Update 3/29/08: The CD rates have fallen. The 60-month CD yield declined from 4.50% to 4.30% APY. The title has been modified to reflect this change.
Update 3/1/08: The CD rates have fallen. The 60-month CD yield declined from 4.70% to 4.50% APY.
Bank of Utica is offering a 4.70% APY 60-month certificate of deposit. The minimum deposit is $500, and the maximum is $150,000 (no limit for IRA's). The CDs are available for local depositors only.
The CD rates listed for other terms are also competitive with yields ranging from 4.20% APY for a 1-year term to 4.50% APY for a 4-year term. The bank also has a competitive money market account with a yield of 4.00% APY for balances of at least $1,000. The date listed is February 1, 2008, so hopefully these rates will last awhile. One note, at the bottom of the rate table they list the early withdrawal penalties. The penalties are above average for terms of 2-years and longer.
It's a one-office bank located in Utica, New York. It has 35 employees and $611.5 million in deposits as of 9/30/07. The bank is a member FDIC (Certificate # 13397).
Other CD Deals
The 4.70% APY may not sound that great, but with the recent massive Fed rate cuts, it's near the top. The highest 5-year yield listed at Bankrate is 4.45% APY at Eastern Savings Bank. The best long-term CD deal that's available nationally is at Pentagon Federal Credit Union which is offering a 5-year yield of 4.85% APY (see post). Alliant Credit Union still has the best deal for shorter term CDs (see post).