It’s now easy to get a 5-year CD with a yield of at least 2.00% if you don’t mind banking online. A higher 5-year CD rate is possible if you live in the right area. It’s most likely that your local banks won’t have better CD deals, but there are a few areas of the country where you can get really good CD deals. One of those areas is the Utica-Rome New York metro area. Bank of Utica just increased its 5-year and 4-year CD rates to levels far above what you can get at an internet bank. Its 5-year CD has a 2.50% APY, and its 4-year CD has a 2.25% APY. Minimum deposit is $500, and the maximum deposit is $50,000. These are also available in an IRA or SEP 401K, and there is no maximum deposit for these retirement accounts. Early withdrawal penalty is 12 months of interest for the 4-year CD and 15 months of interest for the 5-year CD. These rates and terms are listed in the bank’s interest rates page as of 9/27/2013.
The bank only accepts local deposits. This is stated above the bank’s rate tables.
Bank of Utica has one office located at 222 Genesee Street, Utica, New York.
The bank has an overall health score at DepositAccounts.com of A+ with a Texas ratio of 2.62% (excellent) based on June 2013 data. Please refer to our financial overview of Bank of Utica for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 13397).
How These CD Rates Compare
The highest 5-year CD rate that’s nationally available is 2.05% APY at iGObanking.com. The bank’s 4-year CD rate is also near the top with a 1.65% APY. These rates are accurate as of 9/27/2013.
To search for nationwide CD rates and CD rates in your state, please refer to our CD rates table.