Bank of Utica (NY) Boosts 5-Year CD To 4.00% APY

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Deal Summary: 5-Year CD (4.00% APY), 4-Year Up To 5-Year CD (3.50% APY), $500 minimum deposit.

Availability: Market area includes Herkimer, Madison, and Oneida Counties, New York.

If you live in New York State’s Mohawk Valley, the Bank of Utica has a product you might be interested in – a 5-year CD that currently earns 4.00% APY. This rate-leading CD can be opened with a $500 minimum deposit and there is no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00%$500-Bank of Utica5 Year CD
Rates as of November 13, 2018.

Bank of Utica also raised the rate on its 4-year Up To 5-year CD to 3.50% APY. As the name suggests, this CD’s term length can be set anywhere between four and five years.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$500-Bank of Utica4 Year Up to 5 Year CD
Rates as of November 13, 2018.

Both CDs are available as IRAs (Traditional, Roth, and SEP) earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00%$500-Bank of Utica5 Year IRA (Traditional, Roth, SEP)
3.50%$500-Bank of Utica4 Year up to 5 Year IRA (Traditional, Roth, SEP)
Rates as of November 13, 2018.

As stated on the Personal Rates page, the Early Withdrawal Penalty reads as follows:

If early withdrawals of principal, including partial withdrawals, are made there are penalties based on the remaining term of the CD as follows:

    Remaining Term

    One Year or Less

    Over One Year through Two Years

    Over Two Years through Three Years

    Over Three Years through Four Years

    Over Four Years through Five Years

    Penalty To Be Paid

    Three Months Interest

    Six Months Interest

    Nine Months Interest

    Twelve Months Interest

    Fifteen Months Interest

Availability

With a single branch in Utica, New York, Bank of Utica is a community-oriented bank that offers its services and product line in the Mohawk Valley counties of Herkimer, Madison, and Oneida. The Bank’s website clearly states on its Personal Rates page, "Local Deposits Only."

Opening a CD (or checking, savings, or money market account) at Bank of Utica can be done online, by phone, by mail, or in-person at the sole branch, located on Genesee Street in downtown Utica.

Bank Overview

Bank of Utica has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas Ratio of 1.16%, based on June 30, 2018 data. Bank of Utica has an excellent capitalization level (21.02%), the result of holding $1.07 billion with $225.82 million in equity. Please refer to our financial overview of Bank of Utica (FDIC Certificate # 13397) for more details.

With total assets in excess of $1 billion, Bank of Utica is the largest bank in the Greater Utica/Oneida County area and 48th largest bank in New York state. Founded in 1927 by John J. Sinnott, Bank of Utica has continuously been under the direction of the Sinnott family, with the 3rd and 4th generations of Sinnotts currently serving as President and Board of Director Member, respectively.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's market area, Bank of Utica’s 5-year CD APY currently shares top honors with Connexus Credit Union’s 60-month Share Certificate.

Interest RateCD Length of TermCredit Union/Bank
4.00% APY5-Year CDBank of Utica
3.75% APY60-Month CDGreenwood Credit Union
3.51% APY60-Month Share CertificateUnited States Senate Federal Credit Union

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's market area, Bank of Utica’s 4-year Up To 5-year CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
4.08% APY4-Year Share CertificateGarden Savings Federal Credit Union
3.50% APY4-Year Up To 5-Year CDBank of Utica
3.35% APY4-Year CDKS StateBank

The above rates are accurate as of 11/8/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Utica CD rates, 5-year CD rates

Comments
Bank of Utica (NY) Raises Rate On 5-Year CD To Competitive Level
Availability: Utica, New York area

Bank of Utica (up state New York) recently raised the rate on its 5-Year CD (2.50% APY). The minimum opening deposit is $500 and there is a $50K maximum deposit.

The 5-year CD is also available as an IRA (Traditional, Roth, and SEP) with the same funding requirements, but at a slightly higher APY of 2.60%.

As stated on Bank of Utica’s Disclosure page, the Early Withdrawal Penalty reads as follows:

Availability

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