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Ultima Bank Minnesota Gives “SMART” Youngsters a Money Market Account with 2.02% APY

Posted by: RateAPY Bank Rates News
December 7th, 2009

Money market accounts are sought after because they’re flexible, liquid, and secure. And Ultima Bank Minnesota’s “SMART” money market account is all three.

But it’s also different from most. To start with, it’s only available to those aged 18 years and under.

SMART with Money

That’s because “SMART” is an acronym that stands for “School Money At the Right Time.” This account is intended to help youngsters learn how to mange their finances from a young age.

The interest rate on Ultima Bank Minnesota’s ‘SMART’ money market account is tied to the prime rate, which at the moment would usually be a bad thing. But luckily this account has a floor rate of 2% (2.02% APY), so that’s the deal that’s on offer now. And if the prime rate goes up above 4.5%, so will your savings rate–right up to a ceiling of 5%.

SMART Services

Here are a dozen good reasons to explore the SMART account:

1. Free imaged statement delivered electronically
2. Free direct deposit
3. No minimum balance required
4. Transaction limits after 18th birthday–6 per month
5. No electronic withdrawal fee
6. Manual withdrawal fee–2 free, then $1.00 each
7. No minimum amount per deposit
8. Free online access via TeleBanc
9. Free online Access via NetBanc
10. Free transfer of funds online among accounts after 18th birthday
11. Free retrieval of transaction details online
12. Free export to Quicken or Microsoft Money Online

Money Market Accounts

Before you open an account at any bank, be sure to compare money market rates and terms and conditions. Compare money market rates here.