The Ultima Bank Minnessota offers the high yield savings account through UBM Direct Savings. This savings account has a competitive interest rate of 1.50% APY.

This high interest savings account is an all electronic account managed over the internet. The bank requires an opening funding of at least $1,000. It is also the balance required to avoid a monthly service fee of $10. Closure of the account within 90 days after opening will incur the account holder a fee of $25.

Interested consumers can open an account by completing an online form. The bank will still ask for some proof of identification like your driver’s license and ask you to accomplish a signature card to complete the process.

The UBM Direct Savings also requires account holders to have a checking account with UBM or with other banks in the U.S. to serve as channel for transferring funds from and to the online savings account.

Other fees may affect the earnings of your deposit. The website also does not disclose if they perform any credit inquiry upon opening an account.

The current interest rates are posted on the bank’s website but may be changed any time. The interest rate are calculated daily and credited to your account on a monthly basis. You can monitor your deposit’s earnings via electronic statements sent to your email address.

You can email the bank or call them at 1800-421-2588 if you have questions with regard to their products and services. The bank is headquartered in Fosston, Minnesota. They also have branches in Winger and Bemidji in Minnesota.

The bank is covered by the FDIC.