%
- Obs. Sep 19, 2026Personal SavingsRaise:0.20%to0.25%
- Obs. Sep 19, 2026Ultima SavingsRaise:0.15%to0.20%
- Obs. Sep 19, 2026SMART SavingsRaise:4.32%to4.58%
- Obs. Sep 19, 2026UBM Direct SavingsRaise:2.32%to2.38%
- UBM Direct Savings
- Up 0.26 percentage points from 30 days ago.
- 24 months CD
- Up 0.20 percentage points from 7 days ago.
$10,000 at the 4.00% APY Ultima Bank Minnesota advertises on UBM Direct Savings grows to $10,400 in a year. Prices rose 3.4% in the year to August 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $10,058 does today. See how the federal funds rate shapes savings rates.
- UBM Direct Savings APY
- Banksparency savings index
Ultima Bank Minnesota CD rates over time
Who is Ultima Bank Minnesota?
| Headquarters | Winger, MN |
|---|---|
| Founded | 1904 |
| Scale | $334M assets · $277M deposits, $226M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 8867 |
| Charter state | Minnesota · one of 223 insured banks chartered there (Q2 2026, FDIC) |
| Size | 2,342nd-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 65% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Ultima Bank Minnesota pays on deposits above.
Common questions about Ultima Bank Minnesota
Is Ultima Bank Minnesota FDIC insured?
Yes. Ultima Bank Minnesota is FDIC insured under certificate 8867, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Ultima Bank Minnesota?
Ultima Bank Minnesota requires no minimum deposit to open its UBM Direct Savings account, as observed on Oct 10, 2026. Check the bank's current terms before you open an account.
Does the 4.00% apply to my whole balance?
The 4.00% needs a balance of at least $1,000,000. Below that, the account advertises 2.38%. Rates are as observed on Oct 10, 2026.
Does Ultima Bank Minnesota have branches?
Yes. Ultima Bank Minnesota operates 6 branches according to FDIC branch records, in addition to its website and mobile apps.
Ultima Bank Minnesota against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Ultima Bank Minnesota | 4.00% | 2.42% | $0 | 6 branches in MN |
| Carver Bank | 4.00% | 1.31% | $5,000 | 7 branches in NY |
| Central Bank Illinois | 4.00% | 1.98% | $100 | 12 branches in IL |
| Chime | 4.00% | not stated | $0 | not stated |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to Ultima Bank Minnesota's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Minnesota, nearest to Ultima Bank Minnesota in deposits:
Rate hubs: today's highest savings rates, and CD rates by term.
State pages: banks in Minnesota.